Syndicate Development Company Will Gradually Cease Operations, SYND Governance Won't Be Affected in the Short Term

Odaily Odaily News: Syndicate, a DAO infrastructure service provider, has announced that it will gradually cease operations. The company stated that after five years of continuous development of on-chain developer infrastructure, the Rollup market has undergone fundamental changes. Currently, the Rollup market size has significantly shrunk, some Rollup projects are gradually shutting down, and the market has shifted from EVM Rollups to customized chains built from scratch by consulting teams, with the value of reusable technology and networks notably declining.

Syndicate stated that its system consists of two parts: Syndicate Labs, responsible for development, will shut down; while Syndicate Network Collective (Wyoming DUNA), an independent entity holding SYND tokens and possessing governance rights, will continue to exist, and SYND governance will not be affected in the short term.

Furthermore, Syndicate emphasized that this decision to cease operations is unrelated to recent cross-chain security incidents. Affected users and SYND holders have been fully compensated through the treasury reserves, and team and investor tokens remain in a locked state.