Solana's Cardinal shuts down citing economic conditions

Cointelegraph
Cointelegraph

29 Jun 2023 3:59 PM

Solana's Cardinal protocol is winding down operations due to economic conditions, nearly a year after raising $4.4 million to improve NFT utility. ...

  • Solana's Cardinal protocol is winding down operations due to economic conditions, after raising $4.4 million to improve NFT utility.
  • Cardinal Labs provided infrastructure and protocols for NFT use cases on the Solana network.
  • Operations will be halted on July 19, including staking pool creations, token management, NFT rentals, and more.
  • Withdrawals must be completed by August 26.
  • Cardinal raised $4.4 million in a seed funding round in July 2022.
  • Despite challenges, the NFT market is slowly maturing.

The sentiment of the article is mostly negative, as it discusses the winding down of Cardinal protocol due to economic difficulties.

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You May Ask

Why is Cardinal protocol winding down its operations?What services did Cardinal Labs provide for NFT use cases on the Solana network?When should withdrawals from Cardinal protocol be completed?How much funding did Cardinal raise in total, and from which investors?How is the NFT market performing despite the challenges?

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