Switchboard Technology Labs Inc. announced the immediate cessation of all operations for its multi-chain oracle network on September 19, 2026. The project, which has provided permissionless data feeds since 2021, is deprecating all implementations. Users are required to migrate to alternative providers by September 25.
The team cited several factors for the closure, including the reduced cost of building proprietary oracles via AI tools, budget constraints from the bear market, and a shift toward direct partnerships between protocols and data providers. Security exploits across the sector have also negatively impacted trust in oracle networks.
The company previously halted operations on Aptos, Sui, IOTA, and Movement chains between August 29 and August 30, 2026. This earlier disruption resulted in losses for several DeFi protocols. The current shutdown extends to all remaining chains supported by the network.
Switchboard recommends that affected protocols transition to Pyth or RedStone. The migration process requires updating smart contracts, testing new integrations, and verifying data feed requirements. The closure follows a broader industry trend, with over 260 crypto projects shutting down in 2026.
