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

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Proof-of-work (POW) blockchain networks have been all the fad within the early days of cryptocurrency when Bitcoin (BTC) set the usual for safety and different initiatives adopted go well with in varied makes an attempt to supply a strong, scalable community that might both help funds of effectively transmit information.

Most protocols have now shifted to proof-of-stake however Kadena (KDA), a scalable layer-one blockchain protocol remains to be working on the previous proof-of-work mannequin. In response to the challenge, the community is able to processing as much as 480,000 transactions per second due to the usage of “braided chains”.

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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 every day common of $3 million to greater than $345 million.

3 reasons why Kadena (KDA) price went on a 500% parabolic frenzy
KDA/USD 4-hour chart. Supply: TradingView

Three causes for the breakout in KDA value embrace the launch of wrapped KDA on the Ethereum (ETH) community, the rollout of nonfungible token initiatives, new change listings and the addition of help for KDA staking.

Kadena joins the DeFi brigade

KDA just lately launched a wrapped model of its token known as wKDA which operates on the Ethereum community and permits it to work together with all EVM-compatible decentralized finance protocols.

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

The method was accomplished along with the CoinMetro change and can assist to create a brand new degree of token utilization for KDA, which up to now had not been capable of cross the bridge into the interoperable world of DeFi.

As famous within the tweet above, the group behind Kadena additionally plans so as to add cross-chain help for different blockchain networks like Terra, Polkadot, Celo and Cosmos.

NFT initiatives launch on Kadena

Another excuse for the elevated momentum seen in KDA was the addition of NFT capabilities to the community as a method to showcase the good contract means to transact excessive demand objects whereas holding charges low.

NFTs have been one of many hottest sectors within the cryptocurrency ecosystem and in addition seem like one of many major strategies for attracting new customers to a community so it is not stunning to see one more challenge resort to this tactic.

One of many principal promoting factors for Kadena is its means to supply low-cost transactions in a POW setting whereas nonetheless providing quick processing instances.

The challenge has additionally launched a “crypto fuel station” characteristic that permits companies to eradicate all transaction charges for his or her prospects by creating accounts that exist to fund fuel funds on behalf of their customers below sure situations.

New change listings and staking alternatives

KDA has additionally acquired help from cryptocurrency exchanges, together with a brand new itemizing on Crypto.com and CoinMetro provides KDA staking.

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 may bode nicely for its integration into DeFi. wKDA may also contribute to lowering the circulating provide of KDA, which ideally would further purchase strain on the tokens’ value.

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