Syndicate Labs decides to close due to sharp market contraction

Odaily Planet Daily News: 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 dramatic shrinkage 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 by 21% in the past three hours, hitting an all-time low of $0.012, a decline of 99.5% from its peak of $2.61 in September 2025.

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