Everyone had to get jobs and no one has time to donate to the game. The time estimates we had on the Kickstarter were assuming full-time work by most of the team, so even if we still had a few people making slow progress it would be at least a year off to make a local-only stripped-down version. I'd say it's pretty unlikely for it to be revived, but you never know I guess; I'd still be in if we could get something going, but probably only a few hours a week.
I've heard that there might be a team attempting to make an indie-themed versus game inspired by Smash, but I don't think they had any code started when they announced it and I haven't seen anything about it since then.