The recent 500% return of the KDA token is due to a number of factors, but it is largely attributable to a variety of new investment opportunities in decentralized finance and centralized exchanges. In addition, the project migrated to the Ethereum network.
Most early cryptocurrency networks were powered by Proof-of-Work (PoW) blockchains. Bitcoin set the standard for security and other projects followed suit, aiming to offer robust networks that support scalability without compromising on security.
It is important to note that most cryptocurrencies have shifted from Proof of Work to Proof of Stake. However, Kadena, a scalable blockchain protocol, offers users the option to choose either. In an interview, Kadena, revealed that their network can process up to 480,000 transactions per second and offers better scalability than Bitcoin.
Kadena (KDA) prices have been skyrocketing as of late. The price has gone up 1,124% to $25.94 in the course of two weeks and its 24-hour trading volume has spiked from $3 million to more than $345 million.
Three factors seem to have contributed to the recent success of KDA. First, the launch of Wrapped KDA on the Ethereum network has been well-received. There have been a number of NFT projects recently as well as new listings on exchanges and support for staking.
Kadena joins the DeFi
The KDA team recently published their WKDA token, which is compatible with all Ethereum Virtual Machine-based decentralized finance protocols.
The process was completed with CoinMetro and will help to create a new level of utilization for KDA. To this point it had been impossible to bridge the token to the world of DeFi and integrate it into the interoperable ecosystem. Kadena believe that they have now created a system that will allow seamless integration with holders and users of fiat currencies as well as those who prefer an alternative
The team behind Kadena also plans to add cross-chain support for other blockchain networks, such as Terra, Polkadot, Celo, and Cosmos.
Wrapped Kadena, $wKDA, has been submitted to @ethplorer!— Kadena (@kadena_io) November 6, 2021
Soon you'll find Wrapped $KDA on an Ethereum-based #DEX near you!
Along with bridging to #ETH, @kadena_io is committed to expanding to other layer-1 protocols such as @terra_money, @Polkadot, @CeloOrg, @cosmos, & more! https://t.co/xCExLkLcX5
NFT projects launch on Kadena
The momentum we’re seeing in KDA is the result of the addition of NFT capabilities to the network. The adoption of these features should keep account growth and low fees.
Even if the NFTs sector has been hot in cryptocurrency for a while, many projects continue to use it in order to attract new users to their networks. Kadena’s powerful blockchain offers to process transactions at a low cost, while still offering fast processing times.
One of the features they’ve built into their current project is a “crypto gas station” that eliminates transaction fees for businesses and their customers. This feature works by identifying accounts on your platform that are able to pay the gas payments on behalf of other users if certain criteria are met.
New crypto exchanges and crypto staking opportunities
KDA has been supported by a number of cryptocurrency exchanges, including a recent listing on Crypto.com, and CoinMetro now provides KDA staking.
$KDA #staking on @CoinMetro has been a huge success with 730,000 KDA filled in 20 minutes! 🎊🎊🎊— Kadena (@kadena_io) November 4, 2021
This was made possible by @kadena_io's strong and tight-knit community! https://t.co/uzefvikgad
CoinMetro has officially reopened staking to the public, and we’ve already seen over 720,000 KDA tokens staked within 20 minutes.
The interest by KDA holders signals that they are looking for yield opportunities. It’s possible that the integration into DeFi could lead to additional buy pressure on the market. This can hopefully reduce the circulating supply of KDA, which is good for buying.
Disclaimer: The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.