In brief
- Crypto exchanges are starting to delist the Kadena (KDA) token.
- The company behind the Kadena network said Tuesday that it’s closing down due to market conditions.
- KDA has plunged in price since the announcement, currently down 65% over the last day.
Kadena’s KDA token is being removed from prominent crypto exchanges after the company behind the blockchain announced Tuesday that it is shutting down—and will no longer support the long-running network.
Bybit and OKX both said Wednesday that KDA trading services are starting to be removed from their respective exchanges.
OKX already suspended deposits on KDA and plans to suspend spot trading services on October 26, ahead of removing the trading pairs on October 29. Customer withdrawals for KDA will be disabled on January 22, 2026. Bybit, meanwhile, has ended all lending and borrowing services around KDA and will end perpetual contracts on KDA beginning October 24.
The company operating the Kadena blockchain announced Tuesday that it is ceasing operations due to unfavorable market conditions, though the decentralized network itself will continue running independently.
“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,” the official Kadena account on X posted Tuesday.
The KDA token plummeted following the announcement, and was recently down more than 65% on the day at a price of $0.072. The price of the token is down 99.7% from its 2021 peak of $27.64.
The team said that the Kadena blockchain operates independently through decentralized proof-of-work mining and smart contracts governed by individual maintainers, meaning the company’s shutdown won’t halt network operations. Developers plan to release an updated binary to ensure uninterrupted service without their involvement.
Founded in 2020 by former JP Morgan executives Stuart Popejoy and William Martino, Kadena positioned itself as “the blockchain for business” using proof-of-work consensus similar to Bitcoin.
The founders had previously developed JP Morgan’s early blockchain initiatives before launching their own project, claiming it could surpass Bitcoin and prove more trustworthy than Ethereum. It failed to maintain momentum, however, culminating in Tuesday’s announcement that the organization behind the network is closing up shop.
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