Kadena price soars by 40% after new protocol launches and a major exchange listing
In bull and bear markets, the mantra for cryptocurrency projects that are focused on long-term sustainability is “always be building.”
Kadena (KDA) is one project that has earned rewards from its forward-looking approach to development despite the weakness in the wider crypto market and the layer-1 proof-of-work (PoW) blockchain protocol has seen its price reverse direction recently.
Data from Cointelegraph Markets Pro and TradingView shows that the price of KDA spiked 40% from a low of $5.94 in the early hours on March 11 to a high of $8.28 as its 24-hour trading volume surged 784% to $325 million.
Three reasons for the recent price growth for KDA include a new listing on Binance, the launch of the first decentralized exchange (DEX) on the Kadena network and upcoming roadmap plans which include the launch of an NFT standard and wrapped native tokens.
Kadena lists on Binance
The biggest driver of KDA was the March 11 listing on Binance.
#Binance will list @kadena_io $KDAhttps://t.co/b4yPmq6xu3
— Binance (@binance) March 11, 2022
Following the announcement, the 24-hour trading volume spiked from an average of $38 million to $325 million during trading on Friday. KuCoin exchange also saw high trading volume, with $117.4 million worth in trader occurring before the listing went live at Binance.
New projects launch on the Kadena network
A second development helping to boost 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 which offers gas-free trading.
Kaddex also announced an integration with Simplex that will bring a fiat onramp into the growing decentralized finance (DeFi) ecosystem.
[email protected] and @XWalletOfficial are officially teaming up with @SimplexCC to bring Fiat on Ramp services into Kadena DeFi.
The @kadena_io Ecosystem is growing stronger than ever. Support our journey! pic.twitter.com/dj3nCDvNUw
— Daniele DV ⛓️️ (@KDX_Mandrake) March 8, 2022
Some of the other protocols that have recently launched and integrated with Kadena include Hypercent Launchpad, a platform that facilitates the launch of verified projects on Kadena, and the crypto liquidity provider ZoidPay.
Related: Altcoin Roundup: 3 Proof-of-work protocols focused on building Web 3.0
Upcoming roadmap developments could be bullish
A third factor helping to attract attention to Kadena is the project’s upcoming roadmap goals which include the launch of a native NFT standard called Marmalade.
Visit https://t.co/oUM5Z9649E for a list of our upcoming milestones: pic.twitter.com/KPGkLD0S6W
— Kadena (@kadena_io) March 4, 2022
Other notable developments that are planned on the Kadena roadmap include the launch of wrapped native tokens like kBTC, kETH and kUSD, a push for additional United States and global exchange 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 as well as a Kadena to Cosmos bridge that will facilitate interoperability with other popular blockchain ecosystems.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.