The team behind Kadena
Citing tough market conditions, the company shared on X that it would no longer operate or maintain the platform, and business activity would stop right away.
Kadena was originally started by Stuart Popejoy and Will Martino. Popejoy previously led a blockchain division at JPMorgan, while Martino worked in a tech role for the US Securities and Exchange Commission (SEC).
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The company explained that while it is stepping back, the Kadena blockchain itself can continue running. According to Kadena, the network is not controlled by the company, and smart contracts will still be managed by those who created or maintain them.
Kadena plans to release an updated version of its software. This will enable the network to operate independently of the original team. Node operators will be encouraged to install the update as soon as it becomes available.
Kadena’s token, KDA, will remain active. The team will collaborate with the community to determine the approach for the planned release of 83.7 million tokens in November 2029.
Additionally, mining rewards will continue over a long period, with 566 million tokens scheduled for distribution until the year 2139.
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