Kadena blames ‘market conditions’ as founding team exits, tanking token
Kadena's founding team ceased operations due to market conditions, causing its native KDA token to plummet 60%.Summary
The team behind the Kadena layer-1 blockchain announced it is immediately ceasing all business activity and active network maintenance, citing challenging "market conditions." This announcement caused the native KDA token to drop 60% in 90 minutes. Kadena, founded in 2016 by Stuart Popejoy and Will Martino, struggled to build a sustainable user base amid competition from larger chains. Despite the shutdown, the decentralized proof-of-work blockchain will remain online, operated by independent validators and miners. The company will retain a small team to manage the wind-down, provide a new binary for uninterrupted operation without their involvement, and consult the community on distributing millions of KDA tokens scheduled for release in the future.
(Source：Cointelegraph)