Don’t hold your breath waiting for a Vine replacement: Vine co-founder Dom Hofmann announced Friday that he is postponing the project “for an indefinite amount of time.” Hoffmann blamed overwhelming legal fees and existing work commitments for the decision.

“I’m very, very sorry for the disappointment,” he wrote on the project’s website, which had been dubbed V2.

“When I announced that I was working on a follow-up to Vine, I also (perhaps foolishly) announced that it would be a personal project and personally funded,” Hoffmann wrote. He went on to say that he realized that something like a replacement for Vine could only be done by a properly funded company — and someone who doesn’t already have a job.

“I already run an early-stage company that is in the middle of development,” he wrote. “Very few backers would be happy with the split attention, and I wouldn’t be either.”

Hoffmann co-founded the short-form video sharing service Vine in 2012, and sold it to Twitter in 2013. He is now working as the CEO of Interspace, a New York-based startup that’s currently in stealth mode.

Twitter decided to shut down Vine in early 2017 after failing to develop solid monetization options for the service’s 6-second video clips, and seeing many of its key creators leave for Facebook’s Instagram. Hoffmann began teasing the development of a Vine successor late last year, and told Techcrunch in January that the service could launch as early as this spring.

On Friday, Hoffmann suggested that he may be able to launch V2 eventually, but cautioned that this won’t be any time soon. “This is indefinite, which means that it could take a long time,” he said.