Kadena team announces immediate cessation of operations, KDA price plunges over 60% in a single day

Jinse Finance reported that the Kadena team has announced the immediate cessation of all business operations and active maintenance due to unfavorable market conditions. The team expressed gratitude to all supporters and regretted that they could not continue to promote this unique decentralized project. Kadena's native token KDA fell by more than 60% on the day, currently priced at around $0.11, after previously reaching a high of $27 in 2021. The Kadena blockchain will continue to operate until miners and maintainers withdraw, with approximately 566 million KDA mining rewards to be distributed until the year 2139. The project was founded in 2019 by former SEC and JPMorgan employees Stuart Popejoy and William Martino, both of whom participated in the development of the predecessor to JPMorgan Kinexys blockchain. Kadena has raised approximately $15 million in funding to date.