Solana’s Cardinal Protocol to Be Discontinued Due to Economic Conditions It comes nearly a year after raising $4.4 million to improve the nonfungible token (NFT) utility, according to an announcement on Twitter. Withdrawals should be made by Aug. 26.
Cardinal Labs is an infrastructure provider to support NFT use cases on the Solana network, offering protocols and software development kits (SDKs) for staking, renting, subscriptions, royalties, and trading.
Hey Everyone, we have some unfortunate news to share
After a lot of reflection, we’ve decided to begin the process of winding down our protocols. Let’s dive into it
— Cardinal (@cardinal_labs) June 28, 2023
according to the closing schedule Part of the operation will cease on July 19th, including creation of a stake pool, token management, NFT rentals, social media management, and new deposits. Withdrawals must be completed by August 26th.
“We have done our best to navigate this incredibly difficult macroeconomic environment. Since we started building 18 months ago, but like many people, it’s been a challenge,” the Cardinal team said on Twitter.
In July 2022 Cardinal able to raise funds $4.4 million in first funding round It is led by crypto venture capital firms Protagonist and Solana Ventures, along with Animoca Brands, Delphi Digital, CMS Holdings and Alameda Research, the now-bankrupt subsidiary of FTX. According to a Cardinal spokesperson, Alameda’s investment is a “small part of the round” that has not contributed to the protocol’s financial woes.
Another $750,000 has been raised by Neo Ventures in pre-seed funding in 2021. In total, Cardinal has raised $5.2 million in 18-month funding, with over 65,000 NFTs in the protocol as of July 2022.
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