Syndicate Labs to Wind Down Ethereum L2 Effort After May 21 Announcement

Syndicate Labs said on May 21 that it will wind down operations after five years, citing a shift in the rollup market as smaller Ethereum L2s lose liquidity and users. The firm’s SYND token dropped 21% within hours to around $0.012, and is down about 99.5% from its $2.61 peak in September 2025.