Public blockchain Linera announces it is ceasing operations. The project, which had previously received investment from a16z, has fully refunded all funds raised in its community round public offering.

Layer 1 blockchain Linera’s team released a statement saying that due to funding shortages, Linera will cease operations immediately and will not resume in the foreseeable future. The community round public offering launched earlier on the Sonar platform raised nearly $900,000 in commitments but failed to meet the minimum funding threshold, with all contributions fully refunded. Though the team later actively sought emergency funding to advance the project to mainnet, the effort ultimately fell short. Linera emphasized that the decision is unrelated to the technology itself, the team’s strength, or its community, and thanked all supporters. BlockBeats previously reported that on August 16, 2023, Linera completed a $6 million funding round led by Borderless Capital, with funds earmarked for expanding the team, launching the protocol’s devnet and testnet, building strategic influence in the Asia-Pacific region, and continuing to develop its developer academy. On June 29, 2022, Linera announced a $6 million seed round led by a16z, with participation from Cygni Capital, Kima Ventures, Tribe Capital, and others, which was intended to hire engineers and team members to build the protocol.