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Kadena price soars by 40% after new protocol launches and a major exchange listing

March 12, 2022No Comments

In both bull and bear markets, the mantra for cryptocurrency projects that focus on long-term sustainability is "always be building."

Kadena (KDA) is a project that has reaped rewards for its forward-thinking approach to development despite weakness in the broader crypto market and the layer one proof-of-work blockchain protocol has seen its price reverse direction recently. .

Data of Markets Cointelegraph Pro and TradingView shows that the price of KDA increased by 40% from a low of $5.94 in the early hours of March 11 to a high of $8.28, as its 24-hour trading volume increased by 784% to $325 million.

KDA/USD 4-hour chart. Source: TradingView

Three reasons for KDA's recent price growth include a new listing 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 tokens.

Kadena Lists on Binance

The biggest driver of KDA was the March 11 listing on Binance.

Following the announcement, 24-hour trading volume increased from an average of $38 million to $325 million during Friday trading. The KuCoin exchange also saw high trading volume, with $117.4 million worth of traders before the listing was published on Binance.

Launch of new projects in the Kadena network

A second development that helped push up the price of KDA was the launch of new protocols on the Kadena network, including Kaddex, the first decentralized exchange in the project's ecosystem to offer gas-free trading.

Kaddex also announced an integration with Simplex that will bring a fiat gateway to the growing decentralized finance ecosystem.

Some of the other protocols that have recently launched and integrated with Kadena include, Hypercent Launchpad, a platform that makes it easy to launch verified projects on Kadena, and crypto liquidity provider ZoidPay.

Related: Altcoin Roundup: 3 Proof-of-Work Protocols Focused on Building Web 3.0

Next roadmap developments could be bullish

A third factor helping to draw attention to Kadena is the project's upcoming roadmap milestones, which include the release of a native NFT standard called Marmalade.

Other notable developments that are planned on the Kadena roadmap include the launch of native wrapped tokens such as kBTC, kETH, and kUSD, a push for additional listings on US and global exchanges, the development of a lending platform infrastructure, and the launch of of a sustainable mining initiative.

The developers behind the project have also announced plans to launch testnets for a Kadena Ethereum Virtual Machine (EVM) bridge, as well as a Kadena to Cosmos bridge that will facilitate interoperability with other popular blockchain ecosystems.

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