Linera Winds Down Despite $12M in Prior Funding
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8 Articles
Linera winds down despite $12M in prior funding
Linera has begun winding down its operations after a token sale attracted nearly $900,000 in commitments but failed to meet the minimum funding threshold. Linera token sale falls below minimum threshold Linera team members said on Discord that the project’s…
Linera Shutdown: a16z-Backed Layer 1 Fails to Secure Funding
TLDR: Linera is ceasing operations after its Sonar token sale failed to reach the minimum funding threshold. Nearly $900,000 was committed, but Linera refunded all contributions after the sale failed to close. The project raised about $12 million from investors, including a16z Crypto, across two funding rounds. Linera will wind down its app and Discord, [...]
a16z-Backed Linera Shuts Down Operations as Funding Runs Dry
Linera, a16z-backed Layer 1 blockchain project founded by former Meta researcher Mathieu Baudet, has announced it is ceasing operations immediately. The team communicated the shutdown via Discord, not a press release, not a formal investor notice, just a message in a community server. It stated that insufficient funding had made
Linera will gradually reduce its operations, its application and its Discord community after a token sale did not reach the required minimum and failed its efforts to obtain emergency funding, despite having previously raised $12 million.
According to ChainCatcher, the Linera team, a Layer 1 public blockchain, announced on Discord that its token sale on Sonar raised nearly $900,000 in token commitments, but failed to meet the minimum threshold required for completion. All token sale funds have been refunded to users. The team subsequently attempted to seek emergency funding to keep the project moving forward to mainnet launch, but was unable to raise the necessary funds. Currentl…
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