BusinessPostCorner.com
No Result
View All Result
Wednesday, July 16, 2025
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
BusinessPostCorner.com
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources
No Result
View All Result
BusinessPostCorner.com
No Result
View All Result

Solana-based Protocol Clockwork To Shut Down Despite $4 Million Seed Funding

August 28, 2023
in Crypto News
Reading Time: 3 mins read
A A
0
Solana-based Protocol Clockwork To Shut Down Despite  Million Seed Funding
ShareShareShareShareShare
Pixabay

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. 

“Ultimately the reason we are stepping away now is simple opportunity cost. We admittedly see limited commercial upside in continuing to develop the protocol, and have a growing personal interest to explore new opportunities.”

While the team behind the project will cease main development, Garfield insisted that the project’s code will remain open-source and easily accessible on GitHub, throwing the future of the project to the community and encouraging users to fork the code.

“Where Clockwork goes from here is up to you!” The beauty of crypto is that it is truly open and permissionless. If you have a vision for improving the protocol, you have our full endorsement to fork and ship it.”

Clockwork was developed to let users build automated and scheduled smart contracts to facilitate payroll payments and other frequent transactions. 

The winding up of Clockwork is based on economic reasons as it becomes the latest company to feel that sting of the harsh crypto winter, a market that has seen digital asset firms go under. 

$4 million seed round flagged 

Last year, Clockwork raised $4 million in a seed round from Solana Ventures, Multicoin Capital, and Asymmetric. 

Following the announcement of closing its doors on X (Twitter), users were curious about issues relating to the seed round of last year or at least the remainder not yet invested. 

User “tracy.sol” asked on X, “Tough Q but just curious, if there’s any money remaining from the seed round, will that be returned to investors and be written off as a loss?” 

Garfield confirmed that part of the fund is left stating that while returning the money is an option, a decision has not yet been reached.

“We still have a meaningful portion of our seed funding. Fully shutting down is an option, but I need to take a minute to reset myself before deciding one way or the other.”

Solana has been impacted by the bear market in several ways ranging from falling projects to plunging DeFi volumes. The total value locked (TVL) on the ecosystem plummeted from about $1 billion to $310 million. 


Credit: Source link

ShareTweetSendPinShare
Previous Post

Billions of dollars are flowing out of China’s markets

Next Post

How long until a robot is doing your chores?

Next Post
How long until a robot is doing your chores?

How long until a robot is doing your chores?

EU delays retaliatory tariffs on US goods due to hit Monday

EU delays retaliatory tariffs on US goods due to hit Monday

July 13, 2025
Trump tax bill benefits companies, unless they’re in renewable energy industry

Trump tax bill benefits companies, unless they’re in renewable energy industry

July 15, 2025
Bitcoin Price Prediction: The Dollar’s Dip, BTC’s Rise – Is 0,000 Within Reach This Year?

Bitcoin Price Prediction: The Dollar’s Dip, BTC’s Rise – Is $300,000 Within Reach This Year?

July 12, 2025
Asia is reeling but is anyone winning?

Asia is reeling but is anyone winning?

July 11, 2025
Trump threatens Brazil with 50% tariff over Bolsonaro trial

Trump threatens Brazil with 50% tariff over Bolsonaro trial

July 9, 2025
Animoca Brands Partners with DayDayCook to Manage 0M Bitcoin Treasury

Animoca Brands Partners with DayDayCook to Manage $100M Bitcoin Treasury

July 13, 2025
BusinessPostCorner.com

BusinessPostCorner.com is an online news portal that aims to share the latest news about following topics: Accounting, Tax, Business, Finance, Crypto, Management, Human resources and Marketing. Feel free to get in touch with us!

Recent News

UK government auditor questions MoD disclosures of Afghan data leak

UK government auditor questions MoD disclosures of Afghan data leak

July 16, 2025
AI training can’t be treated like a checklist, according to experts

AI training can’t be treated like a checklist, according to experts

July 16, 2025

Our Newsletter!

Loading
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2023 businesspostcorner.com - All Rights Reserved!

No Result
View All Result
  • Home
  • Business
  • Finance
  • Accounting
  • Tax
  • Management
  • Marketing
  • Crypto News
  • Human Resources

© 2023 businesspostcorner.com - All Rights Reserved!