Proof of work (POW) blockchain networks were in vogue in the early days of cryptocurrencies. The majority protocols has now moved to proof of stake. However, Kadena (KDA), a scalable first-layer blockchain protocol, still works on the old proof of work model. According to the project, the network is able to process up to 480,000 transactions per second. Data from the TradingView website shows that the price of Kadena has increased by 400% in the last 10 days. What are the main reasons for growth?
Kadena enters DeFi
KDA recently launched a packaged version of its token called wKDA. It works on the network ETH and allows it to communicate with all EVM-compatible decentralized financial protocols.
The process has been completed in conjunction with the CoinMetro exchange and will help create a new level of utilization of KDA tokens that have not yet been able to bridge the interoperable world of DeFi. As mentioned above, the team behind Kadena also plans to add crosschain support for other blockchain networks such as Terra, Polkadot, Celo and Cosmos.
NFT projects on Kadena
Another reason for the increased dynamics recorded in the network KDA was the addition of the NFT to the network as a way to demonstrate smart contract capability for transactions with high demand items while maintaining low fees.
.@TheUFOtoken will be building their #NFT gaming platform on @Kadena_io!
UFO will utilize Kadena’s unique features from our scalable layer 1 #PoW #blockchain & Pact, our safest smart contract, to create the next generation #blockchain gaming experience!https://t.co/itO3QF3Xet pic.twitter.com/Rx1IgZQdX4
– Kadena (@kadena_io) October 29, 2021
One of Kadena’s main points is its ability to offer low-cost transactions in a POW environment and at the same time fast processing times.
The project has also introduced a “crypto gas station” function, which allows companies to eliminate all transaction fees for their customers by creating accounts that exist to finance gas payments on behalf of their users under certain conditions.
Staking KDA
KDA also received support from crypto exchanges, including a new listing on Crypto.com and CoinMetro.
KDA Staking officially reopened !!
We just filled 730,000 $ KDA capacity in 20 minutes!
That is $ 5,800,000 + worth of KDA Rocket
Proud to be supporting @kadena_io LFG! https://t.co/74AAgbX4rT#Staking #CoinMetro #Kadena #DeFi
– CoinMetro (@CoinMetro) November 3, 2021
Following the official reopening of KDA staking on November 3, CoinMetro recorded the storage of 730,000 KDA tokens within 20 minutes. The capacity of the staking fund has been completely exhausted.
This suggests that the holders KDA they are excited about the revenue opportunities and this could be a good sign for its integration into DeFi. wKDA may also contribute to reducing the circulating KDA offer, which would ideally put additional buying pressure on the price of tokens.
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