BUSINESS: BIC’s Video News Show Kadena (KDA), Review

dWeb.News Article from Daniel Webster AF dWeb.News

BUSINESS:

Jessica Walker, host of BeInCrypto’s Video News Show talks about Kadena.

Despite shooting up over 1,000% in the last month, it is still flying under the radar of most people in the crypto world. We are investigating the reasons why Kadena and KDA token are so dominant right now.

KDA Chart

Data from TradingView shows that in the last two weeks, Kadena’s price has rallied 1,124% to a new record high at $28. 39 on Nov. 11 as its 24-hour trading volume spiked from a daily average of $3 million to more than $345 million.

We identified three reasons for the breakout in KDA’s price. First was the launch of Wrapped KDA on the Ethereum network. Next, the rollout of NFT-related projects is followed by new exchange listings as well as support for KDA stake. Let’s take a look at all of them.

Kadena and DeFi

KDA recently launched a wrapped version of its token called wKDA, which operates on the Ethereum network and allows it to interact with all Ethereum Virtual Machine-compatible DeFi protocols.

This process was done in conjunction with CoinMetro and will create a new level for token utilization for KDA. Up until this point it had been unable to cross the bridge into the interoperable world of DeFi. The team behind Kadena also plans to add cross-chain support for other blockchain networks, such as Terra, Polkadot, Celo and Cosmos.

NFTs on Kadena

Another reason for KDA’s increased momentum was the addition NFT capabilities to its network. This was done to demonstrate the potential of smart contracts to lower fees while transacting high-demand goods. NFTs are a hot sector in the cryptocurrency ecosystem. They also seem to be one method for attracting new users. It’s not surprising that another project uses this tactic.

Although most protocols have now shifted to proof-of-stake, Kadena, a scalable layer-one blockchain protocol, is still operating on the old PoW model. According to the project, the network is capable of processing up to 480,000 transactions per second thanks to the use of “braided chains.” One of the main selling points for Kadena is its ability to offer low-cost transactions in a PoW setting while still offering fast processing times.

The project also introduces a “crypto gasoline station” feature which allows businesses to eliminate transaction fees for customers. Businesses can create accounts to fund gas payments for their customers under certain conditions.

New listings and staking

KDA also has received support from cryptocurrency exchanges. CoinMetro now offers KDA token staking. After officially reopening KDA staking capabilities on Nov. 3, CoinMetro saw 730,000 KDA tokens deposited within 20 minutes to fully tap out the staking pool’s capacity.

This indicates that KDA holders are excited by yield opportunities and could bode well to its integration into DeFi. Wrapped KDA could also help to reduce the KDA circulating supply, which would ideally put more buying pressure on the tokens.

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