Citing BitcoinSistemi, Kadena (KDA), a blockchain project founded in 2016 by former JPMorgan engineers, has officially ceased all operations. Despite early success, including a $3 billion market cap in 2021, the project lost momentum due to market downturns, competition from proof-of-stake networks, and internal disputes. In October 2025, KDA's price dropped 40% in a single day amid broader market turmoil, and its largest partner, Kaddex, announced its migration to Ethereum. Four days later, Kadena confirmed its shutdown, citing 'unfavorable market conditions.' The token lost over 60% of its value in two hours, wiping out $268 million in market cap. The team stated the blockchain 'does not belong' to the company and suggested a transition to community management. Experts attribute the collapse to poor financial planning and miscommunication.
Kadena (KDA) Shuts Down Operations Amid Financial Struggles and Market Collapse
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