Sushi is now live on Kadena, giving traders and liquidity providers a fresh place to swap, stake, and experiment. The integration lets Sushi users access v2 pools on Kadena directly through Sushi’s familiar interface, swaps, LP positions, rewards and all the usual tools are available on a new Layer 1 built around proof-of-work.
Kadena isn’t another copy of the chains we’ve seen before. Its Chainweb design braids multiple parallel PoW chains together so the network can scale without giving up the security model PoW is known for. That architecture, together with newly added EVM compatibility, means teams can deploy Solidity contracts and take advantage of parallel execution and low gas costs without reaching for Layer 2s or switching to validator-based security. Kadena also ships its own Pact smart contract language, human-readable and pitched as easier to audit. and its creators stress energy efficiency as Chainweb scales.
A New Era for Secure and Scalable DeFi Trading This summer, Kadena pushed the next chapter in that plan with a Chainweb EVM testnet that drew more than 50 projects and a $50 million grant fund to spur development. For DeFi builders and institutions looking for higher throughput without giving up PoW security, that combination is an appealing experiment.
For Sushi users, the change is practical: you can swap on Sushi’s v2 AMM on Kadena and provide liquidity to earn rewards, all through tools you already know. It’s a straightforward way to move capital into an environment that claims low fees and high throughput while keeping to a PoW security model.
The move matters because it stretches what many people assume about PoW blockchains. If Kadena delivers on its promises, sustained developer activity, real liquidity and the cost/security trade-offs it advertises, this could be an important example of DeFi running on an alternative L1 architecture. For now, Sushi’s presence simply gives traders and LPs one more place to deploy capital and see how a braided PoW approach handles the demands of modern decentralized finance.
AUTHOR
Mushumir Butt is a seasoned crypto journalist with over three years of experience reporting on the world of blockchain and cryptocurrency. At Blockchain Reporter, he delivers insightful news, in‐depth project reviews, and precise price analysis and predictions. With a strong background in SEO and digital marketing, Mushumir excels at breaking down complex trends into clear, accessible content, ensuring readers stay ahead in the fast‐paced crypto space.
While volatile movements in Bitcoin and altcoins continue, cryptocurrency analysis company Santiment announced the most popular altcoins in the cryptocurrency world in its latest post.
Accordingly, Santiment said that investors showed great interest in Bitcoin (BTC), Ethereum (ETH), Tether (USDT), GameStop (GME), Kadena (KDA) and Chainlink (LINK) and named altcoins.
Gamestop is the leader in trending cryptocurrencies in the last 24 hours, followed by Bitcoin, Tether, KDA, LINK and ETH.
The cryptocurrencies that have attracted the most attention in the crypto industry and the reasons are listed as follows: GME: GameStop (GME) stock is trending amid growing discussions focusing on potential short squeeze scenarios similar to past events.
Bitcoin: The word BTC is trending due to the growing discussions about capital rotation from gold to Bitcoin.
Discussions highlight a shift in investment from gold to Bitcoin. Bitcoin's bullish trend and potential for a price double are also being discussed.
Tether (USDT): Tether is trending due to discussions about USDT and Tether Gold (XAUT). Tether is also notable for reaching 500 million users.
Kadena: KDA is trending due to the announcement that Layer 1 blockchain project Kadena will cease all operations and go bankrupt.
This caused the KDA token to lose approximately 60% of its value in a short period of time, resulting in significant losses for its holders.
Chainlink: LINK is in the spotlight with its participation at the Federal Reserve Payment Innovation Conference, where its executives discussed integrating traditional finance with DeFi, stablecoins, tokenization, and crypto payment innovations.
Considered a key player in the next-generation payment systems and crypto prediction markets, Chainlink is attracting interest from major financial and technology companies such as BlackRock, Coinbase, Google Cloud, and Circle.
Ethereum: ETH is trending due to extensive discussions about governance issues within the Ethereum Foundation and its relationship with projects like Polygon.
Key topics include discussions on Polygon's status as an Ethereum Layer-2 solution, comparisons of Ethereum's network efficiency to Bitcoin, and mentions of influential figures like Vitalik Buterin and Sandeep Nailwal.
Institutional investor interest, price movements, ETF outflows, large ETH transfers by the Ethereum Foundation, and Ethereum's role in multi-chain bridges and lending platforms are also contributing to ETH's trend.
*This is not investment advice.
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Coin PricesCrypto chop continues, Gold drops, DraftKings buys prediction market
Crypto chop continues, tariff headlines dominate. ZEC breaks $300 before falling, leads altcoins. Waller signs Fed’s shift towards embracing crypto. ETH Foundation moves $654m ETH. BlackRock trying to pull in BTC whales to its ETFs. HK approves first SOL ETF. SOL ends support for Saga mobile phone. Galaxy profit jumps 1500% in record quarter. Bealls now accepting crypto payments. Aave outstanding loans hit $25b, to integrate Maple. Groups urge Trump to defend CFPB’s banking rule. Asian exchanges intensify scrutiny of DATs. Kadena winds down ops, KDA drops 60%.
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The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Happy Wednesday! Bitcoin's fall below $100,000 by this weekend "seems inevitable," at least according to Standard Chartered’s Geoffrey Kendrick.
In today's newsletter, crypto prime broker FalconX will acquire 21Shares, MegaETH announced a public MEGA token sale at a $1 million fully diluted valuation, the SEC and CFTC are pushing to get crypto initiatives done before the end of the year, and more.
Meanwhile, institution-focused Layer 1 Kadena is winding down operations.
Let's get started!
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Prime broker FalconX to buy 21Shares amid crypto M&A spree: report FalconX, a U.S.-based institutional crypto prime broker, has agreed to acquire 21Shares, one of the largest managers of exchange-traded products for digital assets, The Wall Street Journal reported on Wednesday. 21Shares is known for its broad suite of ETPs and single-asset products, including over $11 billion in assets across bitcoin and ether ETPs and other token-specific and basket offerings in Europe, the U.S., and other jurisdictions. FalconX’s acquisition comes on the heels of the firm's push into institutional derivatives last month, beginning with its 24/7 over-the-counter options platform supporting Bitcoin, Ethereum, Solana, and other tokens. The combined company will focus on derivatives and structured crypto funds, leveraging 21Shares’ distribution and ETP expertise with FalconX’s trading and prime-brokerage infrastructure. MegaETH to offer 5% of its total MEGA supply in English auction at baseline $1 million fully diluted valuation Ethereum scaling solution MegaETH plans to sell 5% of its total token supply in a three-day English auction beginning Oct. 27 using the crypto crowdfunding platform Sonar, which was recently acquired by Coinbase. The project will unlock 500 million tokens for the public sale, initially priced at $0.0001 and gradually scaling to $0.0999 per token as demand increases. Additionally, MegaLabs is instituting a "bimodal allocation" model that ensures core MegaETH supporters will receive tokens if the sale is oversubscribed. Buyers, limited to verified accredited U.S. persons and verified non-U.S. persons, can choose to lock up their allocations for one year to receive a 10% discount, according to an FAQ. Kadena winds down operations, KDA token drops 60% The organization behind the Kadena blockchain is winding down, effective immediately, as it is "no longer able to continue business operations" due to market conditions, the team announced Tuesday. "We are tremendously grateful to everybody who has participated in this journey with us. We regret that because of market conditions, we are unable to continue to promote and support the adoption of this unique decentralized offering," the Kadena team said on X. Kadena’s native KDA token dropped over 59% immediately following the announcement and is currently trading at $0.068, down significantly from an all-time high above $27 in late 2021. The blockchain was created in 2019 by two U.S. Securities and Exchange Commission and JPMorgan alums, Stuart Popejoy and William Martino, with the aim of attracting institutional interest. SEC, CFTC target end-of-year milestones for crypto oversight amid government shutdown The Commodity Futures Trading Commission and Securities and Exchange Commission are pushing to complete their end-of-year crypto goals, particularly priorities set out in a report released by the White House over the summer. These priorities include SEC-enforced safe-harbors for crypto and the establishment of "fit-for-purpose" registration exemptions for securities distributions, while granting the CFTC the authority to "regulate spot markets in non-security digital assets." Additionally, CFTC Acting Chair Pham said the agency is prioritizing crypto trading and "tokenized collateral" by the end of 2025. The move comes as lawmakers in Washington D.C., work to draft and advance market structure legislation that would write rules for crypto at large, including designations for what parts of the industry will fall under CFTC or SEC remit. 'Total land rush': Bitcoin, Solana lead the way with over 150 crypto ETF filings awaiting review There are 155 cryptocurrency-based exchange-traded product filings awaiting SEC review, according to Bloomberg.
As of Oct. 20, this includes 23 products tracking Bitcoin and Solana, 20 tracking XRP, and 16 tracking Ethereum. Although the U.S. government shutdown that began on Oct. 1 has slowed the SEC's review process, experts are optimistic that approval is imminent. Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
The Kadena organization said that it is no longer able to continue business operations and will be “ceasing all business activity” as well as any active maintenance of the Kadena blockchain with immediate effect.
The Kadena organization said they are winding down operations because of market conditions and are unable to continue to promote and support the adoption of this “decentralized offering.”
The organization also mentioned that they have notified staff that they will be ceasing operations. They will be retaining a small team for managing this period of transition and wind-down process.
As clarified in the update, the Kadena blockchain is “not owned or operated by the company.”
As a so-called “decentralized” proof-of-work smart-contract blockchain, the network is said to be “operated by independent miners, while on-chain smart contracts and protocols are governed independently by their maintainers.”
To ensure operational continuity, they will offer a new binary that will aim to enable “uninterrupted operation without their involvement, and will be encouraging all node operators to upgrade as soon as possible.”
As for the KDA token and protocol, it will also “continue in their absence.”
As noted in their latest token economic update, more than 566 million KDA remain to be distributed “as mining rewards, continuing until 2139, while the platform emission has 83.7 million KDA coming out of lockup until November 2029.”
They are now ready to engage with the Kadena community to discuss how they can aid the ongoing transition to “community governance and maintenance.”
Kadena, the first blockchain tech-focused firm to come out of J.P. Morgan’s Blockchain Center for Excellence, had reported in August 2020 that they had performed major updates to their scalable layer-1 public blockchain network.
Kadena’s developers claimed that they had one of the fastest blockchain platforms in the world claiming to be able to process 480,000 transactions per second.
In an interview with CI back in August of 2020, Kadena Co-Founder and President Stuart Popejoy, had explained in detail how the Kadena platform has been developed to support various decentralized applications (dApps) including the DeFi apps.
It’s worth noting that projects like Kadena may have experienced challenges due to increasing competition from many other initiatives that aim to serve similar markets and use-cases. It requires considerable resources to support a blockchain-based ecosystem and may not be sustainable like the case seems to be with Kadena. As the crypto ecosystem matures, there could be many other projects announcing their intentions to close down operations. There will most likely also be many mergers, acquisitions, and other ways the industry could become more consolidate moving forward.
Bunni shuts down after losing $8.4M in a September hack, unable to cover recovery costs. The platform was exploited via Ethereum and Unichain vulnerabilities; the site closed immediately. Decentralized exchange Bunni has declared the shutdown of operations following a security breach of $8.4 million in September. The platform is the second significant cryptocurrency project to go out of business this week, following layer-1 blockchain Kadena.
The team disclosed that it had inadequate finances to proceed with development and re-establish the security of the platform after the disastrous exploit. The six or seven figures in auditing and monitoring costs alone would be needed to recover, and the protocol just cannot afford that anymore.
Financial Strain Forces Difficult Decision Bunni had grown at a very fast pace prior to the security incident, and the total value locked increased by almost $80 million between June and August. But on September 2, malicious actors took advantage of vulnerabilities in the codebase of the protocol to attack both the Ethereum and Unichain networks at the same time.
The site shut down instantly after the hack and has been collaborating with law enforcement to reclaim stolen money. Nevertheless, the financial losses were too difficult to overcome due to the capital needs to secure relaunch and the development process.
Bunni was constructed on the Uniswap v4 infrastructure and focused on maximizing returns to liquidity providers using novel Liquidity Distribution Functions. Surge fees and autonomous rebalancing mechanisms were also included in the protocol, which made it stand out among competitors in the industry.
Bunni relicensed its v2 smart contracts under the Business Source License to the MIT license in a move that was celebrated by the cryptocurrency community. This shift to open-source enables any developer to use the technological innovations of the platform without limitations and licensing costs.
The site allows users to withdraw their assets until further notice, and no money will be stuck. The rest of the treasury assets will be shared between BUNNI, LIT, and veBUNNI token holders upon receiving the required legal approvals.
The founding team ensured that members would not get any money out of the remaining treasury, but rather, they would be compensated with tokens. The shutdown of Bunni comes after Kadena announced its closure on Tuesday, and its native KDA token has since fallen 70% to trade at only $0.06.
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Shubham Sahu is a crypto journalist and writer with extensive experience covering blockchain technology, digital currencies, and AI. With over seven years in financial markets, Shubham began his journey in traditional trading before uncovering his passion for the crypto verse. After making his first crypto investment in 2021, Shubham combines practical market experience with deep technical knowledge to provide insightful analysis and commentary.
This week, the cryptocurrency community was rocked after Kadena’s sudden shutdown announcement sent the KDA price crashing by over 60% in a few hours. The massive price collapse triggered an enormous sell-off as investors scrambled to understand the abrupt closure of the once-promising blockchain project. Soon after, a shocking exposé from analysts revealed that the problems ran far deeper than market conditions, hinting at serious internal misconduct and mismanagement.
Kadena Scandal Exposed After KDA Price Crash A day after the KDA price crash on Tuesday, crypto analyst Lovrin revealed on X social media that several Kadena employees were allegedly caught shorting the token with leverage just before shutdown announcements, securing tens of millions of dollars in profits. The reports indicate that crypto exchanges purportedly facilitated these trades, painting a picture of coordinated internal manipulation.
Related Reading: Most Coordinated Attack In Crypto History? What Led To $19 Billion In Losses As Bitcoin Price Crashed
Adding fuel to the scandal, a viral X post from crypto market commentator @Katexbt exposed additional allegations against the Kadena leadership. The post claimed that the Kadena founders, Stuart Popejoy and Will Martino, were allegedly sued by family members over a personal loan used to fund Kadena, raising questions about its financial transparency from the outset.
Katexbt asserted that the blockchain was effectively non-functional, claiming a throughput of 480,000 transactions per second, yet it lacked real users or wallets. Partnerships and institutional involvement that were publicly promoted were reportedly exaggerated or fabricated, adding further doubts about the legitimacy of the Kadena project.
Source: Chart from Lovrin on X The team also allegedly hired a KOL agency, prioritizing selling tokens for real money over paying the marketing firm for its services. Additional allegations point to complex ties between Kadena’s leadership and affiliated companies, including the Kaddex domain, which was said to have been registered under Popejoy’s Kadena Eco’s family golf club in Italy.
Katexbt claimed that the blockchain project was slapped with a lawsuit at some point, but it made little difference as the team hid behind a maze of LLCs. Even more shocking, the crypto commentator alleged that the Kadena team had worked with Francesco Melpignano, the former CEO of Kadena Eco, to extract large amounts of KDA, which were then sold near peak prices, netting an estimated $20 million to $80 million in profits. Following this, community members reportedly ousted Melpignano, though Katexbt alleges that the former CEO remains on a shell company’s payroll.
About The Kadena Shutdown On Tuesday, Kadena released a public statement confirming the cessation of all business operations. The team stressed that, despite the organization’s wind-down, the Kadena blockchain would continue to operate independently under a decentralized model.
Related Reading: $19 Billion Bitcoin And Crypto Wipeout: What Caused The XRP Price To Crash 50% In A Single Candle?
The announcement described the closure as a response to market volatility and unfavourable conditions, expressing gratitude to staff, partners, and the community. The Kadena team clarified that the blockchain itself was not owned or operated by the company, emphasizing that independent miners and maintainers would govern it in the future. They also noted that about 566 million KDA remain to be distributed as mining rewards through 2139, while 83.7 million tokens are scheduled to come out of lockup by November 2029.
Overall cryptocurrency market at $3.64 trillion | Source: TOTAL on Tradingview.com Featured image from Getty Images, chart from Tradingview.com
What went wrong inside Kadena — the Wall Street-engineered blockchain that tried to outsmart Bitcoin but collapsed under its own weight?
Summary
Kadena, once a multi-billion-dollar blockchain founded by ex-JPMorgan engineers, abruptly shut down operations citing unsustainable market conditions. The token (KDA) crashed over 75% within hours, triggering delistings across exchanges and panic among investors. Allegations surfaced of insider shorting and misconduct, though no evidence has been verified. The network continues to run under community control, but its future remains uncertain without leadership or funding. The day Kadena went dark The collapse of Kadena marks one of the most abrupt endings in recent crypto history. On Oct. 21, the team behind Kadena announced it would “cease all business activity and active maintenance immediately,” citing difficult market conditions and an inability to sustain operations.
KADENA PUBLIC ANNOUNCEMENT
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.
We are tremendously grateful to everybody who…
— Kadena (@kadena_io) October 21, 2025 The announcement triggered a rapid fall in Kadena’s (KDA) market value, as the token dropped from $0.225 to nearly $0.056 within hours, erasing over 75% of its price and leaving the project’s future uncertain.
Centralized exchanges soon began delisting KDA and suspending deposits, with several planning to remove trading pairs by Oct. 29.
Kadena was founded by former JPMorgan blockchain engineers Stuart Popejoy and Will Martino. Their goal was to create a scalable proof-of-work system that maintained Bitcoin-level security while supporting smart contracts.
The network was built on a framework known as Chainweb, where multiple chains run in parallel and share security to improve transaction throughput.
The design attracted early attention from institutional developers and retail investors. At its peak in 2021, the KDA token traded above $27.60, and the project reached a multi-billion-dollar market capitalization before collapsing 99.8% to around $0.06 as of Oct. 23.
The community reaction to the shutdown has been divided. Many users expressed disbelief, anger, and disappointment, with some calling the event an “exit” rather than a planned handover.
However, the Kadena blockchain itself will continue to operate. The team stated that “independent miners and community developers will keep the network live,” with a final node binary to be released for ongoing maintenance without the company’s involvement.
They also confirmed that over 566 million KDA remain to be distributed as mining rewards until 2139, while around 83.7 million tokens are set to unlock by November 2029.
That statement means the network will survive in structure but not necessarily in purpose. Kadena now functions as a proof-of-work chain without its founding company, leadership, or funding.
The vision that never scaled Kadena launched in early 2019 and went live on mainnet around 2020, presenting itself as a scalable proof-of-work blockchain capable of running smart contracts through its braided chain design.
The project aimed to solve the performance bottlenecks seen in early networks and establish itself among the leading layer-1 contenders of that era.
Despite its technical ambition, several weaknesses became evident over time. Kadena’s architecture offered strong theoretical throughput and security but failed to translate that into meaningful real-world adoption.
The network’s decentralized-finance protocols never gained the liquidity or user engagement required to create a self-sustaining ecosystem. According to DeFi Llama, the total value locked on Kadena peaked at around $11 million in August 2022 and fell to roughly $128,000 by October 2025.
Another issue was identity. Competing networks such as Ethereum (ETH) and Solana (SOL) succeeded in building strong developer communities, distinct application verticals, and clear network effects.
Kadena, in contrast, remained a general-purpose platform without a defined niche. Analysts often described it as “technical novelty without product-market fit,” a condition that limited long-term traction.
Meanwhile, the crypto environment evolved rapidly. Layer-2 networks, modular architectures, and rollups began dominating the scaling conversation, drawing investor and developer attention toward ecosystems offering better composability and liquidity.
There are now more than 100 rollups and over 200 sovereign chains in operation, yet most struggle to attract even 2,000 daily users. The space has become saturated with networks that see little real usage, and Kadena gradually lost both attention and capital as activity shifted elsewhere.
Token economics and governance further complicated matters. The project’s long emission schedule created ongoing supply pressure while demand weakened. Development and governance remained concentrated within the central organization rather than a decentralized community.
In an attempt to regain momentum, Kadena announced a $50 million grant program in May 2025 to fund Chainweb EVM and tokenization projects. It also launched several protocol updates, including versions 2.27, 2.28, and 2.29 between February and May 2025.
These efforts, however, failed to change the on-chain reality. Developer activity stayed minimal, user participation low, and liquidity almost nonexistent, leaving the network exposed to the eventual market shock that followed.
Allegations cloud Kadena’s final days The collapse of Kadena has triggered a growing wave of speculation and allegations from within the crypto community. Several traders and self-proclaimed whistleblowers claim that certain members of the Kadena organization may have profited from the project’s downfall.
One widely shared post alleged that “Kadena employees [were] caught red-handed shorting their own token $KDA with leverage right before major announcements,” claiming profits “in the tens of millions” across multiple exchanges. These claims, however, remain unverified.
Speculation about insider behavior intensified after trading data appeared to align with major market movements earlier in October. Around Oct. 10, the broader crypto market fell sharply following President Trump’s new tariff announcements, which triggered a sell-off across risk assets.
Bitcoin (BTC) declined by nearly 12% in two days, while several altcoins lost more than 50%. Kadena’s token dropped from roughly $0.38 to $0.08, ranking among the steepest losses in mid-cap projects.
According to one analyst, “they get liquidated for everything … for almost two weeks they pretend all is okay, meanwhile they open huge leverage shorts … post about ceasing operations … make it all back.”
> Kadena organisation leverages their $KDA
> Oct 10th they get liquidated for everything
> For almost 2 weeks they pretend all is okay
> Meanwhile they open huge leverage shorts
> Post about ceasing operations
> Nuke chart to zero
> Make it all back
> justbusiness.exe https://t.co/lOTYsfZBRa pic.twitter.com/iHwIYW7sYh
— フ ォ リ ス (@follis_) October 22, 2025 The situation has already prompted threats of legal action. A post from Kaddex, one of Kadena’s main ecosystem projects, announced plans to organize a class-action lawsuit against Kadena’s directors, accusing them of “irresponsible behavior” and market misconduct.
If you are interested in joining our class action against Kadnea, please comment below. We'll be reaching out individually to everyone who lost money due to the token decline and Kadena's directors' irresponsible behavior.
— Kaddex (@Kaddex_Official) October 21, 2025 Outrage, grief, and a flicker of hope The aftermath of Kadena’s shutdown has unfolded as a mix of outrage and reflection. Across social platforms, long-time holders have expressed deep frustration and anger.
One user wrote, “I was holding this piece of s**t project for years, only for them to dump on everyone. These guys should be thrown in jail.”
Another commented, “A part of me just died tonight. After all these years $Kadena was just a scam like any other rugpull s**tcoin.”
“You totally rug pulled everyone who invested in you and then wouldn’t even turn on comments for the announcement. Classic,” another frustrated user added.
Amid the anger, some industry figures have called for calm and continuity. Daniel Keller, co-founder of the Flux project and one of Kadena’s earliest ecosystem partners, issued a public statement reaffirming his team’s commitment to the network.
He stated that Flux would continue supporting the “Kadena ecosystem and its community,” providing “wallet and technical guidance” while helping shape “a fully community-driven project.”
Announcement from the Flux Team
The Flux team would like to reaffirm our continued support for the Kadena ecosystem and its community. Including but not limited to, wallets (Ecko and Zelcore) and technical guidance. As the Kadena Foundation takes shape, we are committed to… pic.twitter.com/gn070lMIwt
— Daniel Keller (@dak_flux) October 22, 2025 Keller added that Flux remains guided by “decentralization, transparency, and collaboration,” and would assist in establishing the Kadena Foundation to sustain the network’s operations.
Whether this show of support will lead to an actual revival remains unclear. If the remaining miners, developers, and holders can organize effectively, Kadena may endure as a community-led chain, similar to how Terra Classic survived after its collapse.
However, the economic damage, reputational loss, and lack of institutional backing make such a recovery highly uncertain.
Kadena (KDA) has made a remarkable closure in the history of cryptocurrencies as a project that set out with the goal of “enterprise-level blockchain infrastructure” but halted all its activities with a sudden decision by its team.
Founded in 2016 by Stuart Popejoy and Will Martino, engineers who left JPMorgan, Kadena aimed to create a scalable and secure proof-of-work chain that traditional finance had failed to achieve. Dubbed “Chainweb,” the structure promised a capacity of 480,000 transactions per second through parallel mesh chains, while its smart contract language, called “Pact,” stood out for its secure and error-free transaction design.
The project gained significant momentum, particularly in 2021. The KDA token reached $27.64, surpassing a $3 billion market capitalization, and some analysts dubbed it the “Solana killer.” However, its success story was short-lived.
The bearish market sentiment that dominated the market in 2022, the rise of proof-of-stake networks, and disagreements with Kadena's decentralized exchange partner, Kaddex, completely sapped the project's momentum. Kadena launched a $100 million grant program that same year to revitalize its ecosystem and announced a new $50 million fund in mid-2025. Despite this, the majority of the announced grant commitments remained unused, with CurveBlock being the only publicly announced recipient.
October 2025 marked the project's de facto end. On October 10th, during the historic market crash triggered by Donald Trump's announcement of 100% tariffs on China, the KDA price lost 40% of its value in a single day, falling to $0.22. Four days later, Kadena's largest ecosystem partner, Kaddex, claimed that Kadena had blocked node access and announced that it would be shutting down all its services and migrating to Ethereum. Just a week after the crisis, on October 21st, Kadena announced on its official account that it was ceasing all operations immediately, citing “unfavorable market conditions.”
Following the announcement, the KDA token lost more than 60% of its value in two hours, falling below $0.09, wiping out $268 million in market capitalization and instantly increasing trading volume by over 1,200%. The community initially believed the account had been compromised, but the Kadena team confirmed the shutdown via Discord. The statement stated that the blockchain “does not belong” to the company and that “a transition to community management will be considered.”
Immediately after the shutdown, Kaddex accused Kadena employees of leveraging short positions on exchanges and issued statements saying they were “glad to contribute to Kadena’s collapse.” No concrete evidence has been provided for these allegations, and Kadena has not responded. Some community members have suggested that the project may have been operating on insider information leading up to its bankruptcy, but on-chain data has not confirmed this.
Experts attribute Kadena's collapse to poor financial planning and miscommunication rather than malice. The company's budget, bloated with grant commitments, became unsustainable as the token's value eroded. Management allegedly knew the funds would run out months before the closure, yet continued to promote “job growth” and “ecosystem growth.” This suggests the project was driven by a “reputation protection” reflex rather than a “community priority.”
Despite this, Kadena's technological foundation remains functional. The Chainweb network continues to produce blocks, and the 566 million KDA emission plan, which runs until 2139, is technically active. However, without leadership, community, and financial support, the structure has effectively become an empty shell. In the words of one community member, “Kadena isn't dead; it's abandoned.”
Ultimately, Kadena started with the confidence of its Wall Street background, but ended up with the bureaucracy, infighting, and miscommunication that came with that same corporate mindset.
*This is not investment advice.
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The investment strengthens FurGPT's cross-chain infrastructure and expands the utility of its AI companion ecosystem through Kadena's scalable blockchain framework.
Singapore, Singapore--(Newsfile Corp. - October 28, 2025) - FurGPT (FGPT), a decentralized AI companion platform pioneering lifelike emotional intelligence in digital interactions, announced its plan to invest $25 million in Kadena (KDA). The initiative includes adopting Kadena's Chainweb EVM, enhancing FurGPT's ability to deliver faster, more efficient, and interoperable AI-driven interactions across chains.
Building a smarter decentralized future through adaptive AI and strategic blockchain innovation.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8833/272179_7eac0fd7040b3867_001full.jpg
The partnership marks a strategic step in FurGPT's expansion roadmap, positioning the platform to leverage Kadena's scalable proof-of-work design and energy-efficient infrastructure. By integrating Chainweb's parallelized multi-chain architecture, FurGPT aims to increase transaction speed, reduce latency, and expand the accessibility of its decentralized emotional AI network.
"Our investment in Kadena represents a commitment to sustainable scalability," said J. King Kasr, Chief Scientist at KaJ Labs. "FurGPT is not just building AI companions—it's constructing a foundation where emotional intelligence, decentralization, and efficiency converge for meaningful global adoption."
FurGPT's growing multi-chain strategy has already extended across Ethereum, Solana, and BNB Chain. The integration with Kadena enhances this vision by bringing stronger throughput, native smart contract support, and improved developer tooling to the FGPT ecosystem. The collaboration also enables FurGPT to explore hybrid applications that blend decentralized AI and scalable computation, creating new pathways for adaptive, emotion-aware user experiences in Web3 environments.
About FurGPT
FurGPT merges adaptive artificial intelligence with blockchain transparency to create emotionally aware, lifelike digital companions. Through behavioral learning, multimodal interaction, and decentralized governance, FurGPT empowers users to engage in more meaningful and personalized AI experiences across multiple chains.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/272179
Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.
FurGPT allocates $25 million toward Kadena's Chainweb EVM to enhance scalability and strengthen its multichain emotional AI ecosystem.
Singapore, Singapore--(Newsfile Corp. - November 5, 2025) - FurGPT (FGPT), the AI companion platform combining behavioral intelligence with blockchain technology, has announced a $25 million investment in Kadena's Chainweb EVM, a move designed to bolster the project's AI infrastructure and expand cross-chain efficiency. The strategic investment aligns with FurGPT's goal to build a scalable, secure, and interoperable foundation for decentralized AI innovation.
Building scalable emotional AI infrastructure through innovation and multichain collaboration.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/8833/273253_a9e9bdfcc45e98a1_001full.jpg
Kadena's parallel proof-of-work framework will allow FurGPT to reduce transaction friction, enhance network throughput, and support smarter data interaction between its AI companions and users across multiple chains. The integration of Chainweb EVM also creates new avenues for adaptive learning models and real-time processing within the FurGPT ecosystem.
"Our investment in Kadena is an investment in the future of decentralized intelligence," said J. King Kasr, Chief Scientist at KaJ Labs. "FurGPT is committed to building infrastructure that can think, learn, and connect at the speed of human emotion while maintaining transparency and security."
This initiative follows FurGPT's recent exchange listings and ecosystem expansion, further establishing its position as a pioneer in emotionally aware AI technology for Web3.
About FurGPT
FurGPT merges adaptive artificial intelligence with blockchain transparency to create emotionally aware, lifelike digital companions. Through behavioral learning, multimodal interaction, and decentralized governance, FurGPT empowers users to engage in meaningful and personalized AI experiences across multiple chains.
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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/273253
Markets Insider and Business Insider Editorial Teams were not involved in the creation of this post.
When the classic rock band Kansas wrote the song ‘Dust in the Wind’ in 1977, little did they know it would also reflect the reality of the cryptocurrency market. Top cryptocurrencies that dominated the news cycles just three years ago, like Kadena (KDC) and Litentry (LIT), are all irrelevant now. To sum it up, like Kansas, they’re “all just dust in the wind.”
For instance, Kadena coin had spiked a whopping 10,000% in 2021 and was roaring to soar more. Watcher Guru had covered Kadena coin’s humongous rise back then as KDC remained the talk of the town. An investment of $1,000 had turned into $101,000 in a year, making it the most sought-after cryptocurrency in the market.
Also Read: Will Shiba Inu’s $2 to $17 Million Story Come Again?
Cryptocurrencies Like Kadena and Litentry Are ‘Dust in the Wind’Source: Kadena / XOn the other hand, Litenrty, which also experienced dramatic price runs, is now obscure and unknown. It also rebranded itself as Heima (HEI) and migrated to a new blockchain. Investments made in these two cryptocurrencies back in 2021 and 2022 are now worth nothing. This highlights the risky affairs of the cryptocurrency market, who view ‘long term’ as a key to making wealth.
The phrase ‘long-term’ in the cryptocurrency sector carries a lot of risk as projects can collapse and go bankrupt at any given point. Not all that glitters is gold, and Kadena coin and Litentry are the prime examples.
Also Read: Cardano’s Hoskinson Says Retail Will Return in 2026, Led by Privacy Coins
To make things worse, the real-time data from Coingecko shows that Litentry coin’s 24-hour trading volume is just $4,500. It once carried heavy weightage on its shoulders with a robust trading volume. The cryptocurrency is now deserted with literally no trading activity.
Kadena announced that it is ceasing business operations, with the KDA token and blockchain continuing under community governance. Litentry, on the other hand, has moved to a new blockchain and is still under the worst performance.
PANews reported on October 29 that, according to an official announcement, Binance has decided to cease trading and delist the following cryptocurrencies at 11:00 AM (UTC+8) on November 12, 2025: Flamingo (FLM), Kadena (KDA), and Perpetual Protocol (PERP).
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Binance, the world's largest cryptocurrency exchange, started the day with altcoin delisting news.
At this point, Binance announced that it has delisted the altcoins Flamingo (FLM), Kadena (KDA) and Perpetual Protocol (PERP).
“At Binance, we periodically review every digital asset we list to ensure it continues to meet high standards and industry requirements.
When a coin or token no longer meets these standards or industry conditions change, we potentially remove it from the exchange.
Based on our latest reviews, we have decided to delist all spot trading pairs for the following altcoins and halt trading as of 12/11/2025 03:00 UTC:
Flamingo (FLM), Kadena (KDA) and Perpetual Protocol (PERP)
Spot trading pairs of the aforementioned altcoins will be removed. All trading orders will be automatically removed once trading on each trading pair is completed.
Withdrawals of these altcoins from Binance will not be supported after 2025-01-12 03:00 (UTC).
Delisted altcoins can be converted into stablecoins on behalf of users after 03:00 UTC on 13.01.2026.
Following the news, there was a pump in the FLM price, while there were significant decreases in KDA and PERP prices.
*This is not investment advice.
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