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Solana-Based Clockwork to Cease Operations: 'Limited Commercial Upside' Cited

Solana-based smart contract automation project Clockwork is shutting down its operations, citing "limited commercial upside." Founder Nick Garfield explained the decision, pointing to the opportunity cost and the team's evolving interests.

Clockwork, a Solana-based smart contract automation project, is set to halt its operations by the end of October due to what the team describes as "limited commercial upside."

Strategic Decision Amidst Limited Prospects

Clockwork's Closure Decision

Clockwork, a project built on Solana's blockchain, is preparing to shut down its key infrastructure in October. The project's founder, Nick Garfield, took to Twitter on August 27 to announce the cessation of active development for the protocol. The nodes on both devnet and mainnet will be turned off on October 31.

Opportunity Cost and Diverse Interests

Reasoning Behind the Decision

Garfield attributed the decision to a "simple opportunity cost," suggesting that the team found limited commercial viability in continuing the development of Clockwork. He acknowledged that the team had an increasing interest in exploring alternative opportunities beyond the project.

Clockwork's Functionality and Open-Source Code

Clockwork's Role and Openness

Clockwork served as a protocol that enabled users to schedule transactions on the Solana network and create smart contracts that could automate applications triggered by specific events. Despite the project's closure, Garfield emphasized that the code would remain open-source and accessible online. He encouraged others to fork and continue working on the protocol if they wished.

Funding and Future Considerations

Seed Funding and Outcome

Last August, Clockwork successfully raised $4 million in a seed funding round, co-led by venture firms Multicoin Capital and Asymmetric, with participation from Solana Ventures. Addressing inquiries about the fate of the seed money, Garfield indicated that a significant portion of the funds still remains, but he would take time before making a decision about returning the funds to investors.

Solana Protocol Closures

Clockwork's closure follows a pattern seen in other Solana protocols. Earlier this year, decentralized finance (DeFi) platform Friktion and Everlend Finance shut down. More recently, Solana-based nonfungible token protocol Cardinal also announced winding down due to economic conditions.