Multi-chain oracle project Switchboard said on X that it will stop operating. Its core development contributor, Switchboard Technology Labs, will gradually wind down the remaining business, and all Switchboard implementations will stop maintenance immediately before remaining support ends on September 25. According to Odaily, protocols using its oracle are being asked to migrate to alternatives such as Pyth and RedStone.
Switchboard said AI has lowered the cost of building oracles in-house, while the crypto bear market has reduced the number of new blockchains and project budgets. It also said direct data partnerships, such as those between Hyperliquid and S&P data providers, suggest protocols may increasingly obtain data directly, weakening the value of third-party oracle networks.