Kadena (KDA) News: Foundation to Cease Operations, Blockchain to Continue Without Core Team

The Kadena Foundation, the team responsible for the Kadena proof-of-work blockchain, announced it is ceasing all business operations and dissolving due to unsustainable market conditions and an inability to maintain active development. This news caused the native token, KDA, to drop over 55%. While the core team is stepping away immediately, the Kadena blockchain itself is expected to continue operating, as it is maintained by independent miners and community developers. A small transition team will release a final node binary to ensure network continuity. Kadena, founded by former JPMorgan engineers, launched in 2019 promising scalable proof-of-work, reaching a peak valuation of $25 billion in 2021. However, developer activity and funding waned as newer proof-of-stake and modular chains gained prominence, ultimately leading to the foundation's dissolution.

(Source：CoinDesk)