365Crypto
Kadena’s founding team has officially shut down operations, blaming “market conditions” for the collapse. Within 90 minutes of the announcement, the Kadena (KDA) token crashed by 60%, leaving investors stunned.
A Sudden Shutdown
The project posted on X that it can no longer continue business activities or maintain the blockchain. The message thanked the community for its support but admitted the market had made survival impossible.
From JPMorgan Roots to Blockchain Exit
Founded in 2016 by Stuart Popejoy and Will Martino, Kadena once aimed to power enterprise-level blockchain solutions. Popejoy previously led JPMorgan’s Blockchain Center of Excellence, while Martino worked on crypto policy at the U.S. SEC before joining full-time.
The Harsh Reality of Competition
Despite its early hype, Kadena struggled to compete with heavyweights like Ethereum and Solana. Once valued near $4 billion in 2021, KDA’s market cap has now plunged to around $31 million, according to CoinGecko.
Kadena Blockchain Lives On
The company says the blockchain itself will remain online, run by independent miners and validators. Kadena plans to release an update to ensure continued operation without direct involvement.
The team will also consult with the community on how to distribute over 83 million KDA tokens scheduled for release by 2029. Another 566 million tokens will continue to be mined until 2139.
Footnotes:
Proof-of-Work: A blockchain consensus system where miners validate transactions using computing power.
Validators: Independent participants who confirm network transactions.
