Proof-of-work (POW) blockchain networks had been all the fashion within the early days of cryptocurrency when Bitcoin (BTC) set the usual for safety and different tasks adopted swimsuit in numerous makes an attempt to supply a strong, scalable community that may both assist funds of effectively transmit knowledge.
Most protocols have now shifted to proof-of-stake however Kadena (KDA), a scalable layer-one blockchain protocol remains to be working on the outdated proof-of-work mannequin. In keeping with the venture, the community is able to processing as much as 480,000 transactions per second due to using “braided chains”.
Information from Cointelegraph Markets Pro and TradingView reveals that within the final two weeks, KDA value has rallied 1,124% to a brand new file excessive at $25.94 on Nov. 7 as its 24-hour buying and selling quantity spiked from a each day common of $3 million to greater than $345 million.
Three causes for the breakout in KDA value embrace the launch of wrapped KDA on the Ethereum (ETH) community, the rollout of nonfungible token tasks, new alternate listings and the addition of assist for KDA staking.
Kadena joins the DeFi brigade
KDA lately launched a wrapped model of its token referred to as wKDA which operates on the Ethereum community and permits it to work together with all EVM-compatible decentralized finance protocols.
The method was accomplished at the side of the CoinMetro alternate and can assist to create a brand new degree of token utilization for KDA, which up to now had not been in a position to cross the bridge into the interoperable world of DeFi.
As famous within the tweet above, the workforce behind Kadena additionally plans so as to add cross-chain assist for different blockchain networks like Terra, Polkadot, Celo and Cosmos.
NFT tasks launch on Kadena
One more reason for the elevated momentum seen in KDA was the addition of NFT capabilities to the community as a technique to showcase the sensible contract means to transact excessive demand gadgets whereas retaining charges low.
UFO will make the most of Kadena’s distinctive options from our scalable layer 1 #PoW #blockchain & Pact, our most secure sensible contract, to create the following era #blockchain gaming expertise!https://t.co/itO3QF3Xet pic.twitter.com/Rx1IgZQdX4
— Kadena (@kadena_io) October 29, 2021
NFTs have been one of many hottest sectors within the cryptocurrency ecosystem and in addition look like one of many major strategies for attracting new customers to a community so it isn’t stunning to see yet one more venture resort to this tactic.
One of many essential promoting factors for Kadena is its means to supply low-cost transactions in a POW setting whereas nonetheless providing quick processing instances.
The venture has additionally launched a “crypto gasoline station” characteristic that enables companies to get rid of all transaction charges for his or her prospects by creating accounts that exist to fund gasoline funds on behalf of their customers beneath sure situations.
New alternate listings and staking alternatives
KDA has additionally acquired assist from cryptocurrency exchanges, together with a brand new itemizing on Crypto.com and CoinMetro presents KDA staking.
— Kadena (@kadena_io) November 4, 2021
After formally reopening KDA staking capabilities on Nov. 3, CoinMetro noticed 730,000 KDA tokens deposited inside 20 minutes to totally faucet out the staking pool’s capability.
This means KDA holders are enthusiastic about yield alternatives and it might bode nicely for its integration into DeFi. wKDA may additionally contribute to lowering the circulating provide of KDA, which ideally would further purchase stress on the tokens’ value.
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