Oracle protocol Switchboard said it is shutting down, with core development contributor Switchboard Technology Labs Inc. deciding to wind down remaining operations after exhausting all alternatives. The project said all existing support services will end on Sept. 25. Founded in 2021, Switchboard said it aimed to build a permissionless and customizable data layer, and launched a permissionless feed creation tool in 2022 that let users create custom data sources. The team said market conditions have changed sharply: AI has lowered the barrier to oracle development, the bear market has slowed the launch of new public blockchains, and project budgets have contracted significantly, hurting both pricing power and demand across the oracle sector. Switchboard also said that following a recent security incident and the departure of other contributors and node operators, all related implementations are now deprecated. Protocols relying on Switchboard were told to migrate immediately to other oracle providers, including Pyth and RedStone, to avoid service disruptions. BlockBeats had previously reported that Switchboard raised $7.5 million in a Series A round announced on May 28, 2024, led by Tribe Capital and RockawayX, with participation from Solana Foundation, Aptos, StarkWare, Mysten Labs, InfStones Global, OtterSec, Bixin Ventures and angel investors.
Oracle protocol Switchboard said on Sept. 19 that it will cease operations.
According to the project, core development contributor Switchboard Technology Labs Inc. decided to wind down its remaining business after exhausting all alternatives. Existing support services will fully stop on Sept. 25.
Team cites pressure on the oracle business
Switchboard said that since its founding in 2021, its goal had been to provide a permissionless and customizable data layer. In 2022, it launched a permissionless feed creation tool that allowed users to build custom data sources on their own.
The project said the market changed as AI lowered the barrier to building oracle products, the bear market slowed the launch of new public blockchains, and project budgets shrank sharply. Those shifts, it said, hit both pricing power and demand in the oracle sector.
Implementations deprecated immediately
Switchboard said that after a recent security vulnerability incident, along with the exit of other contributors and node operators, all related implementations are deprecated effective immediately. Protocols that rely on Switchboard need to migrate at once to other oracle providers, including Pyth and RedStone, to avoid service interruptions.
Previously announced a $7.5 million Series A
BlockBeats previously reported that on May 28, 2024, Switchboard announced the completion of a $7.5 million Series A round. The financing was co-led by Tribe Capital and RockawayX, with participation from Solana Foundation, Aptos, StarkWare, Mysten Labs, InfStones Global, OtterSec, Bixin Ventures and angel investors.
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