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Kadena price rises by 40% after the launch of a new protocol and a major IPO

byDanish zaheer
March 12, 2022

In bull and bear markets, the mantra for cryptocurrency projects aimed at long-term sustainability is “always build”.

Kadena (KDA) is a project that has earned rewards with its forward-looking approach to development, despite the weakness in the broader crypto market and the layer-one proof-of-work blockchain protocol has seen its price in the opposite direction recently.

Data from Cointelegraph Markets Pro and TradingView shows that KDA’s price rose 40% from a low of $5.94 in the early hours on March 11 to a high of $8.28, while 24-hour trading volume jumped 784. % rose to $325 million.

KDA/USD 4-hour chart. Source: TradingView

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

Kadena Lists on Binance

KDA’s biggest driver was its March 11 listing on Binance.

Following the announcement, 24-hour trading volume peaked from an average of $38 million to $325 million in trading on Friday. The KuCoin exchange also saw high trading volume, with a trader’s worth of $117.4 million before the listing went live on Binance.

Launching new projects on the Kadena network

A second development that helped raise the price of KDA was the launch of new protocols on the Kadena network, including Kaddex, the first decentralized exchange in the project’s ecosystem to offer gas-free trading.

Kaddex also announced an integration with Simplex that will bring a fiat-on disaster to the growing decentralized financial ecosystem.

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

Related: Altcoin Roundup: 3 Proof-of-Work Protocols Aimed at Building Web 3.0

Upcoming roadmap developments could be bullish

A third factor helping to draw attention to Kadena is the project’s future roadmap goals, including the launch of a native NFT standard called Marmalade.

Other notable developments planned on the Kadena roadmap include the launch of packaged native tokens such as kBTC, kETH and kUSD, a push for additional US and global stock listings, the development of a lending platform infrastructure and the launch of a sustainable mining initiative.

Developers behind the project have also announced plans to launch testnets for a Kadena Ethereum Virtual Machine (EVM) bridge and 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 risks, you should do your own research when making a decision.