Kadena Blockchain Ends Operations Amid Financial Collapse

Kadena, a blockchain project founded by former JPMorgan executives, has announced it will shut down operations after running out of funds. The company stated that while the blockchain network will remain operational due to its decentralized structure, all commercial activities and active maintenance will cease.

The decision follows a sharp decline in the project’s native token, KDA, which dropped 77% over the past month and is now trading around $0.12, according to CoinGecko data. From its all-time high of $27.64 in 2021, the token has lost more than 99% of its value.

Kadena’s team said it would retain a small group of employees to manage the shutdown process and ensure a smooth transition.

The announcement had an immediate impact on the crypto market, with several exchanges beginning to delist the KDA token. Once seen as one of the most ambitious blockchain initiatives, Kadena aimed to create a scalable and secure infrastructure for decentralized applications.