Kadena (KDA), a blockchain project established by former JPMorgan engineers, has ceased operations due to financial difficulties and market collapse. The project, which once boasted a $3 billion market cap in 2021, struggled with market downturns, competition from proof-of-stake networks, and internal disputes. In October 2025, KDA's price plummeted 40% in a single day, exacerbated by its largest partner, Kaddex, migrating to Ethereum. Following these events, Kadena confirmed its shutdown, citing 'unfavorable market conditions.' The token's value dropped over 60% in two hours, erasing $268 million in market cap. The team indicated that the blockchain 'does not belong' to the company, suggesting a shift to community management. Experts blame the collapse on inadequate financial planning and miscommunication.