Solana-based Project Cardinal Shuts Down

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The Cardinal crypto project team has announced a “smooth” shutdown of protocols as they were unable to attract the needed number of users and have been struggling to cope with the challenging macroeconomic environment since their operations 18 months ago.

Not only Cardinal, but payment company Wyre, investment bank Cowen and Prime Trust’s payment subsidiary Banq have declared closure, bankruptcy, or winding down due to difficult bear market conditions.

Cardinal’s team has promised to leave the protocol code in public domain and their current aim is a gradual shutdown without harming the Solana ecosystem.

The project was backed by Solana Ventures and Protagonist, with the participation of Animoca Brands, raising 4.4 million dollars in their seed investment round back in July 2022.