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Replying to @syndicateio
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Last month, we announced that @syndicateio (Syndicate Labs) is winding down. Earlier this year, I was unanimously elected to the Board of Directors at Syndicate Labs, and I’m now steering the wind-down to keep us compliant with all regulatory, legal, and tax requirements while carefully carving out Syndicate Network and the SYND token for the DUNA. In the summer of 2024, I was presented with a role at Syndicate to head finance. At the time, there were no public details on the pivot into blockchain infrastructure, and I initially passed. a16z’s talent team insisted I at least talk with the team, because they were building something “cool” that wasn’t public yet. I’m glad I listened! Day one, my “onboarding” was a full day of in-person blackboarding to get up to speed, followed by an investor meeting on day two. It was a shock. It also showed the level of trust from the very start. From shifting priorities and timelines on our mainnet launch, to the steady widening of my role, trust and transparency were the core of how our leadership team operated. Crypto moves fast, and things rarely go as planned. Syndicate is the most impactful role I’ve held in my career, and I’m thankful we were all-in until the very end. The high-caliber, high-trust way me, Will, Ian, and Justin is unmatched. I’m glad to have worked toward the mission of what Syndicate Network was (and what it could have been). TLDR on the wind-down: The market for blockchain rollups and developer tooling didn’t develop the way we hoped. My focus now is a clean, orderly wind-down: meeting every obligation and staying compliant every step of the way. Onwards!
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What if your SQL database had onchain trust built in? .@syndicateio open sourced exactly that. Let me walk you through the @arbitrum pattern in just 4 minutes 👇
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Nếu anh em đầu tư 100 nghìn đô vào thời điểm TGE của các dự án này vào năm 2025 gần mức ATH của chúng 🌟 Thì đây là những gì anh em sẽ còn lại bây giờ: @elixir → $600 @syndicateio → $1,100 @campnetworkxyz → $1,600 @movement_xyz → $2,000 @BioProtocol → $3,700 @berachain → $4,000 @animecoin → $4,500 @boundless_xyz → $6,600 @initia → $8,500 @solayer_labs → $8,600 @nillion → $8,800 @LineaBuild → $12,600 Nhẹ nhất là chia 10, nặng nhất thì chia hơn 100 lần :))) Toàn những con hàng huyền thoại không ae nhỉ 🤣😂
🌠Nhiều chain có câu chuyện, nhưng TRON có người dùng thật mỗi ngày Giữa lúc thị trường còn chật vật tìm dòng tiền mới, TRON vẫn đang cho thấy một điều rất khác: hệ này có người dùng thật, hoạt động thật và nhu cầu sử dụng thật. Theo dữ liệu mới nhất, chỉ riêng trong tháng 4/2026, mạng lưới TRON đã ghi nhận: • 290,85 triệu giao dịch — tăng 53,8% MoM • 79,09 triệu địa chỉ hoạt động — tăng 46,7% MoM Đây là mức tăng trưởng không hề nhỏ, đặc biệt trong bối cảnh phần lớn thị trường vẫn đang khá im ắng. Sau rất nhiều chu kỳ, một điều đã trở nên quá rõ: Blockchain mạnh không nằm ở narrative đẹp, mà nằm ở việc có người dùng thật hay không. Và TRON là một trong số ít hệ đã chứng minh được điều đó. Trong khi nhiều chain khác vẫn phải liên tục dùng incentive để kéo người dùng, thì TRON đã có sẵn một tệp user quen thuộc, hoạt động đều đặn mỗi ngày. #TRONGlobalFriends #TGF @justinsuntron @trondao @TronDao_VIE
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May took them away: @bullx_io @fantasy_top_ @syndicateio @EverclearOrg and probably a few more we didn't even notice No scam, no hack. The market just stopped paying for last cycle's narratives. Metas come and go. Infrastructure with a real foundation stays. Maybe it's time to look less at the losses and more at projects building an actually useful product. @octra fits that frame.
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If you invested $100K in each of these 2025 launches near their ATHs, this is what you'd have now: @elixir → $600 @syndicateio → $1,100 @campnetworkxyz → $1,600 @movement_xyz → $2,000 @BioProtocol → $3,700 @berachain → $4,000 @animecoin → $4,500 @boundless_xyz → $6,600 @initia → $8,500 @solayer_labs → $8,600 @nillion → $8,800 @LineaBuild → $12,600 Total annihilation.
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May 25
🚨 Weekly Crypto Digest: > Drake references @SBF_FTX in his new album > @syndicateio shuts down as Ethereum rollups consolidate > South Carolina passes a crypto rights law protecting self-custody and mining > Gainers: $HYPE, $NEAR, $VVV, zcash:native
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#Crypto 📉 FUN FACT $SYND (@syndicateio): Hit $2.61 ATH on Sep 18 2025, now at $0.0121 (-99.5%)! 📉 #CryptoFact
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17 DeFi protocols shut down in 2026. In 5 months. Jan: MilkyWay, Nifty Gateway, Slingshot Crypto Feb: Polynomial Fi, Zeroland, Parsec Finance, Step Finance Mar: DataHaven, Tally Apr: DeFi Carrot May: Phi, Legend App, Code4rena, Fantasy Top — and on May 21 alone: Syndicateio, Everclear, Zerodot Network all in one day. Three protocols shut down on the same day. That's not a coincidence — that's a market sending a signal. The pattern is clear: NFT infrastructure (@niftygateway ), yield protocols (@PolynomialFi , @StepFinance_ , @DeFiCarrot ), analytics tools (@parsec_finance , @DataHaven_xyz , @tallyxyz ), DAO infra (Tally, @EverclearOrg ) — these categories are consolidating hard. What survives: protocols with real revenue, real volume, or real infrastructure lock-in. What doesn't: the middle layer. Tools that were "useful but not necessary." Protocols that ran on token incentives without building sustainable cashflow.
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Replying to @nonlogs
we’re offering $1,000 if you can prove this actually happened. 99% of CT now is just clickbait posts from people who don’t even understand that most exchanges don’t perform the KYC themselves. stop spreading shit about cex's and pretending dex's are safe. defi is getting hacked every 30 hours on average in May, with so many projects closing. May 4: @phi_xyz May 12: @legendapp May 13: @code4rena May 21: @syndicateio what happened to user funds?
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two exploits and down 99% from ath but nike integration just dropped comes down to whether they execute the rebuild and appchain adoption plays out
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6 DeFi projects shut down in 10 days. the obituary list is getting long but if you think #DeFi is dying, you're reading the wrong headlines. here's what actually happened this week 👇 ✂️ who closed down: @syndicateio @EverclearOrg @zerodotnetwork @fantasy_top_ @code4rena @LegendaryCaps one by one. gone. 🔥 the ones building didn't stop: @Polymarket now lets you trade shares of private companies before they go public. @pendle_fi launched a bot that pings you the moment a limit order fills or a new market opens. set it and actually forget it. @prjx_hl is dropping an airdrop on May 22 and Bitwise just committed to using 10% of their @Hyperliquid ETF revenue to buy HYPE. @variational_io raised $50M and launched RWA perps @Lighter_xyz — launched institutional liquidity for RWA pairs every week, some projects die. every week, the ones left get stronger. that's not a bear market. that's a filter. save this. you'll want to reference it. 💾
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The big shift is coming, right @syndicateio ⁉️ I am sure you are pretty familiar with the Best technology in Crypto and Beyond❗️I believe you can build unique software on top of Cloud Engines with #ICP abilities! Go for the WIN🍀 $ICP World Computer #Web3‌‌ @dfinity @dominic_w
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this list of dead DeFi projects? Jan 15: @milky_way_zone Jan 24: @niftygateway Jan 27: @SlingshotCrypto Feb 13: @PolynomialFi Feb 16: @zerolandxyz Feb 19: @parsec_finance Feb 23: @StepFinance_ Mar 4: @DataHaven_xyz Mar 17: @tallyxyz April 30: @DeFiCarrot May 4: @phi_xyz May 12: @legendapp May 13: @code4rena May 21: @syndicateio clear signal bhai. most were hype. no actual users. just token games. indian builders, suno: don't build for airdrops. build for problems. real revenue. matlab, lasting value. else you're on next year's list. stop chasing pumps. build useful tech. that's the only way. sahi hai?
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🗞️ Catch up on the hottest crypto news over the past 24 hours: 🔸 @binance lists @SpaceX pre-IPO futures as trading competition heats up. 🔸 Novogratz and BitGo CEO face off over a $1.2B failed deal. 🔸 @SpaceX reveals a 120% bitcoin:native gain in IPO filing. 🔸 South Korea petition to block crypto tax clears parliamentary threshold. 🔸 Hong Kong issues its 13th digital asset trading licence. 🔸 @SECGov delays prediction market ETFs, opens public comment. 🔸 MAS revokes Bsquared licence amid tighter Singapore oversight. 🔸 @stbl_official bets on “stablecoin 2.0” as regulation advances. 🔸 Ripple Prime integrates with EDX Markets for RLUSD collateral. 🔸 @krakenfx secures VARA licence for UAE expansion. 🔸 @syndicateio shuts down as rollup market contracts. 🔸 Former Silvergate exec speaks after SEC ends “gag rule.” 📊 From our analysis: 🔹 #Bitcoin’s Hormuz toll impact depends on oil flow recovery.
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👁‍🗨 @syndicateio is winding down operations after five years building blockchain infrastructure tools, citing a sharp decline in demand for rollup technology and worsening market conditions across the digital asset sector.
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Tough day for crypto. @syndicateio, @EverclearOrg, and @zerodotnetwork are all winding down If you're on one of those teams and looking for your next chapter, @HeyElsaAI is hiring. We're heads-down building and growing. Would love to chat.
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Crypto projects winding down, announced today: @syndicateio @EverclearOrg @zerodotnetwork It's brutal out there. Hats off to builders.
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May 21
i’ve been a supporter of @syndicateio since i met @WillPapper during my time @weekendfund when they were doing investment dao SPVs! Will has been an angel and a mentor over my years in crypto running @crowdmuse and through him i got to meet incredible talent and friends like @sammdec and others. this is in no way a reflection of their team as they had some of the best talent in the space, actually applying their infra to real world brands like Nike (Swoosh). but a good reflection of market adoption and i hope a case study for other builders developing onchain infra to seriously consider PMF and really listen to market needs. most of us are too early or choose not build something real with users. a good wake up call for crypto in general.
I have some news: After five years, Syndicate Labs is winding down. Unfortunately, our customer traction was not enough to make a viable business or sustain us as a contributor to Syndicate Network. I’m proud of what we contributed to this space over the prior half a decade, from helping Constitution DAO place a bid at Sotheby’s to powering smart contracts for Fortune 100s to providing transaction broadcasting and rollups to hundreds of startups. Our focus for the past few years has been customizable appchains. To put it bluntly, the rollup market has not been thriving. L2s/L3s have a place for applications that have hit scale, but very few applications meet that threshold. This is especially true as the market has been consolidating around institutional finance, with declining consumer use cases. There have been countless chain wind-downs, often done quietly. I’d estimate that for every one new rollup being created today, several more are winding down. The ones that are thriving are highly custom, with execution environments built completely from scratch (e.g. Hyperliquid). Generalized EVM rollups are struggling, as is everything that’s not effectively a custom backend. In this market, we only had one option left: pursue an orderly wind-down. We considered whether we could restructure to wait for a resurgence in the rollup market. Most of the Rollup as a Service providers today are pivoting to a consulting model. (Often called “solutions” or “services” teams, these are deeply custom builds for new chains.) We evaluated our technology to see whether it would be a good fit for this custom rollup market. In particular, we allow for sequencer customization, so that block building or transaction inclusion can be heavily modified. We do not customize the execution environment, which is an EVM execution environment ( Rust in WebAssembly via Stylus) on top of Arbitrum Orbit. All of these transactions are sequenced to Syndicate Network. More transactions flowing through our framework = greater network usage. Most of the customization for chains today is customization of execution environments. This is custom code written into the execution client for different use cases (Hyperliquid for trading, Tempo for stablecoin swaps and transfers, etc). This is so specific to each use case that it’s hard to build into a reusable framework. You either need to build very general primitives (as Commonware and Sovereign do) or you need to have an extensible execution client (as Reth does). Since we build sequencers and do not build execution clients, our rollup framework doesn’t fall into either category. It’s too specific to work as a generic primitive, and not close enough to the execution client to be extended into specific apps. As such, we decided that we couldn’t hold out for the rollup market to improve. Our framework matters a lot for things like MEV pipelines and permissioned rollups for enterprises. The new customers coming across our radar were not that, and instead wanted consultants to build them a custom app, and they did not want a framework. Our prior work would not be relevant, and it would not use Syndicate Network given that it would not use our tech. At the same time, we’d be competing as consultants with half a dozen other teams that have recently pivoted to being consultants. If the work benefited Syndicate Network, it would have been different, but we didn’t see a path toward this kind of consulting leading to network value. Instead, we decided on an orderly wind-down. This helps us: 1. Ensure that we can handle all obligations to our customers 2. Make our work widely accessible for those who want to continue building on Syndicate Network On the first point, we are helping customers migrate after a recent bridge compromise. They can set up a new bridge and self-host on Syndicate Network (which was unaffected) or they can migrate to a third-party hosting provider and optionally back up their data to Syndicate Network. We are working with them right now on the options that they want to pursue. (This wind-down decision was separate from the compromise and reimbursement. We have sufficient buffer that it was not a factor in deciding between these two paths.) On the second point, we have created a toolkit for anyone who wants to carry our work forward with Syndicate Network. If someone does step up, all of our code and tooling is open source and available for them to pick up our work. We will also advocate for them to receive generous token allocations to support their efforts. If no one steps up, we will proceed with an orderly wind-down of the DUNA and our current hosting for Syndicate Network, which is our current projected path. The SYND token is a smart contract that will always exist, and it can be plugged into any future hosting provider for Syndicate Network. We expect the wind-down process to finish before the end of the year. I wish that we had a different outcome after five years. We sought every single path that could continue to provide value to Syndicate Network. Ultimately, the rollup market did not support paths that would lead to usage of SYND. Team members and investors remain locked, and no team member or investor affiliated with us has been able to access their token allocations. We set up our vesting to align us with long-term incentives, and I do want to reassure community members that there have been zero short-term benefits for any team member or investor. All of our efforts have been focused on helping Syndicate Labs continue to support Syndicate Network, and I wish that we had paths that allowed us to do this. I’ll have more on what’s next for me soon. The contributors to Syndicate and I are staying in the industry and will contribute to it for the long term. In the meantime, my priority is our team, customers, and community members. We will continue to work on a smooth and orderly wind-down process.
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