Kadena blames ‘market conditions’ as founding team exits, tanking token

The team behind the Kadena blockchain said it is no longer able to continue business operations and will cease maintenance of the network immediately.

The native token behind the Kadena layer 1 blockchain plummeted 60% in 90 minutes on Tuesday after its founding team announced it was winding down and ceasing all network maintenance due to “market conditions.” 

In a post to X on Tuesday, Kadena said it “is no longer able to continue business operations and will be ceasing all business activity and active maintenance of the Kadena blockchain immediately.”

“We are tremendously grateful to everybody who has participated in this journey with us. We regret that because of market conditions we are unable to continue to promote and support the adoption of this unique decentralized offering,” it said. 

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