Fun

News Feed - 2023-06-30 12:06:46

Ana Paula Pereira8 hours agoSolana’s Cardinal shuts down, citing economic conditionsAccording to the protocol’s closing schedule, part of the operations will cease on July 19, while the withdrawal period ends on Aug. 26.3581 Total views1 Total sharesListen to article 0:00NewsJoin us on social networksSolana’s Cardinal protocol is winding down operations due to economic conditions, nearly a year after raising $4.4 million to improve nonfungible tokens (NFT) utility. According to an announcement on Twitter, withdrawals should be made by Aug. 26. 


Cardinal Labs was an infrastructure provider dedicated to supporting NFT use cases on the Solana network by offering protocols and software development kits (SDKs) for staking, rentals, 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


Based on the closing schedule, part of the operations will be halted on July 19, including staking pool creations, token management, NFT rentals and rental extensions, social media handles and new deposits. Withdrawals must be completed by Aug. 26, when the two-month notice period ends.


“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,” said the Cardinal’s team on Twitter, adding that while NFT-based products have seen some real traction, they remain “stuck in the context of the crypto maximalist community.”


In July 2022, Cardinal raised $4.4 million in a seed funding round co-led by crypto venture firm Protagonist and Solana Ventures, along with Animoca Brands, Delphi Digital, CMS Holdings and Alameda Research, the sister company of now bankrupted crypto exchange FTX. According to a spokesperson for Cardinal, Alameda’s investment was “a very small piece of the round,” not contributing to the protocol’s financial difficulties.


Another $750,000 was raised from Neo Ventures in pre-seed funding in 2021. In total, Cardinal secured $5.2 million in funding over the course of 18 months, with over 65,000 NFTs staked on the protocol as of July 2022.


Despite challenging times, the NFT market seems slowly maturing. According to a recent report from DappRadar, the NFT market had a good start to the year, with Q1 2023 being the best quarter since Q2 2022. Although March saw a decrease in trade volume, the overall performance remained strong due to intense competition among NFT marketplaces.


Magazine:4 out of 10 NFT sales are fake: Learn to spot the signs of wash trading# Business# Marketplace# Solana# NFTAdd reactionAdd reactionRelated NewsHow to use a crypto hardware walletHow security, education and regulation can mitigate rising crypto scamsOpen source: Buzzword or real security for crypto wallets?GameStop fires CEO Matt Furlong months after axing crypto pushNifty News: Queen, HSBC filings hint at NFTs, Yuga teases robot game and moreTokenized FTX claim is used as collateral for a loan

News Feed

Shiba Inu Price To $0.000045? Here Are The Major Support And Resistances To Watch Out For
Este artículo también está disponible en español. Technical analysis shows that Shiba Inu is currently at a critical juncturewhere it could either rebound to new multi-ye
Binance Smart Chain (BSC) Receives $1 Billion to Bring the Next 1 Billion Crypto Users
Binance Smart Chain (BSC) Receives $1 Billion to Bring the Next 1 Billion Crypto Users sponsored Binance, the world’s leading blockchain ecosystem and cryptocurrency platform
2 Gold-Backed Crypto Asset Market Caps Near $1 Billion, XAUT Jumps 19,000% in 23 Months
2 Gold-Backed Crypto Asset Market Caps Near $1 Billion, XAUT Jumps 19,000% in 23 Months While reserve-backed crypto assets and stablecoin market valuations increased a great deal d
Justin Sun Suffers Health Setback, Reschedules Lunch with Warren Buffett
Readers may recall that Justin Sun won a prized lunch date with investing legend Warren Buffett earlier this year, bidding a record $4.57 million at a charity auction.$TRX down 8% in minutes after Justin Sun cancels his
Kraken recovers $3 million from CertiK, ending bug bounty saga
Zoltan Vardai9 hours agoKraken recovers $3 million from CertiK, ending bug bounty sagaCertiK has returned the funds to the Kraken exchange, putting a happy end to the bug bounty-related saga.1714 Total views1 Total share
Tom Mitchelhill7 hours agoRobinhood to axe 7% of full-time staff in latest round of layoffs: ReportRoughly 150 full-time employees are being laid off, according to internal company messages.3704 Total viewsListen to arti
Blockchain Innovation Done the Polkadot Way According to Gavin Wood
Blockchain Innovation Done the Polkadot Way According to Gavin Wood In a recent Realvision interview, the developer Gavin Wood explains how Polkadot reimagines t
$2.5 Billion in NFT Sales This Week, Volume Climbs 161%, Meebits NFT Sales Surge
$2.5 Billion in NFT Sales This Week, Volume Climbs 161%, Meebits NFT Sales Surge During the last seven days, there’s been $2.53 billion non-fungible token (NFT) sales, up 16
Konami partners with Avalanche for Resella NFT platform launch
Ezra Reguerra4 hours agoKonami partners with Avalanche for Resella NFT platform launchKonami Digital Entertainment has teamed up with Avalanche to debut Resella, an intuitive NFT platform simplifying NFT creation, issuan
Biggest Movers: AVAX Hits 1-Month High, DOGE Maintains Bullish Momentum
Biggest Movers: AVAX Hits 1-Month High, DOGE Maintains Bullish Momentum Avalanche rallied to a four-week high on Friday, as prices moved close to a key resistance level. The token
Martin Young4 hours agoBinance launches crypto-to-bank account payment product in Latin AmericaBinance’s Send Cash product will facilitate crypto payments from nine countries to bank accounts based in Argentina and Col
Tax Office to Contact 350,000 Australians and Remind Them to Report All Crypto Profits
Tax Office to Contact 350,000 Australians and Remind Them to Report All Crypto Profits Australian tax agents have set out to close a gap they say costs the state several billion