Solana Blockchain-based Project Cardinal Ends Operations
- Solana blockchain-based project, Cardinal, has shut down its operations.
- Cardinal has issued a two-month notice, and withdrawals will remain active until August 26.
- The code of the project will remain open source and accessible to all.
- Cardinal raised $4.4 million from the likes of Alameda Research and Animoca Brands.
Cardinal Protocol, a non-fungible token (NFT) project based on the Solana blockchain, has announced that it will be ending its operations due to the prevailing bear market in the crypto space, which has resulted in stagnancy in the price action of digital assets, including NFTs. It is important to note that the project recently raised millions to expand operations.
As per the official Twitter post from the Solana blockchain-based project, part of the operations will be halted on July 19, including staking pool creations, token management, NFT rentals and rental extensions, social media handles, and new deposits. On the other hand, users have been asked to withdraw their digital assets and funds by August 26, when the notice period of two months ends.
“We have not made this decision lightly, and we are extraordinarily grateful for the experiences we’ve had while building for a web3 future on Solana and all of the incredible people we’ve worked with along the way,” said Cardinal.
The Solana blockchain-based project said that “product market fit continues to be difficult to find,” while adding that some of the members of the Cardinal team have been “itching to explore other pursuits.” It was also revealed that all the digital assets remain safe and will be returned to their owners whenever they want.
It is crucial to note that Cardinal provides infrastructure, protocols, and SDKs to power NFT use cases on Solana, including royalties, rentals, subscriptions, lending, and trading. The firm raised close to $4.4 million in July 2022, and almost a year later, it is winding down operations. The participants in the funding round include crypto venture firm Protagonist and Solana Ventures, along with Animoca Brands, Delphi Digital, CMS Holdings, and Alameda Research.
“Though in the end our deployments will no longer be live, our code is and always will be fully open source and accessible to all. That has been a core principle of ours from the beginning, and we believe in it today as much as ever,” said Cardinal via Twitter.
The Solana-based project pointed out that it had hoped that the entire crypto space would’ve “begun adopting blockchain tech at a larger scale, but that still feels a ways away.”
As reported earlier by BitcoinWisdom, Solana recently unveiled an open-source reference implementation for a ChatGPT plugin for direct interaction via the AI chatbot and also, debuted a new, cost-effective solution for on-chain storage that will reduce the cost of minting 1 million tokens to $110 from $250,000.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
