Kadena Organization Shuts Down Operations After $4B Peak, Lessons for Other L1 Blockchains
Kadena Organization Shuts Down Operations After $4B Peak, Lessons for Other L1 Blockchains
Kadena Organization, the entity behind the Kadena blockchain, officially announced the immediate cessation of all business activities and maintenance of its blockchain on October 21. The company cited 'market conditions' for its shutdown, which comes after reaching a $4 billion peak valuation. This event is highlighted as a significant lesson for other Layer 1 blockchain projects navigating volatile market landscapes.
When Kadena Organization, the company behind the Kadena blockchain, announced it was shutting down operations on Oct. 21, the message was formal, quiet, and devastatingly simple. The company thanked its community, cited “market conditions,” and confirmed that it would cease all business activity and maintenance of the blockchain immediately. In a final note on X, […]
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