tl;dr
Kadena, the blockchain behind KDA, is shutting down, prompting exchanges like Bybit and OKX to phase out KDA trading. The token plummeted 65% after the announcement, though the blockchain network will continue independently.
**Kadena's KDA Token Faces Removal from Major Exchanges as Company Shuts Down**
Kadena, the blockchain platform behind the KDA token, is shutting down its operations, leading to the removal of KDA trading services from major cryptocurrency exchanges. Bybit and OKX, two prominent platforms, have announced steps to phase out KDA support, marking a significant setback for the project.
**Exchanges Act as Kadena Closes Shop**
OKX suspended deposits for KDA on Wednesday and will halt spot trading services on October 26, followed by the removal of KDA trading pairs on October 29. Withdrawals for KDA will be disabled entirely on January 22, 2026. Meanwhile, Bybit has already stopped lending and borrowing services for KDA and will terminate perpetual contracts involving the token starting October 24.
The decision comes after Kadena, the company behind the blockchain, announced its closure due to "unfavorable market conditions." In a statement on X (formerly Twitter), the Kadena team said, "We regret to announce that the Kadena organization is no longer able to continue business operations and will be ceasing all business activity and active maintenance of the Kadena blockchain immediately."
**Token Plummets as Market Reacts**
The news sent shockwaves through the crypto market. KDA’s price dropped over 65% in a single day, trading at $0.072 as of the announcement. This marks a staggering 99.7% decline from its 2021 peak of $27.64. The token’s collapse underscores the volatility of crypto assets and the risks associated with projects reliant on corporate backing.
**Blockchain Continues Despite Company Closure**
Despite the company’s shutdown, Kadena’s blockchain network will persist. The platform operates through decentralized proof-of-work mining and smart contracts managed by individual developers. The team emphasized that the network will remain functional, with plans to release an updated binary to ensure uninterrupted service without the company’s involvement.
**A Brief History of Kadena**
Founded in 2020 by former JP Morgan executives Stuart Popejoy and William Martino, Kadena positioned itself as "the blockchain for business," leveraging a proof-of-work consensus model similar to Bitcoin. The founders had previously worked on early blockchain initiatives at JP Morgan before launching Kadena, which aimed to surpass Bitcoin and Ethereum in scalability and trustworthiness. However, the project struggled to gain traction, failing to secure widespread adoption or long-term investor confidence.
**Implications for the Crypto Industry**
Kadena’s collapse highlights the challenges faced by blockchain projects in a competitive and rapidly evolving market. While the network’s decentralized structure ensures its survival, the loss of corporate support may hinder future development and user engagement. For investors and traders, the removal of KDA from major exchanges serves as a cautionary tale about the risks of relying on projects with centralized governance.
As the crypto space continues to mature, Kadena’s story reflects the broader tensions between innovation and sustainability, underscoring the importance of community-driven resilience in the face of corporate uncertainty.