The Ethereum rollup market is dominated by Arbitrum and Base, which have a combined 68% market share, according to L2Beat.
Syndicate Labs announced it is winding down after five years of developing onchain infrastructure for customizable Ethereum rollups and sequencers, citing a shrinking market for rollups.
The company said on Thursday on X that the decision was necessary because “the rollup market has fundamentally shifted.”
“Unfortunately, the rollup market has shrunk dramatically. For every new rollup spinning up, several more are quietly shutting down,” it said.
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