Business

Kadena Price Increases 40% After Launching New Protocol and Listing on Major Exchange

Photo of Fry Electronics Team Fry Electronics TeamMarch 12, 2022
0
Kadena Price Increases 40% After Launching New Protocol and Listing on Major Exchange

During bull and bear markets, the mantra for crypto projects focused on long-term sustainability is “always building.”

Kadena (KDA) is a project that has earned its rewards from its forward-looking approach to growth despite weakness in the broader crypto market and its layer-by-layer proof-of-work (PoW) blockchain protocol. 1 has seen an opposite trend in its price in recent times.

Data from Cointelegraph Markets Pro and TradingView shows that the KDA price spiked 40% from a low of $5.94 in the early hours of March 11 to a high of $8.28 as its 24-hour trading volume surged 784% to $325 million. .

blank
KDA/USD 4-hour chart. Source: TradingView

Three reasons for KDA’s recent price increase include new listings on Binance, the launch of the first decentralized exchange (DEX) on the Kadena network, and upcoming roadmap plans including the launch NFT standard and wrapped native tokens.

Kadena listed on Binance

KDA’s biggest driver is the March 11 listing on Binance.

Following the announcement, 24-hour trading volume jumped from an average of $38 million to $325 million in Friday trading. The KuCoin exchange also saw high trading volume, with $117.4 million worth of traders occurring before the listing went live at Binance.

New projects launched on the Kadena . network

The second development that boosted KDA’s price was the launch of new protocols on the Kadena network including Kaddex, the first decentralized exchange in the project’s ecosystem to offer gas-free transactions.

Kaddex also announced an integration with Simplex that will bring a fiat step into the growing decentralized finance (DeFi) ecosystem.

Some other protocols that have recently launched and integrated with Kadena include Hypercent Launchpad, a platform that facilitates the launch of verified projects on Kadena, and cryptocurrency liquidity provider ZoidPay.

Related: Altcoin Roundup: 3 Proof-of-work protocols focused on building Web 3.0

Upcoming roadmap developments can be optimistic

The third factor that has helped draw attention to Kadena is the project’s upcoming roadmap goals, which include the launch of a native NFT standard called Marmalade.

Other notable developments planned in the Kadena roadmap include the launch of wrapped native tokens such as kBTC, kETH, and kUSD, further boosting of US and global exchange listings, development develop a lending platform infrastructure and launch a sustainable mining initiative.

The developers behind the project have also announced plans to launch a testnet for the Kadena Ethereum Virtual Machine (EVM) bridge as well as the Kadena bridge with Cosmos that will facilitate interoperability with other popular blockchain ecosystems .

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move is risky, you should do your own research when making your decision.