Proof-of-work (POW) blockchain networks had been all the fashion within the early days of cryptocurrency when Bitcoin (BTC) set the usual for safety and different initiatives adopted go well with in numerous makes an attempt to supply a strong, scalable community that will both assist funds of effectively transmit information.

Most protocols have now shifted to proof-of-stake however Kadena (KDA), a scalable layer-one blockchain protocol remains to be working on the previous proof-of-work mannequin. In accordance with the challenge, the community is able to processing as much as 480,000 transactions per second due to using “braided chains”.

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Information from Cointelegraph Markets Pro and TradingView exhibits that  within the final two weeks, KDA worth has rallied 1,124% to a brand new file excessive at $25.94 on Nov. 7 as its 24-hour buying and selling quantity spiked from a each day common of $3 million to greater than $345 million.

KDA/USD 4-hour chart. Supply: TradingView

Three causes for the breakout in KDA worth embody the launch of wrapped KDA on the Ethereum (ETH) community, the rollout of nonfungible token initiatives, new trade listings and the addition of assist for KDA staking.

Kadena joins the DeFi brigade

KDA just lately launched a wrapped model of its token known as wKDA which operates on the Ethereum community and permits it to work together with all EVM-compatible decentralized finance protocols.

The method was accomplished at the side of the CoinMetro trade and can assist to create a brand new degree of token utilization for KDA, which up to now had not been capable of cross the bridge into the interoperable world of DeFi.

As famous within the tweet above, the staff behind Kadena additionally plans so as to add cross-chain assist for different blockchain networks like Terra, Polkadot, Celo and Cosmos.

NFT initiatives launch on Kadena

One more reason for the elevated momentum seen in KDA was the addition of NFT capabilities to the community as a option to showcase the sensible contract capacity to transact excessive demand objects whereas retaining charges low.

NFTs have been one of many hottest sectors within the cryptocurrency ecosystem and likewise seem like one of many major strategies for attracting new customers to a community so it is not stunning to see yet one more challenge resort to this tactic.

One of many primary promoting factors for Kadena is its capacity to supply low-cost transactions in a POW setting whereas nonetheless providing quick processing instances.

The challenge has additionally launched a “crypto gasoline station” function that permits companies to remove all transaction charges for his or her clients by creating accounts that exist to fund gasoline funds on behalf of their customers underneath sure circumstances.

New trade listings and staking alternatives

KDA has additionally acquired assist from cryptocurrency exchanges, together with a brand new itemizing on Crypto.com and CoinMetro presents KDA staking.

After formally reopening KDA staking capabilities on Nov. 3, CoinMetro noticed 730,000 KDA tokens deposited inside 20 minutes to totally faucet out the staking pool’s capability.

This means KDA holders are enthusiastic about yield alternatives and it might bode properly for its integration into DeFi. wKDA may also contribute to lowering the circulating provide of KDA, which ideally would extra purchase strain on the tokens’ worth.

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails threat, it is best to conduct your individual analysis when making a call.