Kadena Pulls the Plug: $268M Crypto Project Shutters Operations Amid Market Pain
Kadena confirmed it is immediately ceasing all business operations and active network maintenance due to market pressure.Summary
Kadena (KDA) announced on October 21st that it is winding down all business activities and protocol maintenance immediately. Although the centralized operations are ending, the decentralized blockchain is expected to remain operational as long as miners and validators continue to support it, with mining rewards scheduled through 2139. The announcement caused KDA's token price to plummet by nearly 60%, wiping out approximately $268 million in market value. While the code and smart contracts will persist without central oversight, the shutdown effectively halts new developments, partnerships, and technical upgrades. This event is viewed as a significant indicator of market exhaustion, suggesting that capital is consolidating around larger networks, leaving mid-tier Layer-1 projects like Kadena vulnerable to prolonged market pain.
(Source：CCN)