Search results for Syndicate Labs
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.
Crypto
Ethereum layer2 Zero Network to shut down operations
Ethereum layer2 Zero Network, which focused on gas-fee-free transactions, will shut down operations after about 18 months, The Block reported on May 21. The team said on X that it would end Zero Network and focus on the Zerion API and wallet. It said running an independent blockchain was not the right path to simplify user experience and drive adoption. The team said user assets are safe and advised users to move them by late July.
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.