3 reasons why Kadena (KDA) price went on a 500% parabolic frenzy

In the early days cryptocurrency, proof-of-work (POW), blockchain networks were all the rage. Bitcoin (BTC), set the standard for security. Other projects followed in different attempts to offer a robust and scalable network that could either transmit data or support payments.

While most protocols now use proof-ofstake, Kadena (KDA), which is a layer-one and scalable blockchain protocol, still uses the old proof of work model. The project claims that the network can process up to 480,000 transactions per minute thanks to “braided chain”.

Cointelegraph Markets Pro and TradingView data show that KDA prices have risen 1,124% over the past two weeks to $25.94 on November 7. This is due to an increase in trading volume of more than $345,000,000 per day.

Chart for 4 hours KDA/USD Source: TradingView

The launch of wrapped KDA on Ethereum (ETH), the rollout nonfungible token projects and new exchange listings are three reasons why KDA prices have risen.

Kadena is now a member of the DeFi brigade

KDA has launched a wrapped version its token, wKDA, which works on Ethereum and can interact with all EVM compatible decentralized finance protocols.

This was done in collaboration with the CoinMetro exchange. It will create a new level for token utilization for KDA that has not been able cross the bridge to the interoperable world DeFi.

The tweet below shows that Kadena’s team plans to provide cross-chain support for other Blockchain networks such as Terra, Polkadot and Celo.

Kadena is the first NFT project to be launched

KDA’s momentum was also boosted by the addition of NFT capabilities. This is a way to show the smart contract capability to transact high-demand items with low fees.

. @TheUFOtoken is building their #NFT gaming platform using @Kadena_io UFO will utilize Kadena’s unique features from our scalable layer 1 #PoW #blockchain & Pact, our safest smart contract, to create the next generation #blockchain gaming experience!https://t.co/itO3QF3Xet pic.twitter.com/Rx1IgZQdX4
— Kadena (@kadena_io) October 29, 2021

NFTs are one of the most popular sectors of cryptocurrency. They also seem to be one method of attracting new users to a network. It’s not surprising that another project uses this tactic.

Kadena’s main selling point is its ability offer low-cost transactions in POW settings while still providing fast processing times.

A “crypto gas station” feature has been added to the project. This allows businesses to eliminate transaction fees by opening accounts that can be used to pay for gas payments on behalf their customers under certain conditions.

Staking and new exchange listings

KDA also has received support from cryptocurrency exchanges. This includes a new listing on Crypto.com, and CoinMetro offering KDA staking.

The $KDA #staking campaign on @CoinMetro was a huge success, with 730,000 KDA in just 20 minutes! This was possible thanks to @kadena_io’s tight-knit community https://t.co/uzefvikgad
— Kadena (@kadena_io) November 4, 2021

CoinMetro received 730,000 KDA tokens within 20 minutes of officially opening KDA staking capabilities.

This shows that KDA holders are enthusiastic about yield opportunities, which could bode well to its integration into DeFi. KDA holders might be more likely to hold wKDA. This would increase the buy pressure and price of the tokens.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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