- Kadena, a project launched by J.P. Morgan alumni Stuart Popejoy and Will Martino, was one of the best performing cryptos of 2021.
- Kadena has launched its decentralized ecosystem exchange, KDSwap, which provides access to $KDS, $KDL, and $HYPE.
- The project has some interesting events outlined, including the launch of testnet bridges with Ethereum Virtual Machine and Cosmos.
- Additionally, Kadena has plans to launch a smartphone app and native NFT standard called ‘Marmalade’.
Kadena is a Proof of Work blockchain network created by Stuart Popejoy and Will Martino, who formerly worked at J.P. Morgan as leads of the firm’s Blockchain Center for Excellence.
The network claims that it can offer a high level of security to the Bitcoin network, and Kadena was one of our best-performing cryptos of 2021, having raked in gains of over 7,900% for the year.
Kadena has become an attractive chain, especially for enterprises looking to leverage the high transaction throughput of the network. So, what successes has Kadena recorded in recent times?
On May 17th, Kadena announced the launch of KDSwap, a decentralized exchange for the ecosystem. Since opening, KDSwap offers a variety of Kadena ecosystem tokens, including $KDS, $KDL, and $HYPE.
Kadena has promised to introduce other tokens over time, but even so, KDSwap had a less than ideal start, with users complaining about numerous bugs in the protocol, which the Kadena team has pledged to fix in future updates.
The upcoming KDSwap update will include new features such as multi-asset staking, and will also integrate additional trading pairs. The upgrade is expected to launch within the next few weeks.
Earlier this year, Kadena announced the launch of a $100 million grant fund as part of its ‘Kadena Eco’ initiative. The goal of the project is to provide project developers with a complete suite which would allow them to deploy solutions on top of the Kadena chain.
Through the program, Kadena hopes to support builders to pioneer new projects that transform the world.
Since the launch of the Kadena DEX, the project’s developers have focused their attention on creating a mobile application to improve the DEX experience.
Kadena has announced that @XWalletOfficial will launch a smartphone app in June which will allow users to sign transactions on their mobile devices.
The next major development in the Kadena roadmap has the potential to be pivotal 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 that would bridge Kadena and the Ethereum Virtual Machine (EVM), as well as Kadena with Cosmos.
In recovering from the market crash catalyzed by the collapse of the Terra ecosystem, Kadena (KDA) has been one of the best performing Layer-1 protocols.
Having fallen to a low of $1.56 at the peak of the market crash on May 13th, KDA picked up the pace despite the bearish market to recover to as high as $3.32 on May 17th, when KDSwap was launched.
The 7 day price chart for Kadena (KDA). Source: Tradingview
At the time of writing, KDA is trading at $2.61, having gained by 3.3% over the last 24 hours. The rally has seen Kadena rise in the rankings from the 115th largest cryptocurrency, to become the 91st. Moreover, Kadena now has a market capitalization of $487 million.
On the Flipside
- KDSwap marked one of the worst launches Kadena has had to date, with many users complaining of bugs in the protocol that prevented regular trading.
- Other traders experienced a lack of consistency when comparing the charts with the prices displayed in KDSwap.
With the project being built by former employees of J.P. Morgan, the Kadena community has high levels of trust and belief in the platform. After Terra’s collapse, one 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 potential future gains of Kadena (KDA), Tommy Famous expressed:
Why You Should Care
Kadena looks to stand out from other PoW chains, combining consensus with directed acyclic graph (DAG) principles. Kadena aims to speed up the development and adoption of meaningful applications that will benefit people worldwide in their everday lives.