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


In bull and bear markets, the mantra for cryptocurrency tasks which are centered on long-term sustainability is “all the time be constructing.”

Kadena (KDA) is one undertaking that has earned rewards from its forward-looking strategy to improvement regardless of the weak spot within the wider crypto market and the layer-one proof-of-work blockchain protocol has seen its value reverse route not too long ago.

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Knowledge from Cointelegraph Markets Pro and TradingView exhibits that the value 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 value progress for KDA embody a brand new itemizing on Binance, the launch of the primary decentralized alternate on the Kadena community and upcoming roadmap plans which embody the launch of an NFT commonplace and wrapped native tokens.

Kadena lists on Binance

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

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

New tasks launch on the Kadena community

A second improvement serving to increase the value of KDA was the launch of latest protocols on the Kadena community, together with Kaddex, the primary decentralized alternate within the undertaking’s ecosystem which presents gasoline free buying and selling.

Kaddex additionally introduced an integration with Simplex that can convey a fiat onramp into the rising decentralized finance ecosystem.

A number of the different protocols which have not too long ago launched and built-in with Kadena embody, Hypercent Launchpad, a platofrm which facilitates the launch of verified tasks on Kadena, and the crypto liquidity supplier ZoidPay.

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

Upcoming roadmap developments might be bullish

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

Different notable developments which are deliberate on the Kadena roadmap embody the launch of wrapped native tokens like kBTC, kETH and kUSD, a push for extra U.S. and international alternate listings, the event of lending platform infrastructure and the launch of a sustainable mining initiative.

Builders behind the undertaking have additionally introduced plans to launch testnets for a Kadena Ethereum Digital Machine (EVM) bridge in addition to a Kadena to Cosmos bridge that can facilitate interoperability with different well-liked blockchain ecosystems.

The views and opinions expressed listed below 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, you must conduct your personal analysis when making a choice.