Linera Team Says Token Sale Fell Short of Minimum Threshold, Refunds Issued

Linera team members said the Layer 1 blockchain project’s token sale on Sonar received nearly $900,000 in commitments but failed to meet the minimum threshold required to complete the sale. According to ChainCatcher, all token sale funds have been returned to users. The team later sought emergency financing to keep the project moving toward mainnet launch, but it was unable to raise the needed funds. It is now gradually shutting down its app and Discord community. User point balances will remain recorded, but the team said it cannot promise any future benefits tied to those points. The team still hopes to complete protocol development and launch the app in the future. RootData shows that Linera has raised a cumulative $12 million, with investors including a16z Crypto, GSR, Tribe Capital, Flow Traders, and Laser Digital.