- Kadena, a project launched by JP Morgan alumni Stuart Popejoy and Will Martino, was one of the best-performing cryptos of 2021.
- Kadena has launched its decentralized ecosystem exchange, KDSwap, with access to $KDS, $KDL, and $HYPE.
- Kadena has some interesting events outlined, including the launch of testnet bridges with Ethereum Virtual Machine and Cosmos.
- In addition, Kadena will launch a smartphone app and a native NFT standard called Marmalade.
Kadena is a proof-of-work blockchain network created by two former employees of JP Morgan. Stuart Popejoy and Will Martino worked at JP Morgan as leads for the firm’s Blockchain Center for Excellence.
The network claims that it can offer a high level of security to the Bitcoin network. Kadena was one of our best-performing cryptos of 2021, raking in gains of over 7,900% in the year.
Kadena has become an attractive chain, especially to enterprises which look to leverage the high transaction throughput of the network. What successes has Kadena recorded in recent times?
On May 17, Kadena announced the launch of KDSwap, a decentralized exchange for the ecosystem. At launch, the KDSwap offers a variety of Kadena ecosystem tokens, including $KDS, $KDL, and $HYPE.
Kadena promises to include other tokens with time. KDSwap had a less than ideal launch, with users complaining about numerous bugs in the protocol. The Kadena team has promised to fix these bugs with future updates.
In addition, the KDSwap update will come with new features, including multi-asset staking, and additional trading pairs will be integrated. The upgrade is expected to launch in the coming weeks.
A few weeks ago, Kadena announced the launch of a $100 million grant fund as part of the Kadena Eco initiative. The goal of the project is to offer project developers a complete suite to deploy their solutions on top of the Kadena chain.
Through the program, Kadena hopes to support builders to pioneer new projects that transform the world.
After launching the Kadena DEX, the project’s developers have turned to create a mobile application to improve the DEX experience.
Kadena has announced that @XWalletOfficial will launch a smartphone app in June. The app will allow users to sign transactions on their mobile devices, according to the announcement.
The next developments in the roadmap of Kadena could be decisive for the future of the project. In 2022, Kadena hopes to launch a native NFT standard called Marmalade.
Embracing interoperability, Kadena has also outlined plans to launch a testnet to bridge between Kadena and the Ethereum Virtual Machine (EVM) and a bridge between Kadena and Cosmos.
Recovering from the market crash inspired by Terra’s ecosystem collapse, Kadena (KDA) is one of the best performing layer-1 protocols.
Falling to as low as $1.56 at the peak of the market crash on May 13, KDA picked up the pace in the bearish market to recover as high as $3.32 on May 17, when the KDSwap was launched.
The 7D price chart of Kadena (KDA). Source: Tradingview
KDA now trades at $2.61, gaining 3.3% over the last 24 hours. The rally has seen Kadena move up from being the 115th largest cryptocurrency rank 91st. In addition, Kadena now has a market capitalization of $487 million.
On The Flipside
- Kadena recorded one of its worst launches with the KDSwap. At launch, Users complained of bugs within the protocol that prevented normal trading.
- Other traders experienced a lack of uniformity in the charts and prices within the KDSwap protocol.
Built by employees of JP Morgan gives the Kadena community so much believe in the project. After Terra’s collapse, a community member, @AlterVibeEgo, wrote;
The funny (seriously) thing about this attack on Luna is that it could happen to all POS. All you need is enough money to destroy a project. Whereas, POW is secure and decentralized. With @kadena_io $kda, you get Security, Decentralization, and Scalability! Trilemma!
— GP (@AlterVibeEgo) May 13, 2022
Another user, @WhiteTigerWest1¸ wrote;
Envisioning the possible gains for Kadena (KDA) in the future, Tommy Famous writes;
Why You Should Care
Kadena attempts to be different from other PoW chains, combining consensus with directed acyclic graph (DAG) principles. Kadena aims to speed the development and adoption of meaningful applications that benefit everyday people worldwide.