When the Bubble Pops: Binance Delists Kadena

Binance announced that it will delist all Kadena trading pairs on November 12, 2025.

Kadena is actually a pretty meaningful project for the crypto industry. It’s one of the few Proof-of-Work blockchains that have their own smart-contract languages — a rare combination. We need projects like that to keep the industry diverse: if the dominant solution ever hits a dead end, alternatives could point the way forward.

And yet, the world’s leading crypto exchange is shutting down trading for it. Why?

• Because the company behind Kadena has essentially stopped treating it as a business.
• No business means no market maker.
• And without a market maker, it quickly becomes clear that the “demand” for the coin wasn’t as strong as it seemed — and that the real market price might be very different from what exchanges used to show.

The prices you see on major exchanges usually reflect where market makers place their orders, not where real users would be willing to buy or sell.

That’s how bubbles form — and eventually burst. For the Kadena community, though, this may actually be a healthy reset and a chance to rebuild around genuine demand.

And if you want to see what honest market rates for Kadena look like, you can always find them — and swap at them — on rabbit.io.