a16z-Backed Layer 1 Project Linera Announces ShutdownThe Linera team announced on Discord that it...

a16z-Backed Layer 1 Project Linera Announces ShutdownThe Linera team announced on Discord that it is ceasing operations immediately due to insufficient funding. Its token sale on Sonar attracted nearly $900,000 in commitments but missed the minimum threshold, and all contributions have been refunded. Emergency funding efforts also failed. Linera is winding down its app and Discord community. Points balances will remain on record, but no future benefits are guaranteed. The team still hopes to complete the protocol and launch applications, though no timeline is available.Founded by former Meta researcher Mathieu Baudet, Linera raised approximately $12 million across two rounds in 2022 and 2023, with a16z participating in both. Other investors included Borderless Capital, GSR, Matrixport Ventures, and Flow Traders.

Source: Wu Blockchain