Linera, a Layer 1 blockchain network, has announced its closure following a disappointing fundraising outcome. The project managed to raise only 848,000 USDC during its token sale, which was significantly below the 1.5 million USDC target required to sustain operations. As a result, all investments have been refunded to backers.
The team, led by former Meta employee Mathieu Bode, faced challenges in securing additional funding necessary to launch its mainnet. Previously, Linera had raised $12 million from notable investors, including a16z and Borderless Capital.
As they wind down, the Linera team plans to gradually shut down their application and Discord community, although they have not completely dismissed the idea of potentially reviving development in the future.
