Reasons Why Kadena (KDA) Price Went On A 500% Parabolic Frenzy

Work-provenance (POW) When Bitcoin (BTC) set the benchmark for security in the early days of cryptocurrency, several projects followed suit in diverse attempts to build a secure, scalable network that could either handle payments or efficiently carry data.

Although the majority of protocols have switched to proof-of-stake, Kadena (KDA), a scalable layer-one blockchain protocol, is still using the old proof-of-work methodology. The network can execute up to 480,000 transactions per second, according to the project, thanks to the usage of “braided chains.”

Market data shows that in the last two weeks, the KDA price has risen 1,124 percent to a new high of $25.94 on Nov. 7, with daily trading volume jumping from $3 million to more than $345 million.

The debut of wrapped KDA on the Ethereum (ETH) network, the rollout of nonfungible token projects, new exchange listings, and the addition of support for KDA staking are three causes for the KDA price breakout.

Kadena joins the Defi brigade

The debut of wrapped KDA on the Ethereum (ETH) network, the rollout of nonfungible token projects, new exchange listings, and the addition of support for KDA staking are three causes for the KDA price breakout.

KDA recently released wKDA, a wrapped version of its token that runs on the Ethereum network and can interact with any EVM-compatible decentralized finance protocol.

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The procedure was carried out in partnership with the CoinMetro exchange and will aid in the development of a new level of token utilization for KDA, which had previously been unable to traverse the Defi bridge.

The Kadena team also wants to introduce cross-chain functionality for other blockchain networks like Terra, Polkadot, Celo, and Cosmos, as mentioned in the tweet above.

On Kadena, NFT developments begin

The addition of NFT capabilities to the network as a way to demonstrate the smart contract’s ability to transact high-demand items while keeping fees low was another cause for the increasing momentum witnessed in KDA.

NFTs have been one of the hottest areas in the cryptocurrency industry, as well as one of the key techniques for attracting new users to a network, so it’s not unexpected to see yet another project adopt this strategy.

Kadena’s ability to enable low-cost transactions in a POW context while yet providing quick processing times is one of its primary selling factors.

The project has also added a “crypto gas station” function that allows businesses to remove all transaction fees for their consumers by setting up accounts to finance gas purchases on their behalf under specified conditions.