Solana

Garfield

<![CDATA[<figure class="image"><img src="https://cimg.co/news/123587/326786/clockwork-2953852-1280.jpg" srcset="https://cimg.co/news/123587/326786/responsive-images/clockwork-2953852-1280___media_library_original_1280_853.jpg 1280w, https://cimg.co/news/123587/326786/responsive-images/clockwork-2953852-1280___media_library_original_1200_800.jpg 1200w, https://cimg.co/news/123587/326786/responsive-images/clockwork-2953852-1280___media_library_original_900_600.jpg 900w, https://cimg.co/news/123587/326786/responsive-images/clockwork-2953852-1280___media_library_original_720_480.jpg 720w, https://cimg.co/news/123587/326786/responsive-images/clockwork-2953852-1280___media_library_original_600_400.jpg 600w, https://cimg.co/news/123587/326786/responsive-images/clockwork-2953852-1280___media_library_original_300_200.jpg 300w" width="1280" class="content-img" alt=""><figcaption>Pixabay</figcaption></figure>Solana-based automation protocol Clockwork will be winding up its operations after its founder disclosed the company&rsquo;s decision to step away from &ldquo;active development of the protocol.&rdquo;&nbsp;Nick Garfield, the founder of the protocol <a href="https://twitter.com/time_composer/status/1695852843633172489?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg">announced</a> 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.&nbsp;<figure class="media"><oembed url="https://twitter.com/time_composer/status/1695852843633172489?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg"></oembed></figure><blockquote>&ldquo;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.&rdquo;</blockquote>While the team behind the project will cease main development, Garfield insisted that the project&rsquo;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.&ldquo;Where Clockwork goes from here is up to you!&rdquo; 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.&rdquo;Clockwork was developed to let users build automated and scheduled smart contracts to facilitate payroll payments and other frequent transactions.&nbsp;The winding up of Clockwork is based on economic reasons as it becomes the latest company to feel that sting of the harsh <a href="https://cryptonews.com/news/fed-chair-powell-leaves-door-further-rate-hikes-open-here-how-crypto-markets-reacted.htm">crypto winter</a>, a market that has seen digital asset firms go under.&nbsp;<h2 id="4-million-seed-round-flagged">$4 million seed round flagged&nbsp;</h2>Last year, Clockwork raised $4 million in a seed round from Solana Ventures, Multicoin Capital, and Asymmetric.&nbsp;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.&nbsp;User &ldquo;tracy.sol&rdquo; <a href="https://twitter.com/tracy_codes/status/1695872251445522861?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg">asked</a> on X, &ldquo;Tough Q but just curious, if there&rsquo;s any money remaining from the seed round, will that be returned to investors and be written off as a loss?&rdquo;&nbsp;Garfield <a href="https://twitter.com/time_composer/status/1695873432607490123?s=46&amp;t=sCvh3f3rMDfXyJcf1y1Eyg">confirmed</a> that part of the fund is left stating that while returning the money is an option, a decision has not yet been reached.&ldquo;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.&rdquo;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.&nbsp;
]]>

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

Table of Contents

Cryptonews.com

Other articles published on Aug 28, 2023

Robinhood identified as the third biggest Bitcoin whale with $3b wallet

C3.ai Stock Forecast: AI Stock in Sellers’ Hand, Targeting $20!

OnlyFans invested $20m in Ethereum in 2022

Cardano (ADA) Exploring ZK Proofs, Is This Plan to Relegate Hydra?

Cryptocurrencies Hold Strong as Trump NFT Sales Soar and Market Shows Renewed Vitality

$BLUR Price Went Up 15.51% Over the Last 24 Hours

Join our free newsletter for daily crypto updates!