Syndicate Labs decides to shut down due to drastic market contraction

Odaily reports that Syndicate Labs stated that after five years of developing on-chain infrastructure for customizable Ethereum Rollups and sequencers, the company has decided to shut down due to the sharp contraction of the Rollup market. Syndicate Labs previously completed a $20 million Series A funding round led by Andreessen Horowitz in 2021.

This decision caused the SYND token price to drop 21% in the past three hours, hitting an all-time low of $0.012, a 99.5% decline from its peak of $2.61 in September 2025.

Additionally, Syndicate Labs stated that the Syndicate Network Collective is independent of Syndicate Labs, so the governance of the SYND token will not be immediately affected, and the shutdown decision was not influenced by the previous hacking incident involving bridged assets.