• Solana’s Cardinal Protocol is shutting down due to financial constraints.
• Withdrawals must be completed by August 26th, according to a Twitter notification.
• Seed investment for Cardinal totaled $4.4 million, headed by Protagonist and Solana Ventures.
Solana’s Cardinal Protocol To Shut Down
Solana’s Cardinal protocol is shutting its door owing to economic constraints. Withdrawals must be completed by August 26th, according to a Twitter notification. By providing protocols and SDKs for staking, renting, subscribing, royalties, and trading, Cardinal Labs was an infrastructure supplier committed to facilitating NFT use cases on Solana. According to the shutdown timetable, some services will cease to function on July 19th.
Seed investment for Cardinal totaled $4.4 million and was headed by Protagonist and Solana Ventures with participation from Animoca Brands, Delphi Digital, CMS Holdings, and the sister business of defunct cryptocurrency exchange FTX , Alameda Research. Pre-seed investment of $750 000 was secured from Neo Ventures in 2021. Over 65 000 NFTs were staked on the protocol as of July 2022 and Cardinal raised a total of $5.2 million over the course of 18 months.
Alameda’s Investment Negligible
Cardinal claims that Alameda’s investment was “a very small piece of the round” thus it did not add to the firm’s collapse.
NFT Market Development
The NFT market seems to be progressively developing despite the current difficulties with DappRadar releasing research stating that Q1 2023 was greatest quarter for the NFT market since Q2 2022 due to intense competition among NFT markets which helped keep overall performance good despite decline in trading volume throughout March .
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