Kadena price soars 40% after new protocol launch and major stock market listing

In both bull and bear markets, the mantra for cryptocurrency projects focused on long-term sustainability is “still under construction.” ...


In both bull and bear markets, the mantra for cryptocurrency projects focused on long-term sustainability is “still under construction.”

Kadena (KDA) is a project that has earned accolades for its forward-looking approach to development despite weakness in the broader crypto market, and the layer-1 proof-of-work blockchain protocol recently saw its price reverse.

Data from Cointelegraph Markets Pro and TradingView shows KDA’s price soared 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 jumped 784% to reach $325 million.

KDA/USD 4 hour chart. Source: Trading View

Three reasons for KDA’s recent price growth include a new listing on Binance, the launch of the first decentralized exchange on the Kadena network, and upcoming roadmap plans that include the launch of an NFT standard and wrapped native tokens.

Kadena Listings on Binance

The main driver for KDA was the March 11 listing on Binance.

Following the announcement, 24-hour trading volume increased from an average of $38 million to $325 million during Friday’s trading. The KuCoin exchange also saw strong trading volume, with $117.4 million traded before the listing on Binance went live.

Launch of new projects on the Kadena network

A second development that helped boost KDA’s price was the launch of new protocols on the Kadena network, including Kaddex, the first decentralized exchange in the project’s ecosystem that offers gasless trading.

Kaddex also announced an integration with Simplex that will bring fiat onramp into the growing decentralized finance ecosystem.

Some of the other protocols recently launched and integrated with Kadena include, Hypercent Launchpad, a platform that makes it easy to launch verified projects on Kadena, and crypto-liquidity provider ZoidPay.

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

Upcoming roadmap developments could be bullish

A third factor helping to 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 on Kadena’s roadmap include the launch of wrapped native tokens such as kBTC, kETH and kUSD, a push for additional US and global exchange listings, platform infrastructure development -form of loan and the launch of a sustainable mining initiative.

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

The views and opinions expressed herein are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.