The team behind the L1 network Linera has announced an immediate cessation of operations due to a lack of funding. During the project's token sale, only 848,000 USDC in LNRA tokens were raised, significantly below the minimum threshold of 1.5 million coins.
Since the fundraising did not reach the necessary level, all funds were returned to investors. Attempts by the developers to secure emergency funding for the mainnet launch also proved unsuccessful. As a result, the project was unable to proceed with the launch of its main network.
Founded by former Meta employee Matthieu Bode, the project previously raised $12 million from a16z, Borderless Capital, GSR, Matrixport Ventures, and Flow Traders. Despite the backing of major venture funds, the current funding round ended unsuccessfully. The team's immediate plans now include a gradual shutdown of the application and Discord community. However, they have not ruled out the possibility of resuming protocol development in the future. This means that there is no complete and final abandonment of the project yet, but current activities of Linera are coming to a halt.
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