The corporate behind the Kadena blockchain introduced Tuesday that will probably be shutting down. Though the decentralized blockchain stays on-line, the value of its related KDA token rapidly plummeted following the information.
The Kadena group wrote to X that it’s “now not capable of proceed enterprise operations and can instantly stop all enterprise actions and lively upkeep of the Kadena blockchain.”
Merchants had been fast to react to the information, with KDA’s value at present down over 47% to $0.121 on the time of writing. That is down greater than 99% from the all-time excessive of $27.64 hit in 2021, in keeping with CoinGecko knowledge.
Kayden public announcement
Sadly, the Kadena group is now not capable of proceed its enterprise operations and we’re saying that we’ll stop all enterprise actions and lively upkeep of the Kadena Blockchain efficient instantly.
We wish to specific our honest gratitude to everybody who cooperated. …
— Chain (@kade_io)
The community was based by Stuart Popejoy and William Martino, two JPMorgan veterans who helped lead the monetary large’s first foray into blockchain. Kadena mainnet went dwell in January 2020.
Editor’s be aware: This text is breaking and might be up to date with extra particulars.
