The Solana protocol Cardinal revealed its decision to gradually close down its operations. The project, which successfully raised $4.4 million in a seed round of financing back in July 2022, offered various services including NFT leasing, staking, ticketing, and custody.
Solana Ventures, Protagonist, Animoca Brands, and other notable investors supported Cardinal’s mission. However, due to the challenging macro environment, the protocol has decided to cease its operations.
Cardinal’s closure comes as a surprise to many industry observers, given its promising start and the support it garnered during its fundraising round. The protocol aimed to provide a range of services within the Solana ecosystem, leveraging the blockchain’s speed and scalability.
NFT leasing, staking, and ticketing were among the key offerings that attracted users and investors alike. Additionally, Cardinal’s custody solutions aimed to address the growing demand for secure storage of digital assets.