Proof-of-work (POW) blockchain networks had been all the craze within the early days of cryptocurrency when Bitcoin (BTC) set the usual for safety and different initiatives adopted swimsuit in varied makes an attempt to supply a sturdy, scalable community that may both help funds of effectively transmit knowledge.
Most protocols have now shifted to proof-of-stake however Kadena (KDA), a scalable layer-one blockchain protocol continues to be working on the outdated proof-of-work mannequin. In keeping with the mission, the community is able to processing as much as 480,000 transactions per second due to the usage of “braided chains”.
Knowledge from Cointelegraph Markets Pro and TradingView exhibits that within the final two weeks, KDA worth has rallied 1,124% to a brand new document excessive at $25.94 on Nov. 7 as its 24-hour buying and selling quantity spiked from a day by day common of $3 million to greater than $345 million.
Three causes for the breakout in KDA worth embrace the launch of wrapped KDA on the Ethereum (ETH) community, the rollout of nonfungible token initiatives, new alternate listings and the addition of help for KDA staking.
Kadena joins the DeFi brigade
KDA just lately launched a wrapped model of its token referred to as wKDA which operates on the Ethereum community and permits it to work together with all EVM-compatible decentralized finance protocols.
The method was accomplished along with the CoinMetro alternate and can assist to create a brand new degree of token utilization for KDA, which up to now had not been capable of cross the bridge into the interoperable world of DeFi.
As famous within the tweet above, the crew behind Kadena additionally plans so as to add cross-chain help for different blockchain networks like Terra, Polkadot, Celo and Cosmos.
NFT initiatives launch on Kadena
Another excuse for the elevated momentum seen in KDA was the addition of NFT capabilities to the community as a option to showcase the good contract capacity to transact excessive demand objects whereas protecting charges low.
UFO will make the most of Kadena’s distinctive options from our scalable layer 1 #PoW #blockchain & Pact, our most secure good contract, to create the subsequent era #blockchain gaming expertise!https://t.co/itO3QF3Xet pic.twitter.com/Rx1IgZQdX4
— Kadena (@kadena_io) October 29, 2021
NFTs have been one of many hottest sectors within the cryptocurrency ecosystem and in addition look like one of many main strategies for attracting new customers to a community so it is not shocking to see one more mission resort to this tactic.
One of many important promoting factors for Kadena is its capacity to supply low-cost transactions in a POW setting whereas nonetheless providing quick processing instances.
The mission has additionally launched a “crypto gasoline station” function that permits companies to remove all transaction charges for his or her clients by creating accounts that exist to fund gasoline funds on behalf of their customers beneath sure circumstances.
New alternate listings and staking alternatives
KDA has additionally obtained help from cryptocurrency exchanges, together with a brand new itemizing on Crypto.com and CoinMetro gives KDA staking.
— Kadena (@kadena_io) November 4, 2021
After formally reopening KDA staking capabilities on Nov. 3, CoinMetro noticed 730,000 KDA tokens deposited inside 20 minutes to totally faucet out the staking pool’s capability.
This means KDA holders are enthusiastic about yield alternatives and it might bode effectively for its integration into DeFi. wKDA may additionally contribute to decreasing the circulating provide of KDA, which ideally would extra purchase stress on the tokens’ worth.
The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, you need to conduct your individual analysis when making a choice.