a16z-Backed Syndicate Labs to Shut Down as Rollup Market Contracts

Syndicate Labs, an on-chain development startup backed by Andreessen Horowitz (a16z), has announced it will cease operations after five years, citing major shifts in the Rollup sector and a sharp decline in market size.

The company added that the decision is not connected to the recent cross-chain bridge exploit. Throughout its time in business, Syndicate raised upwards of $27 million in capital.

Source: Syndicate