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Solana-based Protocol Clockwork To Shut Down Despite $4 Million Seed Funding

Solana-based automation protocol Clockwork will be winding up its operations after its founder disclosed the company’s decision to step away from “active development of the protocol.” Nick Garfield, the founder of the protocol announced on Aug 28 the plans of the company to shut its doors by Oct 31 citing opportunity costs and lack of a commercial upside as the crypto bear market bites harder. While the team behind the project will cease main development, Garfield insisted that the project’s code will remain open-source and easily accessible on GitHub. Clockwork was developed to let users build automated and scheduled smart contracts to facilitate payroll payments and other frequent transactions.

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