Kadena is another top gainer of the day which has seen major movements during the past twenty-four hours. The cryptocurrency has been under strong bearish pressures after it established its all-time high towards the end of November. However, as the year approaches its end, the cryptocurrency has effectively reversed its downtrend and can now be observed to be moving upwards aggressively. At the time of writing, the cryptocurrency stands at a price level of $16.67. The price has moved upwards by around 30% during the past twenty-four hours. The daily trading volume has surged by nearly 45%. Currently, Kadena stands at a market rank of #60 with the capitalization growing steadily.
What is Kadena?
The blockchain market really took off during 2021 as cryptocurrencies vied towards the moon. However, a lot of hurdles and bottlenecks still exist in the mainstream adoption of the technology. One of the prominent issues that has plagued the king of the cryptocurrencies, Bitcoin, is the lack of scalability. Some blockchains have managed to solve the issue but at the cost of the security that a proof-of-work consensus offers. Kadena pledges to offer the solution to this problem through its unique architecture. Scalability enables the network to expand its scope much faster and also keep up with the growing adoption of the technology without leading to network congestion of high gas fees.
Kadena combines the Proof-of-Work consensus of Bitcoin with parallel chains to boost its efficiency. This technology is dubbed as Chainweb which is essentially a braided parallelized PoW consensus. Chainweb’s technology is revolutionary as it enables high amounts of transactions through no cost as well as in an environmentally-sustainable manner.
Recent updates
Kadena has enabled higher yields for its holders through SushiSwap’s yield farming. KDA holders can now wrap their KDA on CoinMetro to access yield farming on Ethereum through SushiSwap. The current yield offered is over 500% and the scope is expected to continue expanding for the yield program.
The network also underwent an update known as KIP-0014. The upgrade is geared towards enhancing Kadena Account Protocols with Guard and Rotatable Accounts. Moreover, the multi-wallet system of the network is also going to see the addition of a new wallet, X-wallet, very soon.
The network is also working towards achieving interoperability never heard of before in the cryptocurrency market. During December, the first wrapped Bitcoin was minted on the test net. This is the beginning of the new era of interoperability and the availability of wrapped assets on the blockchain.
