Oracle Switchboard announced its shutdown, having previously raised $7.5 million in funding, with all services set to cease entirely on September 25.

Oracle protocol Switchboard has announced it will cease operations. According to an official statement, core development contributor Switchboard Technology Labs Inc. decided to wind down its remaining business after exhausting all alternatives, with all existing support services to be fully halted on September 25. Switchboard noted that since its founding in 2021, its goal has been to provide a permissionless and customizable data layer. Its permissionless Feed Creation Tool, launched in 2022, allowed users to build custom data sources independently, but the oracle industry has seen weakened pricing power and demand amid factors including AI lowering the barrier to oracle development, a bear market slowing the launch of new public chains, and sharp contractions in project budgets. Switchboard added that following recent security vulnerabilities and the exit of other contributors and node operators, all related implementations are deprecated effective immediately. Protocols relying on Switchboard must migrate immediately to other oracle services such as Pyth and RedStone to avoid service disruptions. 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.