Linera is shutting down immediately, the a16z-backed Layer 1 blockchain told its community, citing insufficient funding to keep operating.

Its token sale on Sonar drew nearly $900K in commitments but missed the minimum threshold, so all contributions were refunded, and a last-ditch emergency funding push also failed. Founded by former Meta researcher Mathieu Baudet, Linera raised roughly $12M across two rounds in 2022 and 2023, with a16z backing both alongside Borderless Capital, GSR, Matrixport Ventures, and Flow Traders. The team is winding down its app and Discord, and says Points balances will stay on record with no guaranteed future benefits.

Linera says it still hopes to finish the protocol and ship applications one day, but with no timeline and no money in the tank, another well-backed Layer 1 joins crypto's growing list of shuttered chains.

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