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Solana-Based Limited Commercial Upside As Reason For Closure Of Clockwork

2023-08-29 16:44:40

About a year after obtaining $4 million in the second round of seeds backed by Multicoin Capital, Clockwork is planning to close.


Source: cryptonews.com


Clockwork, a project to automate smart contracts located in Solana, is poised to shut down crucial infrastructure at the end of October due to limited commercial upside. Nick Garfield, the creator of Clockwork, said in a series of X (Twitter) tweets on August 27 that he and the team would stop actively developing the protocol and turn off all of its nodes on the devnet and mainnet on October 31. Garfield stated basic opportunity cost as the explanation for the team's decision to stop working on Clockwork, acknowledging that doing so would have had few economic rewards and that the team was becoming more interested in pursuing other possibilities.


On the Solana network, the Clockwork protocol enables users to plan transactions and design automatic smart contracts that launch programs in response to events. The code for Clockwork will continue to be open-source and publicly accessible online, according to Garfield, who also offered his full support to fork and ship to anyone wishing to work on the framework further. Data from Crunchbase shows that in August of last year, Multicoin Capital, Asymmetric, and Solana Ventures jointly led a seed round in which Clockwork raised $4 million.


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