The organization behind the Kadena blockchain said it is no longer able to continue its business operations and has begun the process of shutting down, it announced on Tuesday.
“We are extremely grateful to everyone who has been with Kadena,” the development team shared on X. “Unfortunately, due to market conditions, we are unable to continue to promote and support the expansion of this decentralized platform.”

The KDA token is currently trading around $0.092, down more than 59%, while its all-time high was over $27 in late 2021.
While the Kadena team will cease all business operations and maintenance, the blockchain will continue to operate until miners and maintainers leave the network. There are currently approximately 566 million KDA remaining that will be distributed gradually as mining rewards until 2139.
Launched in 2019 by former SEC and JPMorgan employees Stuart Popejoy and William Martino, Kadena aimed to attract traditional financial institutions into the crypto world. Last year, the project also launched a hiring spree to revive its momentum, after raising around $15 million in three funding rounds.
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