Kadena (KDA) is one of the top gainers in the top hundred cryptocurrencies list. The cryptocurrency had been on a steady downtrend – which began during the middle of February. The cryptocurrency was gripped strongly by the bears during the time period; however, the KDA token was able to reverse its earlier-established bearish trajectory as the bulls took over for the cryptocurrency. At the time of writing, the KDA token is standing at a price level of $6.93. The cryptocurrency has jumped upwards by 12% during the day while the daily trading volume has decreased by nearly 50%. Kadena has risen the market ranks quickly and is currently the sixty-eighth largest token in the market.
What is Kadena?
There has been a recent shift to the Proof-of-Stake consensus mechanism from the older Proof-of-Work one because of scalability issues. However, the PoW mechanism provides the decentralization and security that has contributed to the rise of blockchain technology. Kadena regards itself to be the only Proof-of-Work protocol that delivers scalability that is on par with PoS blockchains.
The protocol makes use of a novel technology – Chainweb – which allows it to divide transactions into shards. The Chainweb ensures that the processing speed of the network is higher.
Why should you invest in KDA?
Kaddex – the first gas-free decentralized exchange on Kadena – has recently entered into a partnership with Hypercent Launchpad to develop the ecosystem of KDA. Both the projects are expected to lead the decentralized finance front on the network. Moreover, Kaddex itself is considered to be a very strong project in the ecosystem which may become a leading face of DeFi itself.
Earlier, the KDA network had joined hands with Decasonic – a venture and digital assets fund – as the ecosystem welcomed Decasonic’s CEO Paul Hsu as Chief Investment and Innovation Officer. Together with Decasonic’s support, Kadena will be raising an investment fund for further development for the network. Moreover, the protocol is not just focused on its own growth but also aims to pull the larger Web 3.0 ecosystem along with itself.
The growth trajectory and the recent developments in Kadena’s ecosystem suggest that KDA may be one of the most solid projects in the cryptocurrency market. Moreover, with time, the KDA is expected to become a thriving and vibrant ecosystem. The future outlook of the cryptocurrency is also bullish with various estimates suggesting a steep uptrend in the medium to long term.
