Clockwork Project Will Be Closed Citing Opportunity Costs

Clockwork Project Will Be Closed Citing Opportunity Costs

Time Stamp: August 29, 2023 3:25 AM
Source Node: 2851959

Solana-based Clockwork will wind down its services in late October.

Clockwork, a smart contract automation project based on Solana, will be turned off on October 31st.

According to the tweets from the development team, they will shut down nodes on both devnet and mainnet, stating that others are welcome to work on the foundations of the code as the team moves on to other projects.

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According to the Clockwork founder Nick Garfield, the reason behind the closure is opportunity cost. He added:

We admittedly see limited commercial upside in continuing to develop the protocol, and have a growing personal interest to explore new opportunities.

Even if the project is set to be closed, its code will remain “open-source and free to fork on GitHub.” Based on the tweets, the developers support the idea of someone else expanding upon the existing project.

Clockwork allowed users to schedule their transactions on the Solana network. It also permitted them to build automated, event-driven smart contracts. According to the tweets, “Clockwork was initially conceived out of a need for an on-chain automation primitive.” The development team reportedly felt satisfied with the product they delivered.

The founder also added that the team will do their best to maintain the service for those who are currently relying on Clockwork.

According to data from Crunchbase, a year ago, Clockwork raised $4m in seed funding. The three investors were Solana Ventures, Multicoin Capital and Asymmetric. Garfield admitted that the team still has a sizable portion of the funding, but there’s no decision on what will be used with the funds.

This is not the first shut-down centered around Solana. In January, Solana-based decentralized finance (DeFi) and crypto-asset management platform Friktion announced its closure.

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