The Kadena coin project officially announced its closure, causing a major shock in the market. The KDA token experienced a dramatic decline over hours — dropping from $0.23 to $0.01, causing serious losses for investors. Currently, its market capitalization remains around only $3.62 million.

The team announced that all commercial operations have been completely halted and network maintenance has been terminated. The Kadena coin project was once known as a project with a hybrid PoW architecture and a reputation for scalability, but it had been struggling with liquidity issues for a long time. This decision was made not due to a hacking attack, but because it could not withstand market pressure.

This closure coincided with a general market downturn. As Bitcoin and Ethereum are trying to recover, it is becoming increasingly difficult for mid-sized projects like Kadena to stay afloat. We have once again seen how impactful a lack of liquidity and trust can be in the blockchain ecosystem.