The developers behind Solana-based smart contract automation project Clockwork is set to turn off key infrastructure for the protocol at the end of October, citing “limited commercial upside.”
In a series of X (Twitter) posts on Aug. 27, Clockwork founder Nick Garfield Garfield said he and the team will stop active development of the protocol and on Oct. 31 will turn off its nodes on devnet and mainnet.
Garfield cited “simple opportunity cost” as the reason for the team stepping back from Clockwork, admitting there were limited commercial benefits to continuing its development and the team had a growing interest in exploring other opportunities.
Clockwork is a protocol that allows users to schedule transactions on the Solana network and create smart contracts automated to run applications when triggered by an event.
Garfield said Clockwork’s code will remain open-source and freely available online and gave his “full endorsement to fork and ship” to anyone looking to continue work on the protocol.
Developers may continue to use the software as written, but we will shut down our nodes on devnet and mainnet as of Oct 31.
The on-chain programs will be frozen, and the code will remain open-source and free to fork on GitHub.
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— Nick (@time_composer) August 27, 2023
According to Crunchbase data, last August Clockwork raised $4 million in a seed round co-led by venture firms Multicoin Capital and Asymmetric along with participation from Solana Ventures.
Related: Cypher announces recovery plan, says it will ‘socialize’ losses in initial stage
Asked by one X user whether the seed money would be returned to investors, Garfield responded it still has a meaningful portion of the funds but he will take time “before deciding one way or the other.”
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