Solana-based Clockwork to shutter, citing ‘limited commercial upside’
The builders behind the Solana-based good contract automation challenge Clockwork are set to flip off key infrastructure for the protocol on the finish of October, citing “limited commercial upside.”
In a series of X (Twitter) posts on Aug. 27, Clockwork founder Nick Garfield said he and the team will stop active development of the protocol and on Oct. 31 will turn off its nodes on devnet and mainnet.
Garfield cited “simple opportunity cost” as the rationale for the crew stepping again from Clockwork, admitting there have been restricted commercial advantages to persevering with its growth and the crew had a rising curiosity in exploring different alternatives.
Clockwork is a protocol that enables customers to schedule transactions on the Solana community and create good contracts automated to run functions when triggered by an occasion.
Garfield mentioned Clockwork’s code will stay open-source and freely obtainable on-line and gave his “full endorsement to fork and ship” to anybody wanting to proceed work on the protocol.
Developers might proceed to use the software program as written, however we’ll shut down our nodes on devnet and mainnet as of Oct 31.
The on-chain packages will likely be frozen, and the code will stay open-source and free to fork on GitHub.
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— Nick (@time_composer) August 27, 2023
According to Crunchbase knowledge, Clockwork raised $4 million final August in a seed spherical co-led by enterprise companies Multicoin Capital and Asymmetric together with participation from Solana Ventures.
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Asked by one X person whether or not the seed cash can be returned to buyers, Garfield responded it nonetheless has a significant portion of the funds however he’ll take time “before deciding one way or the other.”
We nonetheless have a significant portion of our seed funding. Fully shutting down is an possibility, however I would like to take a minute to reset myself earlier than deciding come what may.
— Nick (@time_composer) August 27, 2023
Clockwork’s closure follows the shuttering of different Solana protocols, such because the decentralized finance (DeFi) platform Friktion in January and its peer Everlend Finance a month later.
In late June the Solana-based nonfungible token protocol Cardinal additionally said it was winding down due to financial situations after elevating $4.4 million round a yr earlier.
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