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

In bull and bear markets, the mantra for cryptocurrency initiatives which might be centered on long-term sustainability is “at all times be constructing.”

Kadena (KDA) is one undertaking that has earned rewards from its forward-looking method to growth regardless of the weak spot within the wider crypto market and the layer-1 proof-of-work (PoW) blockchain protocol has seen its worth reverse route not too long ago.

Information from Cointelegraph Markets Professional and TradingView exhibits that the value of KDA spiked 40% from a low of $5.94 within the early hours on March 11 to a excessive of $8.28 as its 24-hour buying and selling quantity surged 784% to $325 million.

KDA/USD 4-hour chart. Supply: TradingView

Three causes for the current worth progress for KDA embody a brand new itemizing on Binance, the launch of the primary decentralized trade (DEX) on the Kadena community and upcoming roadmap plans which embody the launch of an NFT commonplace and wrapped native tokens.

Kadena lists on Binance

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The largest driver of KDA was the March 11 itemizing on Binance.

Following the announcement, the 24-hour buying and selling quantity spiked from a mean of $38 million to $325 million throughout buying and selling on Friday. KuCoin trade additionally noticed excessive buying and selling quantity, with $117.4 million value in dealer occurring earlier than the itemizing went dwell at Binance.

New initiatives launch on the Kadena community

A second growth serving to to spice up the value of KDA was the launch of latest protocols on the Kadena community together with Kaddex, the primary decentralized trade within the undertaking’s ecosystem which provides gas-free buying and selling.

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Kaddex additionally introduced an integration with Simplex that may convey a fiat onramp into the rising decentralized finance (DeFi) ecosystem.

A number of the different protocols which have not too long ago launched and built-in with Kadena embody Hypercent Launchpad, a platform that facilitates the launch of verified initiatives on Kadena, and the crypto liquidity supplier ZoidPay.

Associated: Altcoin Roundup: 3 Proof-of-work protocols centered on constructing Net 3.0

Upcoming roadmap developments might be bullish

A 3rd issue serving to to draw consideration to Kadena is the undertaking’s upcoming roadmap targets which embody the launch of a local NFT commonplace known as Marmalade.

Different notable developments which might be deliberate on the Kadena roadmap embody the launch of wrapped native tokens like kBTC, kETH and kUSD, a push for added United States and world trade listings, the event of a lending platform infrastructure and the launch of a sustainable mining initiative.

Builders behind the undertaking have additionally introduced plans to launch testnets for a Kadena Ethereum Digital Machine (EVM) bridge in addition to a Kadena to Cosmos bridge that may facilitate interoperability with different in style blockchain ecosystems.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, you must conduct your personal analysis when making a choice.

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