Switchboard, one of the most widely used permissionless oracle networks in decentralized finance since 2021, announced on September 19 the immediate cessation of all operations. The network, particularly active in the Solana ecosystem but also present on Aptos, Sui, IOTA, and Movement, cited a combination of factors: lower costs for building proprietary oracles driven by AI tools, a persistent bear market, the growing trend of direct partnerships between protocols and data providers, and recent security exploits that eroded trust in the entire oracle category. Users have until September 25 to migrate to alternative providers, primarily Pyth and RedStone. Over 260 crypto projects have reportedly shut down in 2026, making it one of the most challenging years for project viability since the last major bear cycle.
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