- Kadena (KDA) price has recently seen notable growth by more than 500%
- Kadena being a scalable Layer-1 blockchain is still operating on the old Proof-of-Work consensus mechanism
- The launch of wKDA, establishment of NFT, listing on new exchange platforms, and support for KDA staking options have driven the price of KDA
Kadena is a blockchain network that was founded on the idea of revolutionizing how the world interacts and transacts. Since establishment, the project has witnessed mass adoption. The brains behind the blockchain network have introduced a chain architecture and created the tools to make the network work for business with tremendous pace, scale, and energy efficiency. Recently, KDA, the native cryptocurrency of the blockchain network, has skyrocketed by more than 500%. According to analysts and experts in the industry, new staking opportunities in DeFi and centralized exchanges, and a migration to Ether blockchain are the price driving factors for the digital asset.
Kadena is based on Proof-of-Work consensus
PoW blockchain networks were all the rage when Bitcoin was established. The flagship cryptocurrency set the standard for security and other projects that followed suit in various attempts to offer a strong, scalable network. However, as many globally began to concern the climatic impact of mining PoW based cryptocurrency, several protocols shifted to Proof-of-Stake.
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Notably, Kadena being a scalable Layer-1 blockchain is still operating on the old consensus mechanism. Still, the project is capable of processing more than 480k transactions per second due to its braided chains.
What boosts the price of KDA?
According to data from TradingView, over the past two weeks, Kadena’s price has rallied by more than 1,124%. While achieving new highs, the coin’s daily average trading volume alsp spiked above $345 million from $3 million.
According to analysts, there are three notable reasons that have boosted the price of crypto. The reasons include, the launch of Wrapped KDA (wKDA) on the Ether-blockchain, establishment of Non-Fungible Token (NFT) projects, listing on new exchange platforms, and support for KDA staking options.
KDA has joined the DeFi brigade
The recently launched wrapped version of KDA, that operates on the second most popular blockchain network of Ethereum, allows its users to interact with all Ethereum Virtual Machine-compatible DeFi protocols. The latest version of the coin will help to build a new level of token utilization for KDA, which yet was unable to cross the bridge into the interoperable DeFi sector. Indeed, the network will soon add cross-chain support for other blockchain networks like Terra, Polkadot, Celo, and Cosmos.