#linerashutsdownafterfundraisingfallsshort A major shockwave for Layer-1 networks. 🛑
The a16z-backed L1 blockchain project, Linera, has announced an immediate shutdown of operations. Despite previously raising $12 million from top-tier VCs, their public token sale on Sonar fell short of its $1.5 million minimum target, raising only around 848k USDC.
The team confirmed all committed funds are being refunded as they wind down their apps and community channels. A harsh reminder of the current funding climate. 📉
#Web3 #Blockchain #CryptoNews
The a16z-backed L1 blockchain project, Linera, has announced an immediate shutdown of operations. Despite previously raising $12 million from top-tier VCs, their public token sale on Sonar fell short of its $1.5 million minimum target, raising only around 848k USDC.
The team confirmed all committed funds are being refunded as they wind down their apps and community channels. A harsh reminder of the current funding climate. 📉
#Web3 #Blockchain #CryptoNews
