The Cardinal cryptocurrency project team announced a “smooth” shutdown and shutdown of protocols.
Hey Everyone, we have some unfortunate news to share 🙁
After a lot of reflection, we decided to begin the process of winding down our protocols. Let’s dive into it 🧵 ⬇️
— Cardinal (@cardinal_labs) June 28, 2023
“We have done our best to navigate this incredibly challenging macroeconomic environment since we started operations 18 months ago. But, like for many others, it was not easy, ”the company said.
According to management, the project failed to attract enough users to the product and was “stuck in the context of the crypto-maximalist community”.
Cardinal is curated by Solana Ventures and Protagonist, with the participation of Animoca Brands. The service offered non-fungible token leasing, staking and custody services, and other NFT-related features. In July 2022, the project closed the seed investment round for $4.4 million.
The developers promised to leave the protocol code in the public domain. Right now, Cardinal’s main goal is a gradual shutdown without harming the Solana ecosystem.
Recall that in June, the crypto payment company Wyre announced the closure after ten years of operation, citing difficult bear market conditions.
In the same month, investment bank Cowen announced that it was winding down its crypto division a year after its launch.
Banq, the payment subsidiary of crypto custodian Prime Trust, has filed for bankruptcy. The firm reported ~$17.7 million in assets with a total liability of ~$5.45 million.
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