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

Cointelegraph Markets Pro and TradingView information show that KDA costs have actually risen 1,124% over the previous 2 weeks to $25.94 on November 7. This is because of an increase in trading volume of more than $345,000,000 daily.

While the majority of protocols now use proof-ofstake, Kadena (KDA), which is a layer-one and scalable blockchain protocol, still utilizes the old proof of work design. The task declares that the network can process as much as 480,000 transactions per minute thanks to “braided chain”.

In the early days cryptocurrency, proof-of-work (POW), blockchain networks were all the rage. Bitcoin (BTC), set the standard for security. Other jobs followed in various attempts to offer a scalable and robust network that might either send data or assistance payments.

Chart for 4 hours KDA/USD Source: TradingView

The launch of wrapped KDA on Ethereum (ETH), the rollout nonfungible token tasks and new exchange listings are three factors why KDA rates have increased.

Kadena is now a member of the DeFi brigade

This was carried out in partnership with the CoinMetro exchange. It will produce a brand-new level for token utilization for KDA that has not been able cross the bridge to the interoperable world DeFi.

KDA has launched a covered version its token, wKDA, which works on Ethereum and can connect with all EVM suitable decentralized finance protocols.

The tweet listed below programs that Kadenas group plans to offer cross-chain support for other Blockchain networks such as Terra, Polkadot and Celo.

Kadena is the very first NFT job to be launched

Kadenas main selling point is its capability offer low-cost transactions in POW settings while still providing quick processing times.

. @TheUFOtoken is building their #NFT gaming platform utilizing @Kadena_io UFO will make use of Kadenas special features from our scalable layer 1 #PoW #blockchain & Pact, our most safe smart agreement, to produce the next generation #blockchain gaming experience!https:// t.co/ itO3QF3Xet pic.twitter.com/Rx1IgZQdX4
— Kadena (@kadena_io) October 29, 2021

NFTs are one of the most popular sectors of cryptocurrency. They also appear to be one method of bring in brand-new users to a network. Its not unexpected that another project uses this method.

A “crypto gas station” function has been contributed to the job. This enables services to get rid of transaction fees by opening accounts that can be utilized to spend for gas payments on behalf their clients under specific conditions.

KDAs momentum was likewise increased by the addition of NFT abilities. This is a method to show the clever contract ability to transact high-demand items with low charges

Staking and brand-new exchange listings

This reveals that KDA holders are passionate about yield chances, which could bode well to its integration into DeFi. KDA holders may be more most likely to hold wKDA. This would increase the buy pressure and rate of the tokens.

CoinMetro received 730,000 KDA tokens within 20 minutes of officially opening KDA staking capabilities.

KDAs momentum was likewise enhanced by the addition of NFT abilities. The $KDA #staking campaign on @CoinMetro was a big success, with 730,000 KDA in simply 20 minutes! This shows that KDA holders are enthusiastic about yield opportunities, which could bode well to its integration into DeFi. KDA holders may be more most likely to hold wKDA.

The $KDA #staking project on @CoinMetro was a substantial success, with 730,000 KDA in just 20 minutes! @kadena_ios tight-knit neighborhood made this possible! https://t.co/uzefvikgad
— Kadena (@kadena_io) November 4, 2021

KDA likewise has received support from cryptocurrency exchanges. This includes a brand-new listing on Crypto.com, and CoinMetro using KDA staking.

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Other projects followed in different attempts to provide a scalable and robust network that might either send information or support payments.