Oracle network Switchboard announced it will cease operations, with core development contributor Switchboard Technology Labs gradually winding down its remaining business. All Switchboard implementations will stop receiving maintenance immediately, and remaining support will end on September 25. Protocols using Switchboard’s oracle (data feed for blockchain applications) were told to migrate at once to alternatives including Pyth and RedStone. Switchboard said artificial intelligence has reduced the cost of building in-house oracles, while the crypto bear market has cut the number of new public blockchains and available project budgets. It also pointed to direct data relationships between Hyperliquid, S&P and data providers as evidence that more protocols may obtain data independently, reducing the value of third-party oracle networks.