Solana-based ridesharing app Teleport is shutting down
Quick Take The decentralized competitor to Uber and Lyft is shutting down, the company announced on Thursday. Teleport was founded in 2022 and raised $9 million amid a surge in interest in “dePIN” projects.
Teleport, the Solana-based Uber and Lyft competitor, is shutting down, the company announced on Thursday.
“This is not the outcome we had hoped for, but we’re incredibly grateful for this community and everyone who believed in the vision and showed up with enthusiasm,” the company wrote. “Your support meant everything. Thank you for believing in us, and we’re sorry we didn’t find a way to make this business work!”
The company’s website now redirects to a message alerting users of the winddown. The app will provide off-ramping support until Feb. 28 so users can receive their remaining USDC stablecoin balances and private keys.
“We’re hoping to post a more detailed analysis of what led to this decision in the future, but for now we’re focused on an orderly wind down,” the company said.
Early crypto investor and former Dropbox coder Paul Bohm founded Teleport in 2022 amid booming interest in so-called “dePIN” projects. These “Decentralized Physical Infrastructure Networks,” like internet provider Helium, are attempts to bring crypto offline and into the real world.
Teleport used a reward system inspired by Bitcoin's mining rewards, which rewarded early adopters with Compressed NFTs on Solana.
In a previous interview, Bohm noted the app spread through “permissionless marketing.”
“Instead of spending corporate budget on acquiring drivers and writers we give other people the tools to recruit each other,” he said .
The idea was to reduce ride-sharing costs and boost drivers' revenues by creating a more efficient bidding market on its transparent and open Rideshare Protocol.
The Decentralized Engineering Corporation that built the app raised $9 million in a seed funding round co-led by Steve Vassallo at Foundation Capital and Thomas Bailey at Road Capital.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The Momentum ETF (MMT) Rally: Institutional Accumulation and the Mindset Behind Small-Cap Expansion in 2025
- Momentum ETF (MMT) surged 1330% in Q3 2025 due to $10M institutional investments from Coinbase Ventures, OKX, and Jump Crypto. - Market psychology shifts toward small-cap growth as Hartford Funds forecasts 2025 small-cap earnings to outpace large-cap peers amid macroeconomic uncertainty. - MMT's $12B DEX volume and $265M TVL highlight liquidity-driven speculation, but analysts warn long-term success depends on proving real-world utility beyond short-term inflows. - Mercurity Fintech's inclusion in MSCI S
Bitcoin News Update: DeFi Faces Liquidity Challenges Amid Bitcoin Falling Under $100K
- Bitcoin's drop below $100K triggered DeFi liquidity crises, with $650M in leveraged positions liquidated as automated stop-losses activated. - Wrapped Bitcoin (WBTC) integrated with Hedera blockchain to reduce MEV and frontrunning, aiming to inject liquidity into DeFi protocols. - Hyperion DeFi reported 60% MoM validator growth and new partnerships, emphasizing staking yields over leveraged positions to avoid market volatility. - Analysts like Tom Lee predict 6-8 weeks for recovery, contingent on stabili
Assessing How Recent Ecosystem Enhancements Influence Trust Wallet Token (TWT) Price Forecasts
- Trust Wallet's Q4 2025 upgrades expanded TWT's utility through FlexGas (gas fee payments) and Trust Premium loyalty incentives, transforming it from governance to transactional token. - TWT surged 129% to $1.6 by October 2025, fueled by Binance CZ's endorsement and institutional validation of its ecosystem-driven value proposition. - The token's growth aligns with multi-token economy trends, emphasizing cross-utility, stability, and transparency through fixed supply models and public audits. - While regu
Astar (ASTR) Price Rally: Cross-Chain Compatibility Fuels Altcoin Value Growth
- Astar (ASTR) surged in late 2025 due to strategic blockchain interoperability advancements and partnerships. - Collaboration with HTX includes TGE Catalyst Grants, listing acceleration, and CEX partnerships to boost DeFi adoption. - Astar 2.0's zkEVM and CCIP integration achieved 150,000 TPS, targeting 300,000 TPS by 2025 with enterprise partnerships. - Interoperability-driven projects like Astar are reshaping altcoin valuations, aligning with growing institutional DeFi demand.
Trending news
MoreCrypto prices
More
