Kadena price soars by 40% after new protocol launches and a major exchange listing


In bull and bear markets, the mantra for cryptocurrency initiatives which can be centered on long-term sustainability is “at all times be constructing.”

Kadena (KDA) is one mission that has earned rewards from its forward-looking strategy to growth regardless of the weak point within the wider crypto market and the layer-1 proof-of-work (PoW) blockchain protocol has seen its worth reverse route lately.

Information from Cointelegraph Markets Professional and TradingView exhibits that the worth of KDA spiked 40% from a low of $5.94 within the early hours on March 11 to a excessive of $8.28 as its 24-hour buying and selling quantity surged 784% to $325 million.

KDA/USD 4-hour chart. Supply: TradingView

Three causes for the current worth progress for KDA embody a brand new itemizing on Binance, the launch of the primary decentralized change (DEX) on the Kadena community and upcoming roadmap plans which embody the launch of an NFT normal and wrapped native tokens.

Kadena lists on Binance

The most important driver of KDA was the March 11 itemizing on Binance.

Following the announcement, the 24-hour buying and selling quantity spiked from a median of $38 million to $325 million throughout buying and selling on Friday. KuCoin change additionally noticed excessive buying and selling quantity, with $117.4 million value in dealer occurring earlier than the itemizing went stay at Binance.

New initiatives launch on the Kadena community

A second growth serving to to spice up the worth of KDA was the launch of recent protocols on the Kadena community together with Kaddex, the primary decentralized change within the mission’s ecosystem which affords gas-free buying and selling.

Kaddex additionally introduced an integration with Simplex that may deliver a fiat onramp into the rising decentralized finance (DeFi) ecosystem.

Among the different protocols which have lately launched and built-in with Kadena embody Hypercent Launchpad, a platform that facilitates the launch of verified initiatives on Kadena, and the crypto liquidity supplier ZoidPay.

Associated: Altcoin Roundup: 3 Proof-of-work protocols centered on constructing Internet 3.0

Upcoming roadmap developments might be bullish

A 3rd issue serving to to draw consideration to Kadena is the mission’s upcoming roadmap targets which embody the launch of a local NFT normal referred to as Marmalade.

Different notable developments which can be deliberate on the Kadena roadmap embody the launch of wrapped native tokens like kBTC, kETH and kUSD, a push for added United States and world change listings, the event of a lending platform infrastructure and the launch of a sustainable mining initiative.

Builders behind the mission have additionally introduced plans to launch testnets for a Kadena Ethereum Digital Machine (EVM) bridge in addition to a Kadena to Cosmos bridge that may facilitate interoperability with different common blockchain ecosystems.

The views and opinions expressed listed here are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it is best to conduct your personal analysis when making a call.





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