Linera Abandons Mainnet Plans After Falling Short of Funding Threshold
Linera, a blockchain infrastructure project, has begun winding down its operations after failing to meet the minimum funding threshold in a token sale on Sonar. The team had hoped to raise $900,000 but only received close to that amount, forcing them to refund all committed funds and abandon their mainnet launch plans.
The project, which aimed to create fast and parallel blockchain activity for real-time markets, had previously secured around $12 million in funding from investors including a16z Crypto. However, this latest fundraising effort fell short of its goal, leaving the team without sufficient capital to continue development at its previous pace.
In an attempt to stay afloat, Linera's team approached potential backers for emergency financing but was unable to secure enough money. As a result, they have started reducing their operations in stages, gradually closing down applications and shutting down their Discord community.