Kadena (KDA) Soars amid Binance Listing and Notable Developments

The volatility across the cryptocurrency market has been significantly high since the beginning of the year. This volatility has resulted in many coins making a downtrend. However, coins still making significant developments are seeing price spikes that have broken out of the trend in the broader cryptocurrency market.

Kadena (KDA) is one cryptocurrency that has made notable gains after getting listed on the Binance exchange. The token is also on an uptrend following a spike in network activity.

Kadena lists on Binance

On March 11, Kadena was listed on the Binance cryptocurrency exchange, which has been the main driver of the price uptrend. Binance is the largest cryptocurrency exchange platform globally by trading volumes. New tokens listed on the exchange usually experience a price gain.

#Binance will list @kadena_io $KDAhttps://t.co/b4yPmq6xu3

— Binance (@binance) March 11, 2022

Following this listing, Kadena made a jump from $5.94 to $8.28, representing an around 40% price gain. During the day, KDA’s trading volumes increased by 784% to peak at $325 million.

KDA was already listed on the KuCoin exchange before this Binance listing, and it saw a spike in trading volumes just before the coin went live on Binance.

KDA’s price has slightly corrected from the highs created on March 11. At the time of writing, the coin was trading at $6.95, according to CoinGecko. The coin has dipped by 6.7% during the past 24 hours.

Developments on the Kadena network

Besides the listing on Binance, developments on the Kadena network have also been fuelling the price rally. The network has seen the launch of new protocols. One of these protocols is Kaddex. Kaddex is the first decentralized exchange on the Kadena network.

Kaddex is a decentralized exchange that provides trading without charging any gas fees. This factor could drive prices, given that users of DEXs have been decrying high gas fees in some platforms; hence Kadena is filling this gap by providing free trading.

The Kaddex DEX is also making significant partnerships that could drive adoption. One of these was the integration of this DEX with Simplex. The integration focuses on bridging the fiat system into the rapidly growing decentralized finance sector.

Kaddex is not the only decentralized application on the Kadena network. The other protocols that have been launched on the network include the Hypercent Launchpad. This platform allows the launch of verified projects on the Kadena network. The other DApp on the Kadena network is ZoidPay. The latter is a cryptocurrency liquidity provider.

Besides these developments, the Kadena network has also shown investors that the future of the blockchain could be marked by a rise in the number of new projects launching on the network, as seen in its roadmap goals.

One of the things in the roadmap goals for this network is the Marmalade native standard for non-fungible tokens (NFTs). Given the growing popularity of NFTs, this development could see a major adoption of the Kadena network that sheds a positive light on the future prices of the KDA token.

The other major development on Kadena’s roadmap is launching wrapped tokens native to the network. These networks include kBTC, kETH and kUSD. The launch of these wrapped tokens could see the network attract more listings on US and global exchanges.

The network is also working on creating a lending platform and a mining program. Its developers are also evaluating the launch of an EVM-compatible bridge, which will boost interoperability between Kadena and other networks. Networks are pushing for bridges with other networks to boost adoption and facilitate the network’s working process with other chains.