Linera to Cease Operations Due to Funding Shortfall

Layer 1 blockchain project Linera is winding down operations after failing to secure necessary funding. A recent token sale on Sonar fell short of its minimum threshold, resulting in all funds being returned to users. Subsequent efforts to raise emergency capital to reach mainnet launch were unsuccessful. While the team plans to keep records of user points, they cannot guarantee any future utility. Linera previously raised $12 million from investors including a16z Crypto, GSR, Tribe Capital, Flow Traders, and Laser Digital.