The company behind the Kadena blockchain announced Tuesday that it will be shutting down. Although the decentralized blockchain remains online, the price of its associated KDA token quickly plummeted following the news.
The Kadena organization wrote to X that it is “no longer able to continue business operations and will immediately cease all business activities and active maintenance of the Kadena blockchain.”
Traders were quick to react to the news, with KDA’s price currently down over 47% to $0.121 at the time of writing. This is down more than 99% from the all-time high of $27.64 hit in 2021, according to CoinGecko data.
Kayden’s public announcement
Unfortunately, the Kadena organization is no longer able to continue its business operations and we are announcing that we will cease all business activities and active maintenance of the Kadena Blockchain effective immediately.
We would like to express our sincere gratitude to everyone who cooperated. …
— Chain (@kade_io)
The network was founded by Stuart Popejoy and William Martino, two JPMorgan veterans who helped lead the financial giant’s first foray into blockchain. Kadena mainnet went live in January 2020.
Editor’s note: This article is breaking and will be updated with additional details.
