Kadena (KDA) jumps 1.124% to new record high – here’s why

Proof-of-Work (POW) blockchain networks became increasingly popular in the early days of cryptocurrency as Bitcoin (BTC) set the standard for security and other projects also made various attempts to provide a robust, scalable network that would support efficient payments and data transfer.

Most of the protocols have since moved to the Proof of Stake (POS), but Kadena (KDA), a scalable Layer 1 blockchain protocol, is still working on the POW model. By using a “braided chain”, the network can process up to 480,000 transactions per second, according to the project.

Data from TradingView shows that KDA price has risen 1.124% over the past two weeks to a new record high of $ 25.94 on Nov. 7, when its 24-hour trading volume rose from its median daily average of $ 3 million rose over USD 345 million.

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

The three reasons for KDA’s price breakout are the launch of KDA on the Ethereum (ETH) network, the launch of NFT projects, listing on a new exchange, and the addition of KDA staking support.

Kadena joins the DeFi Brigade

KDA recently started an enclosed instance called wKDA works on the Ethereum network and enables interaction with all EVM-compatible DeFi protocols.

“Wrapped Kadena (wKDA) has been sent to Ethplorer! You will soon see KDA Wrapped on the Ethereum DEX. In addition to the connection to the ETH, Kadena is committed to the expansion to other Layer 1 protocols such as Terra, Polkadot, Celo, Cosmos … “

This process has been completed in conjunction with the CoinMetro exchange and will help create a new level of token usage for KDA that was previously unable to enter the interactive world of DeFi.

In addition, Kadena plans to add cross-chain support for other blockchain networks like Terra, Polkadot, Celo and Cosmos.

NFT projects on Kadena. started

Another reason for KDA’s increased momentum is the addition of NFT capabilities to the network to demonstrate the ability of smart contracts to trade in high-demand commodities while maintaining high demand.

.@TheUFOtoken will build yours #NFT Gaming platform @Kadena_io!

UFO will use the unique features of Kadena from our scalable Layer 1 #PoW #blockchain & Pact, our most secure smart contract to create the next generation #blockchain Gaming experience!https://t.co/itO3QF3Xet pic.twitter.com/Rx1IgZQdX4

– Kadena (@kadena_io) October 29, 2021

“UFO Gaming will build the NFT gaming platform on Kadena! UFO will use the unique features of Kadena from the scalable Layer 1 blockchain POW & Pact – our most secure smart contract – to create the next generation blockchain gaming experience! “

NFT is already one of the hottest areas in the crypto ecosystem and it also seems to be one of the main methods of attracting new users to the network, so it is not surprising to see such a project, others are using this tactic.

One of the main driving forces behind Kadena is its ability to offer low cost transactions in POW while providing fast processing times.

The project also introduced a “crypto gas station” feature that enables companies to eliminate all transaction fees for their customers by creating an account under certain conditions to fund gas payments on their customers’ behalf.

New listing and staking option

KDA has also received support from exchanges, including listing on Crypto.com and CoinMetro, which offer KDA staking.

$ KDA #put At @CoinMetro was a huge success with 730,000 KDAs in 20 minutes! ????????????

This was made possible by @kadena_io‘s strong and committed community! https://t.co/uzefvikgad

– Kadena (@kadena_io) November 4, 2021

“The KDA staking on CoinMetro was a great success with 730,000 KDAs that were filled out in 20 minutes! This was made possible by the strong and committed community of Kadena! “

Following the official reopening of the KDA staking capabilities on November 3rd, CoinMetro recorded 730,000 KDAs broadcast within 20 minutes to reach the full capacity of the staking pool.

This shows that KDA owners are excited about profit opportunities and it could be a good sign to integrate with DeFi. wKDA can also contribute to a decrease in the circulating supply of KDA, which creates additional buying pressure and increases the KDA price.

Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Mr. Teacher

According to Cointelegraph

Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page