Switchboard Technology Labs layoffs — Sep 19, 2026

Switchboard Technology Labs to Lay Off 100% of Workforce as Oracle Business Shuts Down on September 25, 2026

Switchboard Technology Labs, an oracle infrastructure company, is shutting down its oracle business on September 25, 2026, resulting in layoffs affecting 100% of its workforce. The company announced the closure on September 19. The number of employees affected was not disclosed.

All Switchboard implementations were deprecated immediately, while support services will end on September 25, according to Compass. Protocols that rely on Switchboard price feeds have six days to migrate to alternative providers, including Pyth Network and RedStone. Kamino Finance, Jito, MarginFi and Drift Protocol were identified among the affected projects.

Before the shutdown, Switchboard was processing hundreds of millions of data requests each week. Its infrastructure supported more than 550 unique feeds across 53 programs on Solana and 10 other blockchain networks. The closure therefore applies across every chain on which Switchboard operated.

The company cited several market-related factors behind the decision. It said AI tools have reduced the cost for protocols to develop oracle infrastructure internally. “AI has lowered the cost of building one's own oracle,” the team said, reducing the pricing power of standalone oracle providers. Switchboard also pointed to the prolonged crypto bear market, which compressed budgets and delayed launches for new chains and DeFi protocols. In addition, direct data-provider agreements, such as Hyperliquid’s partnership with S&P, allow large data consumers to bypass oracle middleware and obtain data directly.

Switchboard’s announcement gives affected protocols a short transition window before support ends. The company did not announce a successor business or provide a longer-term operating plan beyond the September 25 shutdown.

Sources: Compass