Solana ridesharing app Teleport shuts down, cites lack of market readiness
Solana-based ridesharing app Teleport shut down just eight months after it publicly launched its app, citing a lack of market readiness for decentralized ridesharing.
Solana-based ridesharing app Teleport, which aimed to compete with Uber and Lyft, said it’s shutting down due to a lack of market readiness for decentralized ridesharing.
“This is not the outcome we had hoped for,” Teleport said in a statement on its website and in a Jan. 30 X post. “We’re sorry we didn’t find a way to make this business work!”
Teleport engineer “Chase” posted on X that “the rideshare market isn’t ready for a decentralized protocol just yet” and said the move to shutter the app “was difficult but necessary.”
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Author: Brayden Lindrea
