JPG Store Shuts Down as Voters Weigh $12M Bitcoin Bridge Proposal

JPG Store, Cardano’s largest NFT marketplace, entered “Restriction Mode” on April 23 and will fully shut down on May 23, forcing users to withdraw assets or risk losing access. The closure removes a key consumer touchpoint for Cardano and could reduce demand for ADA. At the same time Pogun is seeking ₳12.29 million (~$3M) from Cardano’s treasury to build a BitVM-powered Bitcoin bridge and a Bitcoin-backed credit market. As of April 24 the proposal has just 1.04% DRep support and must secure 67% approval from active stakers (plus Constitutional Committee sign-off) before the May 24 deadline. The juxtaposition — a major app exiting as voters consider funding speculative Bitcoin DeFi infrastructure — raises doubts about short-term demand and governance appetite. If approved, the bridge could attract Bitcoin liquidity to Cardano; if rejected, it signals reluctance to fund high-risk cross-chain projects. Net market impact: near-term negative for ADA ecosystem engagement, with upside conditional on successful funding and execution of the bridge.