{"id":53436,"date":"2023-06-29T17:57:20","date_gmt":"2023-06-29T21:57:20","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=53436"},"modified":"2023-06-29T19:08:08","modified_gmt":"2023-06-29T23:08:08","slug":"solanas-cardinal-shuts-down-citing-economic-conditions","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/solanas-cardinal-shuts-down-citing-economic-conditions\/","title":{"rendered":"Solana’s Cardinal Shuts Down Citing Economic Conditions"},"content":{"rendered":"\n

Cardinal Protocol, a project built on the Solana blockchain that aimed to enhance the utility of non-fungible tokens<\/a> (NFTs), will cease its operations due to the current state of the economy. <\/p>\n\n\n\n

\"Solana's
Solana's Cardinal Shuts Down Citing Economic Conditions<\/figcaption><\/figure>\n\n\n\n

After securing $4.4 million in funding, the project announced on Twitter that users must complete their withdrawals by August 26, marking the beginning of the winding-down process.<\/p>\n\n\n\n

The team behind Cardinal Protocol acknowledged the challenges they faced in navigating the macroeconomic environment since their launch 18 months ago. <\/p>\n\n\n\n

Despite achieving some success with NFT-based solutions, they recognized that their reach remained limited to the crypto community. However, they emphasized their commitment to open-source technology\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> by ensuring that their code will remain accessible to everyone even after the project's operational phase concludes.<\/p>\n\n\n\n

Cardinal Protocol announced that it would initiate the mandatory withdrawal of all outstanding deposits at the end of the two-month notice period as part of the winding-down process. <\/p>\n\n\n\n

This withdrawal procedure will encompass various assets, including staked tokens, rewards from unallocated stake pools, wrapped in token managers, such as rentals and related items. <\/p>\n\n\n\n

The protocol aims to facilitate the return of these assets to their rightful owners. Cardinals initially gained notoriety as a facilitator of the NFT infrastructure protocol. <\/p>\n\n\n\n

They are experts in permitting conditional ownership of NFTs and provide features like royalty enforcement, rentals, subscriptions, and staking that all work to increase the usefulness of NFTs.<\/p>\n\n\n\n

Slow Progress In Blockchain Adoption<\/h2>\n\n\n\n

The project raised $4.4 million in a seed fundraising round led by Protagonist and Solana Ventures, with participation from investors like Animoca Brands, Delphi Digital, CMS Holdings, and Alameda Research<\/a> (the sister company of FTX cryptocurrency exchange). <\/p>\n\n\n\n

However, the recent skepticism surrounding the value of NFTs, exemplified by the Azuki ‘Elementals' launch, highlights the slow progress in widespread blockchain adoption across various industries.<\/p>\n\n\n\n

In conclusion, Cardinal Protocol reiterated that the anticipated adoption of blockchain technology<\/a> by sectors beyond the cryptocurrency industry has yet to materialize. <\/p>\n\n\n\n

This raises questions about the need for additional regulations to promote wider adoption and whether Cardinal Labs' initiatives will eventually expand into the intended sectors they aimed to influence.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cardinal Protocol, a project built on the Solana blockchain that aimed to enhance the utility of non-fungible tokens (NFTs), will cease its operations due to the current state of the economy. After securing $4.4 million in funding, the project announced on Twitter that users must complete their withdrawals by August 26, marking the beginning of […]<\/p>\n","protected":false},"author":43,"featured_media":53438,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[15083,275],"class_list":["post-53436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cardinal-protocol","tag-solana"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/06\/Picsart_23-06-29_22-01-10-736.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/43"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=53436"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/53436\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/53438"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=53436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=53436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=53436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}