In a significant turn of events, cryptocurrency exchanges are set to delist the Kadena (KDA) token following the announcement from the company behind the Kadena network that it will cease operations due to challenging market conditions. The news has resulted in a drastic decline in KDA’s value, plummeting by 65% within a single day.
Prominent exchanges such as Bybit and OKX have confirmed they will begin removing KDA trading services. OKX has already suspended deposits and is planning to halt spot trading services on October 26. This will be followed by the removal of trading pairs on October 29. Moreover, customer withdrawals for KDA are scheduled to be disabled by January 22, 2026. Bybit has taken further measures, having terminated all lending and borrowing services associated with KDA and announcing the cessation of perpetual contracts starting October 24.
In an official statement posted on X, the Kadena organization expressed regret over its inability to maintain business operations, stating, “We are tremendously grateful to everybody who…” Despite the company’s shutdown, the decentralized network itself is expected to continue functioning independently. The team emphasized that the Kadena blockchain will operate autonomously through decentralized proof-of-work mining and smart contracts managed by individual maintainers. Developers are also planning to release an updated binary to ensure uninterrupted service going forward.
The downfall of KDA is particularly stark when considering its performance compared to previous years. At its peak in 2021, the token was valued at $27.64, meaning it has now decreased by a staggering 99.7%. The organization, founded in 2020 by former JP Morgan executives Stuart Popejoy and William Martino, aimed to establish Kadena as “the blockchain for business,” using a proof-of-work consensus mechanism similar to that of Bitcoin. The founders’ prior experience with JP Morgan’s early blockchain initiatives led them to claim that Kadena could outperform Bitcoin and provide greater reliability than Ethereum. However, the project struggled to maintain momentum, ultimately leading to its recent closure announcement.
As the situation unfolds, the future remains uncertain for KDA and the broader implications of Kadena’s decision on its community and market standing.
