Will Papper ✺ @WillPapper

@griffgreen 100% should exist

@hrkrshnn The bigger point in my mind is that operational security issues are the cause of far more hacks than smart contract security issues Smart contract audits and formal verification reports both miss this, yet communities rarely demand opsec audits

@adlonymous @Cloudflare @rohinlohe Excited to work with you @adlonymous!

@Edwin6207364042 @syndicateio It is already in your wallet on Base. No unstaking and withdrawal is required to receive the tokens. If you DM me your wallet address, I can confirm

@Edwin6207364042 @syndicateio Prior staked rewards were included in the calculation of the reimbursements. There are no new staked rewards since there is no additional SYND on Commons. All previous unclaimed rewards are already in your wallet We will make this clearer on the staking dashboard

@binji_x 🙌

@mmazco Thank you Maz! Grateful for the kind words. I have always been inspired by your focus on real world use cases for crypto as well!

@A_Leutenegger Depends on governance. Details here: x.com/syndicateio/st…

Syndicate @syndicateio

3 weeks ago

The Syndicate Network Collective is independent from Syndicate Labs, so SYND governance is not immediately affected. A successor could preserve the DUNA. Without one, we have a plan for an orderly wind down.

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I have some news: After five years, Syndicate Labs is winding down. Unfortunately, our customer traction was not enough to make a viable business or sustain us as a contributor to Syndicate Network. I’m proud of what we contributed to this space over the prior half a decade, from helping Constitution DAO place a bid at Sotheby’s to powering smart contracts for Fortune 100s to providing transaction broadcasting and rollups to hundreds of startups. Our focus for the past few years has been customizable appchains. To put it bluntly, the rollup market has not been thriving. L2s/L3s have a place for applications that have hit scale, but very few applications meet that threshold. This is especially true as the market has been consolidating around institutional finance, with declining consumer use cases. There have been countless chain wind-downs, often done quietly. I’d estimate that for every one new rollup being created today, several more are winding down. The ones that are thriving are highly custom, with execution environments built completely from scratch (e.g. Hyperliquid). Generalized EVM rollups are struggling, as is everything that’s not effectively a custom backend. In this market, we only had one option left: pursue an orderly wind-down. We considered whether we could restructure to wait for a resurgence in the rollup market. Most of the Rollup as a Service providers today are pivoting to a consulting model. (Often called “solutions” or “services” teams, these are deeply custom builds for new chains.) We evaluated our technology to see whether it would be a good fit for this custom rollup market. In particular, we allow for sequencer customization, so that block building or transaction inclusion can be heavily modified. We do not customize the execution environment, which is an EVM execution environment (+ Rust in WebAssembly via Stylus) on top of Arbitrum Orbit. All of these transactions are sequenced to Syndicate Network. More transactions flowing through our framework = greater network usage. Most of the customization for chains today is customization of execution environments. This is custom code written into the execution client for different use cases (Hyperliquid for trading, Tempo for stablecoin swaps and transfers, etc). This is so specific to each use case that it’s hard to build into a reusable framework. You either need to build very general primitives (as Commonware and Sovereign do) or you need to have an extensible execution client (as Reth does). Since we build sequencers and do not build execution clients, our rollup framework doesn’t fall into either category. It’s too specific to work as a generic primitive, and not close enough to the execution client to be extended into specific apps. As such, we decided that we couldn’t hold out for the rollup market to improve. Our framework matters a lot for things like MEV pipelines and permissioned rollups for enterprises. The new customers coming across our radar were not that, and instead wanted consultants to build them a custom app, and they did not want a framework. Our prior work would not be relevant, and it would not use Syndicate Network given that it would not use our tech. At the same time, we’d be competing as consultants with half a dozen other teams that have recently pivoted to being consultants. If the work benefited Syndicate Network, it would have been different, but we didn’t see a path toward this kind of consulting leading to network value. Instead, we decided on an orderly wind-down. This helps us: 1. Ensure that we can handle all obligations to our customers 2. Make our work widely accessible for those who want to continue building on Syndicate Network On the first point, we are helping customers migrate after a recent bridge compromise. They can set up a new bridge and self-host on Syndicate Network (which was unaffected) or they can migrate to a third-party hosting provider and optionally back up their data to Syndicate Network. We are working with them right now on the options that they want to pursue. (This wind-down decision was separate from the compromise and reimbursement. We have sufficient buffer that it was not a factor in deciding between these two paths.) On the second point, we have created a toolkit for anyone who wants to carry our work forward with Syndicate Network. If someone does step up, all of our code and tooling is open source and available for them to pick up our work. We will also advocate for them to receive generous token allocations to support their efforts. If no one steps up, we will proceed with an orderly wind-down of the DUNA and our current hosting for Syndicate Network, which is our current projected path. The SYND token is a smart contract that will always exist, and it can be plugged into any future hosting provider for Syndicate Network. We expect the wind-down process to finish before the end of the year. I wish that we had a different outcome after five years. We sought every single path that could continue to provide value to Syndicate Network. Ultimately, the rollup market did not support paths that would lead to usage of SYND. Team members and investors remain locked, and no team member or investor affiliated with us has been able to access their token allocations. We set up our vesting to align us with long-term incentives, and I do want to reassure community members that there have been zero short-term benefits for any team member or investor. All of our efforts have been focused on helping Syndicate Labs continue to support Syndicate Network, and I wish that we had paths that allowed us to do this. I’ll have more on what’s next for me soon. The contributors to Syndicate and I are staying in the industry and will contribute to it for the long term. In the meantime, my priority is our team, customers, and community members. We will continue to work on a smooth and orderly wind-down process.

Syndicate @syndicateio

3 weeks ago

Syndicate Labs is winding down. After five years building onchain developer infrastructure, the rollup market has fundamentally shifted, making this decision necessary. Here's what this means for the network, token holders, and developers building with Syndicate.

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@reqwium @syndicateio All staked tokens have been returned to the associated wallets on Base with an additional 15%: x.com/syndicateio/st…

Syndicate @syndicateio

4 weeks ago

An update on the Syndicate bridge compromise: All impacted SYND holders on Commons Chain have been reimbursed in full plus an additional 15% of the total amount lost. These reimbursements have been sent directly to affected wallets on Base, with gas covered by Syndicate Labs.

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@TopNoshFinance @syndicateio Commons reimbursements are already in all impacted wallets on Base: x.com/syndicateio/st… Check your wallet on Base specifically, you should see it there

Syndicate @syndicateio

4 weeks ago

An update on the Syndicate bridge compromise: All impacted SYND holders on Commons Chain have been reimbursed in full plus an additional 15% of the total amount lost. These reimbursements have been sent directly to affected wallets on Base, with gas covered by Syndicate Labs.

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I can assure you that I made $0 from SYND. I even took no salary for a long time to preserve our team. Our team members and investors are locked and have not been able to access their SYND tokens, and no affiliated individual has benefited from their SYND allocation I wish we had a better path to customer and market traction. Unfortunately, we did not in this rollup market. We are staying in the industry and will continue to do our best to help the ecosystem as a whole

Turnkey has a top-notch team and an ambitious vision for verifiable compute If you are looking for TEEs and other verifiable compute primitives, they are a leader on it and have developed the state of the art Excited for this milestone for them!

Turnkey 🔑 @turnkeyhq

3 weeks ago

Thrilled to announce a $12.5M strategic investment to meet accelerating demand for crypto wallets and verifiable computing. With participation from @circle_ventures, @archetypevc, and existing investors @BainCapCrypto, @FactionVC, @galaxyhq, @sequoia, and @variantfund.

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@MFL_tw Thank you MFL! Grateful for the kind words and for your support

@Yun_Fr Reimbursements are now complete! That is why you see the transfer: x.com/syndicateio/st… You may have bridged a small amount to Commons, which explains the transfer

Syndicate @syndicateio

4 weeks ago

An update on the Syndicate bridge compromise: All impacted SYND holders on Commons Chain have been reimbursed in full plus an additional 15% of the total amount lost. These reimbursements have been sent directly to affected wallets on Base, with gas covered by Syndicate Labs.

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@thattallguy Congrats Jess!

@z0age @NadavAHollander 👀

@wecandaoit_jp @MineKimihiro @AndyDanJP I am looking forward to working with you @wecandaoit! You have curated a fantastic community and I'm excited to contribute

@sammdec @aave Congrats Sam! It was wonderful to work with you. You made a huge impact on engineering leadership at @syndicateio and I know that you will continue to do so at Aave!