Kadena winds down operations, KDA token drops 60%
The organization behind the Kadena blockchain is ceasing business operations due to market conditions, causing its KDA token to drop significantly.Summary
The organization supporting the Kadena blockchain announced it is winding down operations and can no longer continue business due to prevailing market conditions, expressing gratitude to participants. Following this announcement, Kadena's native KDA token plummeted by over 59%, trading around $0.092, a sharp decline from its late 2021 all-time high above $27. While the Kadena team will immediately cease active business and maintenance, the proof-of-work blockchain itself will remain operational until miners and maintainers depart. Launched in 2019 by JPMorgan alums Stuart Popejoy and William Martino, Kadena aimed to attract institutions to crypto. The team had previously raised about $15 million across three funding rounds.
(Source：The Block)