Solana-based Project Clockwor Ceases Operations

Updated: 30 August 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

The team behind Clockwork, a Solana-based project known for its smart contract automation project, recently announced its plans to cease vital infrastructure operations by the end of October. They explained that the rationale behind this decision was “limited commercial upside”.

On August 27, Nick Garfield, the founder of Clockwork, shared the news through several posts on X, formerly Twitter. He revealed that the team will suspend proactive development of the protocol, and the protocol’s nodes on both the devnet and mainnet will be deactivated on October 31.

Hi all, bittersweet news today.

The team and I behind @clockwork_xyz have decided to step away from active development of the protocol.

1/

— Nicholas Garfield (@time_composer) August 27, 2023

When delving into the reasons behind this decision, Garfield pointed to what he termed a “simple opportunity cost”. He acknowledged that Clockwork’s continuation offered limited commercial returns. In addition to this, the team’s inclination to probe new avenues and explore different prospects supported the decision.

Way Forward for Clockwork

While the news may sound dire to the followers and users of Clockwork, there’s a silver lining. Garfield assured that the Clockwork code will continue to retain its open-source status and will be accessible to the public online. Moreover, he wholeheartedly encouraged any enthusiast or developer with a passion for the protocol to “fork and ship” – essentially, to use and develop it further.

It is interesting to note that Clockwork’s journey had a promising start. Approximately a year ago, the project secured a commendable $4 million seed round from venture giants such as Multicoin Capital and Asymmetric. Solana Ventures also contributed to the round. In this context, a Twitter user inquired about the remaining seed money and whether investors would receive a refund. In response, Garfield conveyed that a significant amount from the fund still remains untouched. However, he intends to tread carefully and deliberate thoroughly before finalizing how to proceed.

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 🦀🗡 (@tracy_codes) August 27, 2023

It’s crucial to note that Clockwork isn’t the sole Solana protocol to face such challenges. In recent times, several Solana platforms have ceased operations. For instance, Friktion, a decentralized finance (DeFi) platform, wrapped up its services in January. Similarly, its counterpart, Everlend Finance, followed suit a month later. In June, the non-fungible token protocol on Solana, named Cardinal, too, revealed its plans to conclude operations amid unfavorable economic conditions, even after successfully raising a robust $4.4 million about a year prior.

About Clockwork

Clockwork stands out in the tech arena as a unique protocol on the Solana network. Its primary function is to enable users to set up transactions and craft smart contracts. These smart contracts can then automatically activate specific applications when they detect a specific event or trigger.

Most Searched Crypto Launch - Pepe Unchained

Rating