Oracle Switchboard announces 'shutdown', previously raised $7.5 million, services to fully cease on September 25.

BlockBeats news, September 19: Oracle protocol Switchboard has announced it will cease operations. According to the official statement, core development contributor Switchboard Technology Labs Inc. decided to wind down its remaining operations after exhausting all alternatives, with all existing support services set to stop on September 25.

Switchboard stated that since its founding in 2021, its goal has been to provide a permissionless and customizable data layer. The permissionless Feed creation tool launched in 2022 once allowed users to independently create customized data sources, but as AI lowered the barriers to oracle development, the bear market slowed the launch of new public chains, and project budgets shrank significantly, both the pricing power and demand of the oracle industry were affected.

Switchboard said that following a recent security vulnerability incident and the exit of other contributors and node operators, all related implementations are deprecated effective immediately, and protocols relying on Switchboard need to immediately migrate to other oracle service providers, such as Pyth and RedStone, to avoid service interruptions.

BlockBeats previously reported that on May 28, 2024, oracle protocol Switchboard announced the completion of a $7.5 million Series A funding round, led by Tribe Capital and RockawayX, with participation from Solana Foundation, Aptos, StarkWare, Mysten Labs, InfStones Global, OtterSec, Bixin Ventures, and various angel investors.