Public blockchain Kadena has announced that it is ceasing operations, with KDA plunging over 60% in the last 24 hours.

On October 22nd, the public blockchain project Kadena announced that due to unfavorable market circumstances, it will commence liquidation and immediately cease all operations related to public chain maintenance. A small team will be retained to handle the transition and shutdown period. The KDA token and protocol will continue to operate, with more than 5.66 billion KDA to be distributed as mining rewards until 2139. The 83.7 million KDA issued by the platform will be unlocked in November 2029. The PoW chain will continue to operate until miners and maintainers exit. According to HTX market data, KDA is currently trading at $0.088, with a 24-hour decline of 60.3%.