Pixabay-based automation protocol Clockwork winding up operations
Solana-based automation protocol Clockwork will be winding up its operations after its founder disclosed the company’s decision to step away from “active development of the protocol.” Nick Garfield, the founder of the protocol announced on Aug 28 the plans of the company to shut its doors by Oct 31 citing opportunity costs and lack of a commercial upside as the crypto bear market bites harder.
Key Points:
- Clockwork will cease main development, but the project’s code will remain open-source and accessible on GitHub.
- The community is encouraged to fork the code and improve the protocol.
- Clockwork was developed for automated and scheduled smart contracts for payroll payments and frequent transactions.
- The closure of Clockwork is due to economic reasons amid the harsh crypto winter.
- There is still a meaningful portion of the seed funding remaining, but a decision on returning the money has not been made yet.
Solana has been impacted by the bear market, with falling projects and plunging DeFi volumes. The total value locked (TVL) on the ecosystem dropped from about $1 billion to $310 million.
Hot Take:
The winding up of Clockwork highlights the challenges faced by crypto projects during the bear market. It emphasizes the importance of assessing commercial viability and adapting to changing market conditions. The open-source nature of the project allows for community involvement and potential future improvements. Solana’s struggles reflect the broader impact of the bear market on the crypto industry.
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