Crypto Mufasa
Advertise
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
  • Login
  • Register
  • Crypto News
    • General News
    • Bitcoin News
    • Altcoin News
    • Ethereum News
  • NFT NEWS
  • Beginner Guides
  • Price Predictions
  • Crypto Prices
No Result
View All Result
Crypto Mufasa
No Result
View All Result
Home Altcoin News

Solana’s Clockwork Project Has Been Scheduled To Shut Down

Hania by Hania
August 29, 2023
in Altcoin News
Reading Time: 2 mins read
A A
0
Solana’s Clockwork Project Has Been Scheduled To Shut Down
Share on FacebookShare on Twitter
ADVERTISEMENT

Solana’s Clockwork will close a year after obtaining $4 million in a seed round headed by Multicoin Capital.

 

Clockwork, a Solana-based smart contract automation project, plans to shut down essential infrastructure for the protocol at the end of October, citing “limited commercial upside.”

Clockwork’s founder Nick Garfield said in a series of X (Twitter) tweets on August 27 that he and the team would stop actively developing the protocol and turn off all of its nodes on the devnet and mainnet on October 31.

You May AlsoLike

Memeinator: The Crypto Hero On A Mission To Cleanse Meme Coins

Memeinator: The Crypto Hero On A Mission To Cleanse Meme Coins

September 28, 2023
Binance Advises Euro Users To Convert To USDT As Paysafe Ends Support

Binance Advises Euro Users To Convert To USDT As Paysafe Ends Support

September 28, 2023

Garfield said the team discontinued Clockwork due to “simple opportunity cost” since there were minimal commercial benefits to continuing its development and they were interested in other alternatives.

Solana's Clockwork Project Has Been Scheduled To Shut Down

Clockwork lets users plan Solana network transactions and develop smart contracts that activate applications when triggered by events. Garfield provided his “full endorsement to fork and ship” to anyone who wants to continue working on Clockwork’s code.

Developers may continue to use the software as written, but we will shut down our nodes on devnet and mainnet as of Oct 31.

The on-chain programs will be frozen, and the code will remain open-source and free to fork on GitHub.

2/

— Nick (@time_composer) August 27, 2023

Also Read: SOLANA (SOL) Price Prediction 2023 – 2030

Clockwork raised $4 million in a seed round headed by Multicoin Capital, Asymmetric, and Solana Ventures in August, according to Crunchbase.

X user asked Garfield if the seed money would be returned to investors. Garfield said it still has a meaningful portion but will take time “before deciding one way or the other.”

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?

— tracy.sol 🦀🗡 (@tracy_codes) August 27, 2023

The shutdown of Clockwork follows the suspension of other Solana protocols, including the decentralized finance (DeFi) network Friktion in January and its peer Everlend Finance about a month later.

The Solana-based nonfungible token (NFT) system Cardinal announced in late June that it was closing down due to the state of the economy after raising $4.4 million roughly a year earlier.

 

Tags: crypto newsCryptocurrenciesDEFI project news
Share76Tweet48
ADVERTISEMENT
Previous Post

Bitcoin Falls Under $26K As Crypto Market Appears Bearish

Next Post

G20 Summit: Indian PM Modi Highlights Need for Global Cryptocurrency Framework

Hania

Hania

Hania is a 30-year-old blogger who used to be a teacher before entering the world of writing. She is originally from India and has been writing blogs on various topics for 2 years now. Hania is particularly interested in exploring the intersections of finance, technology, and cryptocurrency. Her experience as a teacher has given her unique insights into the ways in which digital media can be used to facilitate learning and engagement. Through her writing, Hania hopes to share her knowledge and learning of crypto industry with everyone.

Related Posts

Memeinator: The Crypto Hero On A Mission To Cleanse Meme Coins
Altcoin News

Memeinator: The Crypto Hero On A Mission To Cleanse Meme Coins

September 28, 2023
Binance Advises Euro Users To Convert To USDT As Paysafe Ends Support
Crypto Exchanges

Binance Advises Euro Users To Convert To USDT As Paysafe Ends Support

September 28, 2023
XRP’s Path To Success: 3 Reasons Ripple Could Explode In 2023
Altcoin News

XRP’s Path To Success: 3 Reasons Ripple Could Explode In 2023

September 27, 2023
Shiba Inu’s Price Turns Green After A Brief Bearish Phase
Altcoin News

Shiba Inu’s Price Turns Green After A Brief Bearish Phase

September 25, 2023
3 Cryptocurrencies To Avoid Trading In The Upcoming Week
Altcoin News

3 Cryptocurrencies To Avoid Trading In The Upcoming Week

September 22, 2023
Ripple vs. SEC Lawsuit Update For September 2022
Altcoin News

Ripple vs. SEC Lawsuit Update For September 2022

September 22, 2023
Next Post
G20 Proposals Shed Light on India's Crypto Approach, No Indication of a Ban

G20 Summit: Indian PM Modi Highlights Need for Global Cryptocurrency Framework

Discussion about this post

Live Prices

Stay Connected

You May Also Like

  • Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    Terra Classic Price Prediction: What Is an Ideal LUNC Buy Zone?

    201 shares
    Share 80 Tweet 50
  • XRP’s Path To Success: 3 Reasons Ripple Could Explode In 2023

    198 shares
    Share 79 Tweet 50
  • Elon Musk’s Silence And Its Impact On DOGECOIN

    194 shares
    Share 78 Tweet 49
  • 3 Cryptocurrencies To Avoid Trading In The Upcoming Week

    194 shares
    Share 78 Tweet 49
  • Grayscale vs. SEC Decision Boosts XRP

    194 shares
    Share 78 Tweet 49
  • About Us
  • Contact Us
  • Work With Us
  • Privacy Policy
  • Terms Of Service

© 2022-2023 CryptoMufasa - All Rights Reserved!

No Result
View All Result
  • General News
  • Beginner Guides
  • Bitcoin News
  • Ethereum News
  • Altcoin News
  • NFT News
  • Price Predictions
  • Google News

© 2022-2023 CryptoMufasa - All Rights Reserved!

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

*By registering into our website, you agree to the Terms Of Services and Privacy Policy.
All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.