Kadena shuts down, leaving blockchain to run on its own - What about KDA?

The company is ceasing operations, but its proof-of-work blockchain will continue to run independently via miners and protocol maintainers.

KDA will remain in circulation, with over 566 million tokens still set to be distributed as mining rewards through 2139.

Once considered a rising contender in the blockchain space, Kadena [KDA] is winding down its business operations. The company blamed tough market conditions for the move.

However, its proof-of-work blockchain will continue to operate independently, though miner activity is expected to decline.

Kadena shuts down operations

In an official statement, Kadena announced it is “no longer able to continue business operations,” ceasing all company activity and active maintenance of its blockchain “immediately.”

Source: X

Despite the shutdown, Kadena confirmed that its blockchain will stay operational, supported by miners and community maintainers.

The statement clarified,

From Wall Street roots to winding down

Former JPMorgan and SEC technologists Stuart Popejoy and William Martino founded Kadena in 2019.

The duo had previously worked on JPMorgan‘s early blockchain efforts, lending credibility to the project’s long-term vision.

The team raised $15 million across multiple funding rounds and positioned Kadena as a scalable proof-of-work alternative for enterprise-grade crypto applications.

In 2023, executives announced a hiring spree in an effort to revitalize growth and developer interest.

But despite its pedigree and capital, the firm struggled to maintain traction, ultimately leading to its end.

Kadena crypto takes a steep fall

At press time, Kadena [KDA] traded at $0.07616, down 63.61% over the past 24 hours.

Source: TradingView

The hourly chart saw a decline following the companys shutdown announcement, with back-to-back red candles confirming heavy selling pressure.

Sellers dominated throughout the session, as no significant rebound or consolidation phase emerged.

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