a16z-backed Layer 1 project Linera shuts down immediately after failing to meet token sale minimum threshold of $900K on Sonar.
Tech & Launches ·
Linera, a Layer 1 project backed by a16z, has halted operations immediately after its token sale fell short of its funding target. The offering on Sonar garnered commitments totaling nearly $900,000 but failed to reach the required minimum threshold, triggering refunds to all participants. Attempts to secure emergency funding also proved unsuccessful, prompting the shutdown of the protocol's application and associated community infrastructure.
The project, led by former Meta researcher Mathieu Baudet, had previously raised approximately $12 million across two funding rounds in 2022 and 2023. a16z participated in both rounds, alongside investors including Borderless Capital, GSR, Matrixport Ventures, and Flow Traders. User points balances will be preserved in the record, though no assurances have been given regarding future utility or redemption.
The team indicated a continued intention to complete the protocol and deploy applications, but no timeline has been provided for any such effort. The immediate nature of the shutdown leaves questions open about the viability and timing of any resumed development activity.