Syndicate to shut down amid shrinking rollup market

Syndicate (SYND), which suffered a bridge hack last month, announced on X that it is ceasing operations after five years. The project stated that it is impossible to continue the business because the rollup market has contracted sharply and EVM rollups no longer function as the standard. It added that since the governance rights for the SYND token are held by a separate entity, the Syndicate Network Collective, there will be no immediate impact on token governance. However, the project plans to proceed with dissolution if a buyer is not found.