Public blockchain Linera announces cessation of operations, previously backed by a16z, has fully refunded community round public fundraising.

BlockBeats news, September 19 - The Layer1 blockchain Linera team has issued a statement saying that due to funding shortages, Linera will immediately cease operations and will not resume in the foreseeable future.

The community round public offering previously launched on the Sonar platform received nearly $900,000 in subscription commitments, but did not meet the minimum transaction payment threshold, and all contributions have been fully refunded.

Although the team subsequently actively sought emergency funding to support the project's advancement to mainnet, it ultimately failed. Linera emphasized that this decision is unrelated to the technology itself, the team's capabilities, or the community, and expressed gratitude to all supporters.

BlockBeats previously reported that on August 16, 2023, Layer1 blockchain Linera completed $6 million in financing, led by Borderless Capital. The new funds will be used to "expand the team, launch the protocol's development network and testnet, and cultivate strategic influence in the Asia-Pacific region, while continuing to develop its developer academy."

On June 29, 2022, Layer1 blockchain Linera announced the completion of $6 million in seed round financing, led by a16z, with participation from Cygni Capital, Kima Ventures, and Tribe Capital, among others. Linera planned to use the funds to hire engineers and team members to build the protocol.