Linera has halted operations after its fundraising effort failed to meet the minimum threshold required to complete the token sale, according to founder Mathieu Baudet. In a message posted on Discord, Baudet said the project received about $900,000 in subscription commitments through the sale on Sonar, but that amount was not enough to clear the minimum target. He said all subscription funds have already been returned to participants. Baudet also said the team had tried to raise emergency funding to keep the project running until mainnet launch, but it was unable to secure the capital it needed, leading to the shutdown. Earlier information cited by PANews said Linera’s LNRA community round had secured commitments of 848,300 USDC, and that funds would be refunded if the sale failed to reach the 1.5 million USDC minimum goal.
Linera has stopped operating after its fundraising campaign failed to meet the minimum amount required to complete the sale, founder Mathieu Baudet said on Discord.
Baudet said the project’s token sale on Sonar drew about $900,000 in subscription commitments. That fell short of the minimum threshold needed to complete the sale, and all subscription funds have been returned to participants.
He also said the team had tried to secure emergency funding to keep the project running until its mainnet launch, but it was unable to raise the amount required. The project was then shut down.
Earlier information said Linera’s LNRA community round received commitments of 848,300 USDC. Under the terms disclosed at the time, funds would be refunded if the round did not reach the 1.5 million USDC minimum target.
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