a16z-backed L1 project Linera shuts down

The L1 network Linera has announced an immediate cessation of operations due to a lack of funding. The project's token sale for LNRA raised only 848,000 USDC, falling short of the 1.5 million minimum threshold, and all funds have been returned to investors. Efforts to secure emergency funding for the mainnet launch were unsuccessful. Founded by former Meta employee Mathieu Baudet, the project previously raised $12 million from investors including a16z, Borderless Capital, GSR, Matrixport Ventures, and Flow Traders. The team plans to gradually shut down its application and Discord community, though they have not ruled out the possibility of resuming development in the future.