a16z invested in two consecutive rounds, raising $12 million, but Linera ultimately stumbled at the $1.5 million fundraising hurdle. This star public chain, which the farming community has been waiting for over three years, burned through its funds before the mainnet even launched. The LNRA community round ended up raising only about $848,000, emergency funding couldn’t bridge the gap, and the team announced they’re ceasing operations. Testnet, points, badges, Discord roles… Some people grinded for three years, only to end up with “zero returns.” The public chain game has changed: Star VCs and airdrop hype can help craft a compelling story, but without users, revenue, and sustainable growth, the story won’t last long enough to see the mainnet launch.