Solana’s Cardinal protocol, an NFT utility provider, has announced its decision to wind down operations and shut down due to challenging macroeconomic conditions. The team has started a two-month “notice period” during which they recommend users manually withdraw their assets from the system. Despite some usage of the protocol’s offerings, the market did not scale up as expected. The code behind the protocol will remain open source and accessible, and users’ assets will be returned by the end of the process. The wind down schedule includes the suspension of certain activities on July 19 and the completion of all withdrawals by August 26. This shutdown follows a trend of Solana-related projects facing difficulties in the market.
– Solana’s Cardinal protocol is winding down operations and shutting down due to challenging macroeconomic conditions.
– Users are advised to manually withdraw their assets during the two-month “notice period.”
– The protocol’s offerings have not scaled up as expected.
– The code will remain open source and accessible, and users’ assets will be returned.
– Certain activities will be suspended on July 19, and all withdrawals must be completed by August 26.
– Solana-related projects have been facing similar difficulties in the market.
Hot Take: Solana’s Cardinal protocol’s decision to wind down operations reflects the challenges faced by projects in the crypto market. Despite initial funding and efforts to improve NFT utility, the protocol’s offerings did not gain significant traction. This highlights the need for blockchain tech adoption on a larger scale to support the growth of such projects. The shutdown of Solana-related projects also raises questions about the overall health and sustainability of the Solana ecosystem.
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