Layer-1 blockchain project Linera has shut down, the a16z-backed team announced on September 19, after a community token sale raised well below its minimum target and emergency financing failed to close the gap. The project, founded by former Meta researcher Mathieu Baudet, said the decision comes down to funding rather than any issue with its technology or team, according to its Discord announcement. Linera had built a scalable network of small, parallel chains it called microchains, a design aimed at handling large volumes of simultaneous activity.