Solana-based Smart Contract Automation Protocol, Clockwork, Set to Shut Down
Solana-based smart contract automation protocol, Clockwork, will be shutting down by the end of October due to limited commercial upside, according to its founder, Nick Garfield. This decision reflects a growing trend of closures within the Solana ecosystem.
Key Points:
– Clockwork’s closure is part of a larger trend, with other projects like Friktion and Everlend Finance also shutting down.
– Cardinal, a Solana-based NFT protocol, also announced its wind-down in June despite raising $4.4 million.
– Clockwork’s development will cease, and its nodes will be deactivated on both the devnet and mainnet by October 31.
– The Clockwork team is considering the opportunity cost of continuing the protocol versus pursuing more lucrative opportunities.
– Clockwork’s code will remain open-source and available for developers to fork and continue its development.
Despite the shutdown, questions remain about the return of seed funding to investors. Garfield mentioned that a portion of the funds still exists, but no decision has been made regarding its allocation.
Hot Take:
The closure of Clockwork highlights the challenges faced by projects in the Solana ecosystem. It emphasizes the importance of weighing the commercial potential of a protocol against other opportunities. As the ecosystem evolves, projects will need to adapt and innovate to stay competitive.
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