Two crypto projects backed by a16z, the layer-1 network Linera and the decentralized oracle protocol Switchboard, announced their closures on September 18 and 19. Linera ceased operations after a failed fundraiser on the Sonar platform that raised only $900,000 against a $1.5 million USDC target, despite having previously raised $12 million from a16z crypto and Borderless Capital. Switchboard attributed its closure to the combination of the bear market, shrinking budgets, and increasing competition from artificial intelligence tools in the oracle sector. According to tracker RootData, more than 260 crypto projects have already shut down in 2026.
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