Its arrival on Binance and the launch of a new protocol focused on interoperability caused a rapid 40% spike in the price of KDA.
Kadena is a Proof-of-Work (PoW) Blockchain. Kadena uses a smart contract language called “Pact”, which is a secure smart contract language with built-in automated auditing. KDA is the native utility token designed to pay network transaction fees.
Binance announced the addition of Kadena (KDA) to its listings and the trading of KDA/BTC, KDA/BUSD, and KDA/USDT pairs starting March 11, 2022, at 11:30 a.m. (UTC).
Kadena (KDA) is a project that has reaped rewards for its forward-thinking development approach despite the weakness of the crypto market in general, and the single-layer proof-of-work Blockchain protocol has seen its price reverse direction recently.
Data from Cointelegraph Markets Pro and TradingView show that the price of KDA soared 40%, going from a low of $5.94 in the early hours of March 11 to a high of $8.28, while its daily trading volume soared 784% to USD 325 million.
Three reasons for KDA’s recent price growth include its arrival on Binance, the launch of the first decentralized exchange on the Kadena network, and upcoming roadmap plans that include the launch of an NFT standard and native wrapped token.
KDA’s Arrival 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, daily trading volume soared from an average of $38 million to $325 million during trading on Friday. The KuCoin exchange also saw high trading volume, with $117.4 million in trades before the listing became effective on Binance.
Launch of New Projects in the Kadena Network
A second development that helped drive the price of KDA was the launch of new protocols on the network, including Kaddex, the first decentralized exchange in the project’s ecosystem to offer gasless trading.
Kaddex also announced an integration with Simplex that will provide an on-ramp to the growing decentralized finance ecosystem.
Some of the other protocols that were recently launched and integrated with Kadena include Hypercent Launchpad, a platform that makes it easy to launch verified projects on Kadena, and the liquidity provider, ZoidPay.
Next Developments on the Roadmap: Possibly Bullish
A third contributing factor in drawing attention to Kadena is the project’s upcoming roadmap milestones, which include the release of a native NFT standard called Marmalade.
Other developments planned on Kadena’s roadmap include the launch of native wrapped tokens such as kBTC, kETH, and kUSD, a push for more listings on US and global exchanges, the development of the loans, and the launch of a sustainable mining initiative.
The developers behind the project have also announced plans to launch testnets for a bridge between Kadena and the Ethereum Virtual Machine (EVM), as well as a bridge from Kadena to Cosmos that will facilitate interoperability with other popular Blockchain ecosystems.
How to Buy KDA Safely
The live price of KDA is $6.7732136 per (KDA/USD) today, March 11, 2022, with a current market cap of $1,160,167,501.02 USD. The 24-hour trading volume is $327,859,377.28 USD. The KDA to USD price updates in real-time. Kadena changed +8.96% in the last 24 hours. It has a circulating supply of $171,287,601.12 USD.
Most people only look at Kadena’s charts to form an opinion on the state of the coin. It is necessary to see further and carry out a good analysis of its entire ecosystem. To carry out the Kadena analysis, you can use the following parameters that encompass the following fields:
- Feasibility and status of the Kadena project.
- Number of wallets, nodes, current transactions, and the progression of Kadena.
- Total, current KDA supply and its distribution among users.
- Community and social impact of Kadena.
- Mining or generation – Form and rate of issuance of KDA.
- The Work of Kadena Developers.
- Trajectory in time, graphs and sales volumes.
- Kadena market cap.
- Partners of Kadena.
Buying cryptocurrencies like Kadena can become a difficult task for those who are not used to dealing with cryptocurrencies. We will try to help the most inexperienced in the next section.
Leaving the subject aside for a moment, the cryptocurrency markets recommended for beginners are the following: Bit2Me, and Coinbase. These two platforms are the easiest to use and have a good amount of cryptocurrencies. They are perfect for people who do not want complications.
By Audy Castaneda
