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- Withdrawals must be finalized by August 26th, as per a notification on Twitter.
- Cardinal asserts that Alameda’s investment was minimal.
Nearly a year after raising $4.4 million to improve the functionality of non-fungible tokens (NFTs), Solana’s Cardinal protocol is closing down due to financial limitations. Withdrawals must be finalized by August 26th, as per a notification on Twitter.
Cardinal Labs served as an infrastructure provider dedicated to enabling NFT applications on Solana by offering protocols and SDKs for staking, renting, subscriptions, royalties, and trading.
According to the shutdown schedule, certain services, including staking pool creation, token management, NFT rentals and renewals, social media accounts, and new deposits, will cease operations on July 19. The final date for completing withdrawals is August 26th, marking the end of the two-month notice period.
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Alameda’s Investment Minimal
The seed funding for Cardinal amounted to $4.4 million and was led by Protagonist and Solana Ventures, with contributions from Animoca Brands, Delphi Digital, CMS Holdings, and Alameda Research, the sister company of the now-defunct cryptocurrency exchange FTX. Cardinal states that Alameda’s investment was “a very small piece of the round,” and thus did not contribute to the company’s downfall.
A pre-seed investment of $750,000 was obtained from Neo Ventures in 2021. As of July 2022, over 65,000 NFTs were staked on the protocol, and Cardinal raised a total of $5.2 million over an 18-month period.
Despite the ongoing challenges, the NFT market appears to be gradually evolving. DappRadar has published a report indicating that Q1 2023 was the strongest quarter for the NFT market since Q2 2022. Strong competition among NFT marketplaces helped maintain overall performance, even with a decrease in trading volume during March.
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