In bull and bear markets, the mantra for long-term sustainable bitcoin projects is “always be building.” Despite the overall slump in the crypto market, Kadena (KDA) has reaped rewards for its forward-thinking approach to development, and the layer-1 proof-of-work (PoW) blockchain protocol has recently seen its price reverse direction.
According to Cointelegraph Markets Pro and TradingView data, the price of KDA increased 40% from a low of $5.94 in the early hours of March 11 to a high of $8.28, while its 24-hour trading volume increased 784 percent to $325 million.
The recent price increase for KDA can be attributed to three factors: a new listing on Binance, the launch of the first decentralized exchange (DEX) on the Kadena network, and impending roadmap goals that include the implementation of an NFT standard and wrapped native currencies.
The most important driver of KDA was its March 11 listing on Binance. Following the news, 24-hour trading activity increased from an average of $38 million to $325 million during Friday trading. The KuCoin exchange also saw significant trading volume, with $117.4 million in trades taking place before the Binance listing became live.
The implementation of new protocols on the Kadena network, including Kaddex, the first decentralized exchange in the project’s ecosystem that provides gas-free trading, was a second development that aided the price of KDA.
Kaddex also announced an interface with Simplex, which would provide a fiat onramp into the burgeoning DeFi ecosystem. Other protocols that have recently launched and linked with Kadena include Hypercent Launchpad, a platform that allows validated projects to be launched on Kadena, and the crypto liquidity provider ZoidPay.
The project’s forthcoming roadmap ambitions, which include the launch of a native NFT standard called Marmalade, are a third factor attracting attention to Kadena.
Other noteworthy milestones on the Kadena roadmap include the debut of wrapped native coins such as kBTC, kETH, and kUSD, a drive for additional US and global exchange listings, the development of lending platform infrastructure, and the launch of a sustainable mining program.
The project’s developers have also revealed intentions to deploy testnets for a Kadena Ethereum Virtual Machine (EVM) bridge and a Kadena to Cosmos bridge, which will allow for compatibility with other major blockchain ecosystems.