In bull and bear markets, the motto for long-term sustainable cryptocurrency projects is “Always Build.”
Kadena (KDA) is a project that has been rewarded for its forward-thinking development approach despite the weakness of the broader crypto market, and the Level 1 blockchain protocol with Proof of Work (PoW) has shown price in the opposite direction. Recently.
Data from Cointelegraph Markets Pro and TradingView shows that the KDA price rose 40% from a low of $5.94 in the early hours of March 11 to a high of $8.28 when 24-hour trading volume rose 784% against the dollar. 325 million.
KDA/USD, 4-hour chart. Source: Trading View
Three reasons for the recent price hike of KDA include a new listing on Binance, the launch of the first decentralized exchange (DEX) on the Kadena network, and plans for an upcoming roadmap that include the launch of the NFT standard and encapsulated native tokens.
Kadena listings on Binance
The biggest driver of KDA was the listing on Binance on March 11th.
After the announcement, 24-hour trading volume rose from an average of $38 million to $325 million during Friday’s trading. The KuCoin exchange also saw a high trading volume of $117.4 million ahead of the launch of the listing on Binance.
Launching new projects in the Kadena network
Another development that helped boost the price of KDA was the launch of new protocols on the Kadena network, including Kaddex, the first decentralized exchange in the project ecosystem to offer gas-free trading.
Kaddex also announced its integration with Simplex that will fuel the growth of fiat money in the growing Decentralized Finance (DeFi) ecosystem.
Some of the other protocols recently launched and integrated with Kadena include Hypercent Launchpad, a platform that facilitates the launch of proven projects on Kadena, and cryptocurrency provider ZoidPay.
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The development of the next roadmap may be optimistic
The third factor that draws Kadena’s attention is the project’s upcoming roadmap goal, which includes the launch of its own NFT standard called Marmalade.
Other notable events planned in Kadena’s roadmap include the launch of local tokens such as kBTC, kETH and kUSD, the need for more IPOs in the US and globally, the development of the lending platform infrastructure, and the launch of a sustainable mining initiative. .
The developers of the project also announced plans to launch test networks for the Kadena Ethereum Virtual Machine (EVM) bridge, as well as the Kadena Bridge for Cosmos, which will facilitate interoperability with other popular blockchain ecosystems.