TLDR
- Kadena organization ceased all business operations on October 21, 2025, citing poor market conditions
- KDA token crashed from $0.207 to $0.087, a 60% decline, with trading volume jumping 1,277%
- The proof-of-work blockchain remains operational through decentralized miners until they choose to leave
- Founded in 2019 by JPMorgan alumni, Kadena raised $15 million and peaked above $27 per token in 2021
- Over 566 million KDA tokens remain for mining rewards, scheduled for distribution until 2139
The Kadena organization announced the immediate cessation of all business operations on Tuesday. The team cited unfavorable market conditions as the primary reason for the shutdown.
The announcement triggered a massive selloff of the KDA token. Within hours, the price dropped from $0.207 to $0.078 before settling at $0.087.
This represents a 60% decline in 24 hours. KDA now trades just 25% above its all-time low price.
The token reached its peak above $27 in late 2021. The current price reflects a steep decline from those levels during the previous bull market.
Stuart Popejoy and William Martino launched Kadena in 2019. Both founders previously worked at JPMorgan and the Securities and Exchange Commission.
The pair helped develop the predecessor to JPMorgan Chase’s Kinexys blockchain. Kadena aimed to bring institutional investors into the crypto space through its proof-of-work blockchain design.
The project raised approximately $15 million across three funding rounds. Last year, executive Annelise Osborne announced plans for a hiring spree to rebuild market position.
Blockchain Operations Continue Without Corporate Team
The Kadena blockchain will continue functioning through its decentralized network. Independent miners will maintain operations without corporate oversight.
The organization plans to release a new binary for network continuity. Node operators must upgrade their systems to ensure uninterrupted service.
Approximately 566 million KDA tokens remain available as mining rewards. The distribution schedule extends until the year 2139 under the original protocol design.
An additional 83 million KDA will unlock by November 2029. The emission schedule follows the blockchain’s predetermined token release plan.
The team stated it will work with the community on governance transition. Future updates will address how community members can take control of maintenance and development.
Trading Activity Spikes as Investors Exit
Trading volume surged to $105.3 million in 24 hours. This represents a 1,277% increase compared to typical daily activity.
The volume spike indicates rapid repositioning by token holders. Many investors rushed to sell following the shutdown announcement.
Community members criticized the organization’s handling of the closure. Crypto analyst Huang compared the situation to an exit scam and advised holders to consider selling.
Ahmed Raza called the announcement a betrayal of the community. He criticized the lack of transparency and proper transition planning in the shutdown.
The organization’s statement provided minimal detail about the decision. The vague reference to “market conditions” left many questions unanswered about the specific factors leading to closure.
All Kadena employees received notification of the shutdown. A small internal team will oversee the transition period before fully stepping away.
The blockchain’s future now depends entirely on miner participation. If miners continue operating, the network will function as a fully decentralized system without any central organization.
KDA currently trades near its lowest price point since launch. The token sits 25% above the all-time low recorded earlier in its history.
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