Search results for Balancer
Crypto
Crypto firms face wave of closures as bear market cuts trading and investment
A prolonged downturn in the crypto market is driving restructurings and business closures, with at least five firms this week announcing service shutdowns or bankruptcy steps. FantasyTop, Everclear and Zero Network outlined plans to halt operations, while Syndicate Labs said it would close and Bitcoin Depot entered U.S. bankruptcy proceedings. The moves have highlighted worsening liquidity and profitability pressures, even as investor interest concentrates in a few areas.
AI & Enterprise
Syndicate Labs, an Ethereum rollup startup, to shut down after 5 years
Syndicate Labs, an Ethereum rollup infrastructure startup, will shut down after five years, Cointelegraph reported on May 21. The company said the rollup market had fundamentally changed, with more rollups quietly closing as new ones emerge. Syndicate Labs developed custom Ethereum appchains and smart sequencers and raised $20 million in a Series A led by Andreessen Horowitz in 2021. Data showed Layer 2 rollup TVL has fallen after peaking above $50 billion.
Crypto
Balancer Labs to liquidate company after $128 million hack; protocol to keep running
Balancer Labs, which operates the DeFi protocol Balancer, will dissolve its corporate entity following a $128 million hack, The Block reported on March 24. Co-founder Fernando Martinelli said a Nov. 3 hack last year increased legal burdens and keeping the entity was not responsible. He said the team became a liability without revenue. Core staff will move to a new entity, Balancer OpCo, after a governance vote. The protocol will continue operating, he said.
