BlockBeats report: On September 19, the oracle protocol Switchboard announced it will cease operations. The official statement indicated that Switchboard Technology Labs Inc., the core development contributor, has decided to wind down its remaining operations after exhausting all alternatives, with all existing support services ending on September 25.
Switchboard stated that since its inception in 2021, its goal has been to provide a permissionless and customizable data layer. The permissionless Feed creation tool launched in 2022 previously allowed users to independently create customized data sources; however, as AI has lowered the barrier to oracle development, bear market conditions have slowed the launch of new blockchains, and project budgets have been significantly reduced, the pricing power and demand within the oracle industry have both been impacted.
Switchboard has announced that, following recent security vulnerabilities and the departure of other contributors and node operators, all related implementations are being deprecated effective immediately. Protocols relying on Switchboard must migrate immediately to other oracle providers, such as Pyth or RedStone, to avoid service disruptions.
BlockBeats previously reported that on May 28, 2024, the 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.