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Another blockchain platform shuts down after market crunch
Blockchain company Kadena announced on Oct. 21 that it was “no longer able to continue business operations” and would immediately halt all activity and maintenance of the Kadena blockchain. The company cited deteriorating market conditions as the main reason behind its closure, noting it had informed staff and would retain a small team to handle the transition and wind-down period.
Kadena (KDA) price dropped by 56.79% overnight after the company announced its decision to stop all business operations. At the time of writing, KDA was trading at roughly $0.09121.
Blockchain remains active
While the organization is ceasing operations, Kadena added that its blockchain would remain active. The network, operated by independent miners, will continue to run.
The team also promised to release a new binary to ensure uninterrupted functionality. Node operators are being encouraged to upgrade “as soon as possible” to maintain operational stability.
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Kadena also noted that its token economy remains intact. According to its 2021 tokenomics update, over 566 million KDA are still scheduled to be distributed as mining rewards until the year 2139, while around 83.7 million KDA are due to come out of lockup through November 2029.
The team added that it is open to collaborating with the Kadena community to aid the transition toward decentralized governance and maintenance.
Kadena, founded in 2016 by former JPMorgan blockchain developers, aimed to combine the scalability of proof-of-work with smart contract capabilities.
This article has been published in thestreet.com via Yahoo News.
