Solana’s Cardinal protocol is shutting down affairs on account of economic matters. The development is happening a year post clocking $4.4 million for non-fungible token (NFT) utility’s betterment, as stated by Cointelegraph.
According to Cointelegraph, a Twitter announcement stated that withdrawals should happen by August 26, 2023. Going by the closing schedule, a segment of the operations will be stopped on July 19, 2023. Reportedly, context of the operations will comprise staking pool creations, token management, NFT rentals and rental extensions, social media handles and new deposits.
“We’ve done our best to navigate this incredibly difficult macroeconomic environment since we began building 18 months ago, but like for many others, it has been challenging,” Cardinal’s team tweeted. Based on Cointelegraph’s data, Cardinal’s team also emphasised on how NFT-based products are “stuck in the context of the crypto maximalist community.”
Moreover, Cointelegraph noted that in July, 2022, Cardinal’s $4.4 million worth seed funding was co-led by crypto venture firm Protagonist and Solana Ventures, along with Animoca Brands, Delphi Digital, CMS Holdings and Alameda Research, sister company of FTX.
(With insights from Cointelegraph)