a16z-backed Layer 1 project Linera just announced it's shutting down immediately due to a lack of funding. The team confirmed they no longer have the resources to keep building.

The LNRA token sale only brought in 848,000 USDC—way below the 1.5 million minimum. Everyone got their money back, and the sale is officially over.

Mainnet Won’t Launch Without Emergency Funding

The devs tried to raise last-minute cash to get the mainnet off the ground, but it didn’t work out. So they’ve decided to end all work on the network.

The Team and Previous Rounds

The project was started by former Meta employee Mathieu Baudet. Linera previously raised $12 million from a16z, Borderless Capital, GSR, Matrixport Ventures, and Flow Traders.

What’s Next for Users and the Community

Next up: the team will start winding down the app and shutting off the Discord. There aren’t any more phases or backup plans in the works.