Kadena Shuts Down: Proof-of-Work Blockchain Faces Crypto Bear Market

After seven years of development, Kadena has announced the closure of its corporate operations, citing challenging market conditions that have impacted the crypto ecosystem. The company’s KDA token experienced a significant downturn, plummeting more than 60% and trading below 10 cents, a far cry from its peak of $27 in late 2021. Kadena’s downfall highlights the unforgiving nature of the current crypto cycle.