Syndicate (@syndicateio) / X

Syndicate

3,430 posts

Syndicate

@syndicateio

The infrastructure to infinitely scale Ethereum: build customized, programmable, decentralized rollups and sequencers. A community-owned internet starts here.

Onchain

Joined August 2020

Pinned
Syndicate
@syndicateio
May 21
Syndicate Labs is winding down. After five years building onchain developer infrastructure, the rollup market has fundamentally shifted, making this decision necessary. Here's what this means for the network, token holders, and developers building with Syndicate.
160K
Syndicate
@syndicateio
May 21
Replying to @syndicateio
Our code is open source, permanently available, and open to contributors. This is true regardless of what happens with Syndicate Labs or the Syndicate Network Collective. Our work is there for any developer who wants to carry it forward.
6.5K
Syndicate
@syndicateio
May 21
Replying to @syndicateio
To every developer who shipped with our tools and every community member who contributed to the network: thank you. If you are interested in becoming a maintainer of the network, please DM us.
5.9K
Syndicate
@syndicateio
May 21
Replying to @syndicateio
Team members and investors remain locked, with no affiliated individual able to access their allocations. We structured our vesting to align with long-term incentives, and no team member or investor has received any short-term benefit.
6.4K
Syndicate
@syndicateio
May 21
Replying to @syndicateio
A few clarifications worth making directly. The decision to wind down was not influenced by the recent bridge compromise, and the two are unrelated. The affected customer and all SYND holders on Commons Chain have been made whole. Reimbursement was funded by treasury reserves
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Syndicate
@syndicateio
May 21
Replying to @syndicateio
The Syndicate Network Collective is independent from Syndicate Labs, so SYND governance is not immediately affected. A successor could preserve the DUNA. Without one, we have a plan for an orderly wind down.
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Syndicate
@syndicateio
May 21
Replying to @syndicateio
Syndicate is more than Syndicate Labs. Here's what stays. Syndicate has two entities. Syndicate Labs, the development company, and the Syndicate Network Collective, a separate Wyoming DUNA that holds SYND tokens with governance power.
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Syndicate
@syndicateio
May 21
Replying to @syndicateio
We've spent half a decade seeking to make this ecosystem successful. We sincerely wish that we had a different outcome, and have dedicated ourselves for years to helping onchain applications succeed. We wish as much as everyone else that a different result were possible.
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Syndicate
@syndicateio
May 21
Replying to @syndicateio
The market has shifted away from our technology, making it impossible to wait out these market conditions. EVM rollups are no longer the standard. Instead, custom chains are being built by consulting teams from scratch, with very little reusable tech or network value.
6.1K
Syndicate
@syndicateio
May 21
Replying to @syndicateio
Syndicate has always focused on giving developers the customization and control to bring any app onchain, at scale. Unfortunately, the rollup market has shrunk dramatically. For every new rollup spinning up, several more are quietly shutting down.
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Syndicate
@syndicateio
May 18
Not every part of a system needs to be onchain. The trust boundaries that need to be verifiable do, and Stylus by @arbitrum made that practical for SyndDB.
Arbitrum
@arbitrum
May 14
The Arbitrum Platform is built for businesses that need more than standard smart contracts. Syndicate used Stylus to keep high-throughput infrastructure offchain while making critical trust boundaries verifiable onchain through SyndDB.
3.2K
Syndicate
@syndicateio
May 10
Replying to @syndicateio
100% of affected holders and customers are now made whole after our bridge compromise. With this reimbursement, all impacted SYND holders have been made whole. One week ago, all impacted customers were made whole. Syndicate Labs chose not to reimburse its own affected holdings,
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Syndicate
@syndicateio
May 10
Replying to @syndicateio
Additionally, as part of the response to the Syndicate bridge compromise, Syndicate Labs has also opted to burn an equal amount of SYND (the total reimbursed amount) from its treasury allocation to offset any long term impact on the circulating supply. This entire burn totals to
Ethereum Transaction Hash: 0xa58da82a98... | Etherscan
From etherscan.io
2.5K