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

In bull and bear markets, the mantra for cryptocurrency projects that are focused on long-term sustainability is “always be building.”

Kadena (KDA) is one project that has earned rewards from its forward-looking approach to development despite the weakness in the wider crypto market and the layer-one proof-of-work blockchain protocol has seen its price reverse direction recently.

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

KDA/USD 4-hour chart. Source: TradingView

Three reasons for the recent price growth for KDA include a new listing on Binance, the launch of the first decentralized exchange on the Kadena network and upcoming roadmap plans which include the launch of an NFT standard and wrapped native tokens.

Kadena lists on Binance

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

Following the announcement, the 24-hour trading volume spiked from an average $38 million to $325 million during trading on Friday. KuCoin exchange also saw high trading volume, with $117.4 million worth in trader occurring before the listing went live at Binance.

New projects launch on the Kadena network

A second development helping boost 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 which offers gas free trading.

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

Some of the other protocols that have recently launched and integrated with Kadena include, Hypercent Launchpad, a platofrm which facilitates the launch of verified projects on Kadena, and the crypto liquidity provider ZoidPay.

Related: Altcoin Roundup: 3 Proof-of-work protocols focused on building Web 3.0

Upcoming roadmap developments could be bullish

A third factor helping to attract attention to Kadena is the project’s upcoming roadmap goals which include the launch of of a native NFT standard called Marmalade.

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

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.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

All Dutch and English crypto news!

Crypto recap 16 mei: El Salvador, Nigeria en de Bitcoins van Terra (LUNA)

In deze video behandelt Axel de laatste ontwikkelingen in de crypto markt. Dit doet hij met de onderbouwing van nieuwsberichten en technische analyses. Op deze...

Top 5 cryptocurrencies to watch this week: BTC, MANA, MKR, ZEC, KCS

Bitcoin (BTC) has been relatively calm during the weekend as crypto traders try to rebuild the markets after the Terra LUNA debacle. With macro factors...

Celsius Network’s crypto mining subsidiary SEC filing suggests plans for IPO

Celsius Mining, the mining subsidiary of crypto lending platform Celsius Network, has filed paperwork with the United States Securities and Exchange Commission, or SEC, suggesting...

Analysts flag Bitcoin price levels to watch after LFG sells 80K BTC

Bitcoin (BTC) needs to hold current levels and work to reclaim higher ones to avoid a crash in the $20,000 range, the latest analysis warns.  BTC/USD...

Beste exchanges

Koop je crypto bij Bitvavo