The Kadena team announced the dissolution of "KDA big dump 60%", why has the compliance PoW created by Wall Street reached its end?

The Kadena team announced its dissolution and suspension, and KDA plummeted by 60%, revealing the problems of decentralization and PoW chain operation (Synopsis: Monero decentralized crisis? Qubic wants to grab Monero's “51% computing power”, analyst: ring the alarm for all PoW) (Background supplement: The SEC declares that “PoW mining does not constitute securities”, miners do not need to register, welcome a major regulatory victory) Kadena, a PoW Layer 1 financial blockchain built by former JPMorgan Chase and SEC technology leaders since 2016, took a sharp turn on the evening of October 21, 2025 without warning. The operation team announced through Platform X that it would immediately cease business and no longer maintain nodes, citing “unfavorable market conditions”. Within three hours of the announcement, the native token KDA collapsed by 60% in 90 minutes, and its market capitalization shrank from its previous peak of nearly $4 billion to $30.9 million, visualizing the price curve like a cliff cut off. Wall Street halo defeated the bear market Kadena was founded in 2016, the founders Stuart Popejoy and Will Martino from the JPMorgan Chase Blockchain Center of Excellence and the SEC Cryptocurrency Steering Committee, the background once made the outside world think that funds, regulation and technology are all advantageous, Bitmain and several companies have even developed ASIC-exclusive models, and the overall planning tends to mature tokens such as Bitcoin. However, the years-long bear market and the funding crunch have made this chain combining PoW and multi-chain architecture unable to achieve the expected network effect. The two rounds of the $150 million eco-incentive program did not bring stable users, and the weakness of over-reliance on team promotion was gradually exposed. The announcement sets off a chain reaction In the announcement, the Kadena team admitted: “Market conditions no longer allow for continuation.” The platform also released a new version of the binary, calling on miners and node operators to upgrade themselves, claiming that the chain itself will still run due to decentralization. The team said it would leave a small number of people to handle the liquidation, but did not explain the whereabouts of the 83.7 million unlocked KDAs, nor did they explain how the miner rewards would be distributed in the next 100 years, leaving a huge governance vacuum. Two sides of decentralization From a technical point of view, the PoW blockchain can indeed continue to produce blocks when there is no official operating company; But for token prices, developer and community confidence, the sudden disappearance of the core organization is tantamount to taking away the backbone. Kadena could become a “zombie chain” in the future: the chain is still functioning, but the economy and community are decaying. The incident highlights the harsh reality of blockchain: decentralization is insufficient, and risks are concentrated in a single team; Decentralization is excessive, and there is a lack of coordinators to deal with urgent matters. Kadena is wary that the world project can not only look at the white paper and the founder resume, in fact, the active address on the chain, developer contributions and governance participation are also the residence, with the change of the times, small PoW chains will face more pressure in financing and operation, most of the market has already turned to PoS. Kadena has only spent nine years from star to end, and the token price is still flickering on the chain, but the story behind it has become an empty city, and how to open source the chain that lost its core team to the community in the future, so that they have room for sustainable development, or go directly to death to zero, has become an unsolved mystery. Related reports Bitcoin miners' “valuation logic shift”: the benefits of powering AI are much greater than mining bitcoin With the arrival of the Bitcoin retirement era, why will hundreds of millions of people hold BTC to enjoy their lives? Review》Attention Arbitrage: MemeCoins Are the Most Honest Narrative in the Crypto Market 〈Kadena team announced the dissolution of “KDA plunged 60%”, why did the compliant PoW created by Wall Street come to an end? This article was first published in BlockTempo's “Dynamic Trend - The Most Influential Blockchain News Media”.