After raising $4 million in a seed round sponsored by Multicoin Capital a year ago, Clockwork has decided to shut down.
The Clockwork smart contract automation project, based on the Solana protocol, is scheduled to have its primary supporting infrastructure shut down at the end of October due to “limited commercial upside.”
Nick Garfield, the protocol’s creator, announced on August 27 through a series of X (Twitter) tweets that he and his team will cease development of Clockwork and shut down their nodes on both devnet and mainnet on October 31.
Given the minimal financial advantages of continuing the development of Clockwork and the team’s increasing interest in exploring other alternatives, Garfield cited “simple opportunity cost” as the explanation for the team’s decision to pull back from the project.
Through the use of the Clockwork protocol, users of the Solana network may prearrange the execution of transactions and smart contracts on the network in response to predefined events.
According to Garfield, the Clockwork source code will always be publicly accessible online, and he even extended his “full endorsement to fork and ship” to anybody who wants to keep developing the protocol.
In a seed round headed by Multicoin Capital and Asymmetric with participation from Solana Ventures, Clockwork reportedly received $4 million in August, as recorded by Crunchbase.
In response to a question from an X user, Garfield said the company still has a sizeable sum of the initial investment and that he plans to think it over “before deciding one way or the other.”
Other Solana protocols, like the decentralized finance (DeFi) platform Friktion in January and its competitor Everlend Finance a month later, have also closed their doors, thus Clockwork’s demise comes as no surprise.
Solana, California’s nonfungible token system Cardinal announced in late June that the company was shutting down owing to the economy. Cardinal had raised $4.4 million about a year before.
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