The Kadena blockchain’s native token dropped 60% in 90 minutes after the team announced it was winding down due to market conditions, ceasing all network maintenance immediately. This “blockchain for business” founded in 2016 by Stuart Popejoy and Will Martino struggled to compete with larger chains like Ethereum and Solana. The token once valued close to $4 billion in November 2021 now sits at $30.9 million. Independent validators can still process transactions and mine blocks on Kadena’s proof-of-work blockchain despite the shutdown. The KDA token will continue, with 83.7 million tokens scheduled for release in November 2029, and 566 million to be distributed as mining rewards until 2139.

Read more at Cointelegraph: Team Behind Layer 1 Cadena Discontinues Support