Router Protocol Shuts Down Amid Industry Shakeout

Routed out of business: Router Protocol is shutting down after four years of operation. The infrastructure firm, backed by Coinbase Ventures and focused on cross-chain solutions, will cease all operations by September 30.

The decision to shut down comes as the crypto industry faces a shakeout in infrastructure firms. According to Router Protocol, the main reasons for its demise are the decreasing need for bridging services due to cheaper options and a shift towards more concentrated blockchain usage.

Routed Protocol will burn 303 million ROUTE tokens from its treasury, which accounts for about 30% of the total supply of almost one billion tokens. The token's value has already fallen to less than 1% of its all-time high price.