Solana’s Clockwork Shuts Down After Raising $4 Million From Investors
Clockwork, a Solana automation tooling project, has announced that it will be shutting down due to limited commercial upside. The co-founder, Nick Garfield, cited opportunity cost as the main reason for the decision. The project will cease operations on Oct. 31, and the nodes on Devnet and mainnet will be shut down. Despite this, the code will remain open-sourced on GitHub for those interested in forking and improving the protocol.
Key Points:
– Clockwork, a Solana automation tooling project, is shutting down due to limited commercial upside.
– The project will shut down nodes on Devnet and mainnet on Oct. 31.
– Clockwork’s co-founder, Nick Garfield, mentioned opportunity cost as the primary reason for the shutdown.
– The code will remain open-sourced on GitHub for those interested in improving the protocol.
– Clockwork raised $4 million from Multicoin Capital, Solana Ventures, and Asymmetric in August 2022.
Community members were curious about the unused funds from the seed round and whether they would be returned to investors. Garfield stated that he had not yet decided on the remaining seed round funds and needed time to reset before making a decision.
Solana and other blockchain networks have been affected by the bear market. Friktion, another Solana-based project, shut down in January 2023, while AlgoF, Algorand’s top DeFi protocol, also announced closure in July 2023. The total value locked in the Solana ecosystem has decreased significantly, and analysts consider this to be the longest Bitcoin bear market ever.
Hot Take:
Clockwork’s decision to shut down reflects the challenges faced by projects in the crypto industry. Limited commercial upside and the impact of bear markets can lead to difficult choices. However, the open-source nature of crypto allows for innovation and potential improvements by the community. It remains to be seen how the Solana ecosystem will evolve amidst these challenges.
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