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Cardinal, a Solana-based NFT utility protocol, announced that it decided to begin the process of winding down the protocols. The team said they have done their best to navigate this incredibly difficult macroeconomic environment since they began building 18 months ago, but product market fit continues to be difficult to find and team members want to explore other pursuits.
The team said the protocol code has been completely open source, accessible to all, and that all assets are completely safe and will be returned to their rightful owners when the protocol is completely shut down on Aug. 26th, 2023. During the period, all of the protocol's website product UIs will remain live, and its team recommends that depositors manually withdraw assets deposited into their systems.
In addition, Cardinal will stop deposits, staking, stake pool creation, token manager creation, and NFT rentals on July 19th, and users will only be able to make withdrawals. After August 26th, the protocol will forcibly withdraw all remaining deposits and return them to depositor addresses. Cardinal will then take down the UIs and remove the smart contract deployments from Solana. In the process of removing the smart contract, the protocol will return the $SOL denominated rent stored in all accounts to the relevant account's initial fee/rent payer.
Cardinal closed a $4.4 million seed round in June 2022, co-led by Protagonist and Solana Ventures, with participation from Animoca Brands, Alameda Research, Delphi Digital and CMS Holdings.
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