• Kadena soars even higher on DeFi

  • After a series of bullish developments for the protocol, the little-known Ethereum (ETH) competitor Kadena’s native KDA token has surged higher in the crypto market this month, outperforming all other coins in the top 100 by market capitalization over the past 7 days.

    At 11:06 UTC, KDA is up 20% in the last 24 hours and 194% in the last seven days. The token is currently trading at USD 20.7, following a parabolic rise from less than USD 7 since November 1.

    Kadena, which was founded by Stuart Popejoy and Will Martino, two former blockchain developers at investment bank JP Morgan, is described as a smart contract platform that aims to compete with Ethereum. However, certain aspects of Bitcoin’s (BTC) design, such as the proof-of-work consensus model, have been incorporated into the protocol.

    Furthermore, Pact, the protocol’s programming language, is intended to simplify the creation of smart contracts and is described in its documentation as “the first truly human-readable smart contract language.”

    The protocol’s token’s price skyrocketed throughout much of October and November, following Kadena’s release of wKDA, a wrapped version of its token for the Ethereum network.

    The wrapped version of KDA, for example, would allow the token to be used on the Ethereum network’s many decentralized finance (DeFi) applications. Furthermore, it would allow KDA tokens to be traded on Ethereum-based decentralized exchanges (DEXes) such as Uniswap (UNI), making the token much more accessible to a larger user base.

    Aside from the wrapped version for Ethereum, the Kadena team announced last weekend that bridges to other layer-1 protocols are in the works, with Terra (LUNA), Polkadot (DOT), Celo (CELO), and Cosmos (ATOM) listed as potential candidates.

    Meanwhile, the addition of non-fungible token (NFT) capabilities to the protocol may be another reason for the increased popularity of the KDA token in recent weeks.

    According to the Kadena team, an NFT gaming platform from the UFO Gaming project will be built on Kadena, with the transaction throughout of the protocol being critical for a successful implementation.

    “Not having to worry about throughput was a key selling point for us because UFO Gaming’s dynamic NFT system requires tens of thousands of transactions daily to update our players’ NFT ratings and attributes,” UFO Gaming’s team wrote in an announcement about the new partnership.

    NFT-themed games have received a lot of attention recently, with the trend catching on in a big way following the launch of the much-discussed Loot NFTs and the related adventure gold (AGLD) token.

    For the time being, investors looking to acquire KDA have few options, with KuCoin and Bittrex being the only two well-known centralized exchanges where the token is listed.

    On Monday of this week, the KDA token reached a market capitalization of USD 3 billion, and it has since continued to rise. It currently has a market capitalization of USD 3.3 billion and is the 64th most valuable cryptocurrency according to CoinGecko.

    In the last 24 hours, the token has seen trading volumes of just over USD 198 million.

    What's your reaction?
    Happy0
    Lol0
    Wow0
    Wtf0
    Sad0
    Angry0
    Rip0