Proof of Work (POW) blockchain networks were all the rage in the early days of cryptocurrency, when Bitcoin (Bitcoin) Develop security standards, and other projects have followed suit to provide a powerful and scalable network to support payments for effective data transmission.
Most protocols have now moved to Proof of Stake, but Kadena (KDA), a scalable first-layer blockchain protocol, is still running on the old Proof of Work model. According to the project, the network can process up to 480,000 transactions per second due to the use of “woven chains.”
Data from Cointelegraph Markets Pro with Transaction view It shows that in the past two weeks, the price of KDA has risen by 1,124% to a record high of US$25.94 on November 7, and its 24-hour trading volume has soared from US$3 million per day to more than US$345 million.
Three reasons for the KDA price breakthrough include the launch of packaged KDA on Ethereum (Ethereum) Network, the launch of irreplaceable token projects, new exchange listings, and increased support for KDA pledges.
Kadena joins the DeFi team
KDA recently launched a token packaging version called wKDA, which runs on the Ethereum network and allows it to interact with all EVM-compatible decentralized financial protocols.
This process was completed with the CoinMetro exchange and will help create a new level of token utilization for KDA, which has so far been unable to cross the bridge into the interoperable world of DeFi.
As mentioned in the above tweet, the team behind Kadena also plans to add cross-chain support to other blockchain networks such as Terra, Polkadot, Celo and Cosmos.
NFT project launched on Kadena
Another reason for the growth momentum of KDA is the addition of NFT functionality to the network to demonstrate the ability of smart contracts to trade high-demand projects while maintaining low fees.
UFO will take advantage of the unique features Kadena gains from our scalable layer 1 #PoW #Blockchain & Pact, our most secure smart contract, creating the next generation #Blockchain Game experience!https://t.co/itO3QF3Xet pic.twitter.com/Rx1IgZQdX4
-Kadena (@kadena_io) October 29, 2021
NFT has always been one of the hottest areas in the cryptocurrency ecosystem, and it seems to be one of the main ways to attract new users to the network, so it is not surprising to see another project adopting this strategy.
One of Kadena’s main selling points is its ability to provide low-cost transactions in a POW environment while still providing fast processing time.
The project also introduces the “encrypted gas station” function, which allows companies to eliminate all transaction fees for customers by creating existing accounts that, under certain conditions, pay for natural gas on behalf of their users.
New exchange listing and pledge opportunities
KDA is also supported by cryptocurrency exchanges, including a new listing on Crypto.com and CoinMetro’s provision of KDA collateral.
-Kadena (@kadena_io) November 4, 2021
After officially reopening the KDA staking function on November 3, CoinMetro saw that 730,000 KDA tokens were deposited within 20 minutes to fully tap the capacity of the staking pool.
This shows that KDA holders are excited about revenue opportunities, which may herald its integration with DeFi. wKDA may also help reduce the circulating supply of KDA, which, ideally, will increase the buying pressure on the token price.
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