Solana’s Cardinal Protocol Ceases Operations
Solana’s Cardinal protocol, known for introducing “conditional ownership” in non-fungible tokens (NFTs), has announced that it will be ceasing its operations due to poor economic conditions. The protocol had successfully secured $4.4 million in funding to enhance the utility of NFTs on the Solana network.
- The seed funding was co-led by Protagonist and Solana Ventures, with participation from Animoca Brands, Delphi Digital, CMS Holdings, and Alameda Research.
- Cardinal Labs, as an infrastructure provider, played a crucial role in fostering the growth of NFTs on Solana by offering diverse protocols and software development kits (SDKs).
- The team acknowledged the challenges faced in achieving product-market fit and expressed their inclination to explore alternatives.
The team has issued an advisory for users to manually withdraw their assets from the platform within a two-month notice period. By July 19, the protocol will cease accepting new deposits and halt staking activities. Users can only initiate withdrawals during this period. If assets are not withdrawn by August 26, Cardinal will forcibly withdraw the remaining assets to the depositors’ address.
Hot Take: Solana’s Cardinal Protocol Calls It Quits Due to Economic Challenges
Solana’s Cardinal protocol, despite securing significant funding and achieving milestones, has decided to cease its operations. The team cites poor economic conditions as the reason behind this decision. It is unfortunate to see a project that aimed to enhance the utility of NFTs on the Solana network come to an end. However, the team’s willingness to explore alternatives shows their continued commitment to finding innovative solutions in the blockchain space.
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