Securities.io is committed to rigorous editorial standards. We may receive compensation when you click on links to products we review. Please view our affiliate disclosure. Trading involves risk which may result in the loss of capital.
Table Of Contents
Cryptocurrency project Kadena (KDA), which claims to be the only scalable layer 1 PoW blockchain, recently announced a new initiative meant to bring together the biggest thinkers of the crypto world. According to the project’s Twitter post, the goal is to gather top-tier tech talent, as well as unparalleled strategic capital, and to use it to fuel the hypergrowth of the project’s ecosystem.
The name of the new initiative is Kadena Eco, and its long-term goal is to turbocharge the project’s unlimited use cases and, along the way, reach mainstream adoption.
We are excited to announce Kadena Eco, a new initiative designed to bring together the biggest thinkers in the industry, top-tier tech talent, and unparalleled strategic capital to fuel @Kadena_io’s ecosystem hypergrowth.https://t.co/DNxvHTDMdH pic.twitter.com/2hBD50xpLR
— Kadena (@kadena_io) February 15, 2022
What is Kadena Eco about?
In a separate announcement published on Medium, the project gave a more in-depth explanation of what Kadena Eco is, and what it can be. The project explained it as an innovation network for Kadena’s hypergrowth — the project’s long-term initiative, designed to bring together the industry’s biggest thinkers, top tech talents, and unparalleled strategic capital. The project will support builders who are shaping the future of Web3 on Kadena’s chain, using the dedicated resources to support their work and the network’s overall growth.
As the name suggests, Kadena Eco’s ultimate aim is to create a strong and healthy ecosystem in Kadena. The project claims to have unlimited use cases that can lead to mainstream adoption, and Kadena Eco’s purpose will be to turbocharge these use cases.
Kadena itself has the ambition to create a thriving digital economy powered by all crypto trends and blockchain products, including DeFi, metaverse, NFTs, gaming, and even DAOs. All of this will be delivered by an ambitious team and an equally ambitious roadmap that the project has created.
Kadena Eco has also developed five strategic components that it plans to use to support founders and entrepreneurs. These include an incubator, an accelerator, R&D, grant programs, and a venture fund. The incubator will be used for technical development that would improve builder skills and ideas. An accelerator will be used for early capital, providing guidance that will empower startups and help them scale after launch.
The research & Development (R&D) component will architect the project’s infrastructure, which is needed to transform the more complex technical concepts into practical applications that can be used in the real world. Grant programs will, of course, support community-oriented projects, and lastly — a venture fund will offer strategic growth and smart capital. With the addition of operational expertise, it will aim to push forward companies that choose to use Kadena’s chain for realizing their vision.
The first order of business for the newly launched Kadena Eco will be a core ecosystem fund. The project will use it to deliver the funds to builders in Kadena and offer them the strategic and technological assistance needed to become the titans of the industry.
KDA performance in 2022
As for Kadena’s KDA token, it has seen its fair share of volatility in 2022 so far. Starting the year with the price of $12.6, the token dropped to a support level at $5 by January 22nd, as the bear market pushed it down. The token seemingly found its bottom there, and from that point, it recovered to $6 by January 29th, only to see a surge to a resistance at $10 about 10 days later, on February 9th.
Following that, the token corrected to $7, from where it started recovering again, currently sitting at $7.81 with a 14.11% increase in the last 24 hours.
To learn more about this token visit our Investing in Kadena guide.
Ali is a freelance writer covering the cryptocurrency markets and the blockchain industry. He has 8 years of experience writing about cryptocurrencies, technology, and trading. His work can be found in various high-profile investment sites including CCN, Capital.com, Bitcoinist, and NewsBTC.