The Kadena team announced an immediate halt to operations, with the KDA coin price experiencing a big dump of over 60% in a single day.

According to a report from Jinse Finance, the Kadena team announced on Tuesday that due to unfavorable market conditions, they will immediately cease all business operations and active maintenance. The team expressed gratitude to all supporters and stated regret for not being able to continue promoting this unique decentralized project. The native token KDA fell over 60% on that day, with a current price of approximately 0.11 USD, having previously reached a high of 27 USD in 2021. The Kadena blockchain will continue to operate until miners and maintainers exit, with approximately 566 million KDA miner rewards set to be distributed until the year 2139. The project was founded in 2019 by former SEC and JPMorgan employees Stuart Popejoy and William Martino, who were involved in the development of the JPMorgan Kinexys blockchain predecessor. Kadena has raised approximately 15 million USD to date.