Kadena winds down operations, KDA token drops 60%
The organization behind the Kadena blockchain is "no longer able to continue business operations" and has begun winding down, according to an announcement on Tuesday.
"We are tremendously grateful to everybody who has participated in this journey with us. We regret that because of market conditions, we are unable to continue to promote and support the adoption of this unique decentralized offering," the Kadena team said on X.
Kadena’s native KDA token is trading at $0.092, down over 59% at press time, according to The Block’s price page . The token had hit an all-time high above $27 in late 2021.
The proof-of-work blockchain will remain in operation until miners and maintainers depart, though the Kadena team will cease all business activity and active maintenance immediately. Approximately 566 million KDA remain to be distributed as mining rewards, continuing until 2139, the team said.
Launched in 2019 by two U.S. Securities and Exchange Commission and JPMorgan alums, Stuart Popejoy and William Martino, Kadena aimed to attract institutions into the world of crypto. Both Popejoy and Martino had previously helped launch the predecessor to JPMorgan Chase’s Kinexys blockchain.
Last year, in a push to regain its market position and mindshare, Kadena’s Annelise Osborne told The Block the firm was going on a "hiring spree." Kadena raised about $15 million in funding over three rounds.
