The team behind the Layer 1 network Linera has announced its immediate closure due to insufficient funding. During its token sale, Linera raised only 848,000 USDC, falling short of the minimum target of 1.5 million tokens. All funds have been returned to investors.
Efforts by the developers to secure emergency funding for launching the mainnet also proved unsuccessful.
Founded by former Meta employee Mathieu Bode, Linera had previously raised $12 million from investors including a16z, Borderless Capital, GSR, Matrixport Ventures, and Flow Traders. The team’s immediate plans include a gradual shutdown of its application and Discord community, though they have not ruled out the possibility of resuming protocol development in the future.