Cardinal Labs Shuts Shop

Crypto Daily
Crypto Daily

30 Jun 2023 12:53 PM

Solana’s Cardinal protocol just announced its decision to wind down operations and shut down, citing economic conditions....

  • Solana's Cardinal protocol, a utility provider for NFTs on the Solana network, has announced its decision to wind down operations and shut down.
  • The protocol was launched in early 2022 but has faced challenges in achieving product market fit and scaling up.
  • The team has set a two-month notice period, during which users are recommended to manually withdraw their assets from the protocol.
  • The code behind the protocol will remain open source and accessible even after the deployments are no longer live.
  • The team aims to carry out the wind down smoothly to minimize the impact on the Solana ecosystem.

The sentiment of the article is negative, as it discusses the decision of Cardinal protocol to wind down operations and shut down due to economic conditions and challenges in achieving product market fit.

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You May Ask

Why is Cardinal protocol winding down operations?What is the notice period for users to withdraw their assets?Will the code behind the protocol remain accessible after the shutdown?How does Cardinal's decision to shut down impact the Solana ecosystem?What were the challenges faced by Cardinal in achieving product market fit?

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