Linera, a Layer-1 blockchain project founded by former Meta researcher Mathieu Baudet, is shutting down after its LNRA community token sale raised $848,271 in USDC from 617 participants, only about 57% of the $1.5 million minimum required. Because the threshold was missed, all contributions were refunded. The team said emergency financing also failed to cover the shortfall, despite Linera having raised about $12 million through two venture rounds led by a16z Crypto and Borderless Capital. Linera developed microchains (small parallel blockchains) designed to process large volumes of simultaneous activity, but the network will not reach mainnet under the current team. The application is being wound down, its Discord server will eventually close, and user point balances remain recorded without any guarantee of future value. The team said it still hopes to complete the protocol and launch applications, without providing a timeline.