BlockBeats news, September 5 – The community sale of LNRA, the native token of the new public chain Linera, founded by former Libra employees, has been live for almost four days since it opened on September 1 at 14:00 UTC. Right now, the total raised is only $152,824.
Against the official maximum fundraising target of $8 million, that means progress is still under 2%. And it is nowhere near the minimum target of $3.2 million either. The market reaction has been weak. Plain and simple. Community interest is running well below expectations. The sale remains open until September 8 at 14:00 UTC.
If you look back at Linera’s fundraising history, the picture is clear. On August 16, 2023, the Layer1 blockchain Linera completed a $6 million funding round led by Borderless Capital. That money was meant to expand the team, launch the protocol’s devnet and testnet, build strategic influence in the Asia-Pacific region, and keep developing its developer academy. Earlier, on June 29, 2022, Linera announced a $6 million seed round led by a16z, with participation from Cygni Capital, Kima Ventures, and Tribe Capital. The plan then was to use the funds to hire engineers and other team members to build the protocol.