Linera will gradually cease operations due to insufficient funds, having previously received an investment of 12 million dollars from a16z Crypto and others

Layer1 public chain Linera team members announced on Discord that their token sale on Sonar received nearly $900,000 in token fundraising commitments, but did not reach the minimum threshold required to complete the sale, and all token sale funds have been refunded to users. The team then attempted to seek emergency financing to maintain project progress towards the mainnet launch but was unable to raise the necessary funds.

Currently, the team is gradually shutting down applications and the Discord community. User point balances will be retained, but the team cannot promise any future rights for the points. The team still hopes to complete protocol development and launch applications in the future.

According to the tokenized asset platform RootData, Linera has raised a total of $12 million in funding, with investors including a16z Crypto, GSR, Tribe Capital, Flow Traders, Laser Digital, and others.