Ethereum (ETH) would-be competitor Kadena (KDA) continued to rise in the market over Christmas on hopes that the protocol will bring improvements in everything from smart contract creation to non-fungible trading Tokens (NFT).
At 10:37 UTC, KDA was trading at $15.31, up 12% in the last 24 hours. In terms of market capitalization ($2.47 billion), the token is currently the 70th most valuable crypto asset.
Over the past week, KDA has now gained more than 43%, making it the fifth best performing coin among the top 100 coins by market cap on a 7-day basis. At the time of writing, NEAR, FTM, AAVE and SUSHI were the only coins to perform better this week, gaining 70%, 65%, 56% and 45% respectively.
90 day price of KDA:
Source: Coingecko.com
The Christmas rally for KDA comes as the team behind the protocol has announced a number of new features. Among the most interesting for holders is the possibility of packaging KDA tokens for yield farming on Ethereum-based decentralized exchanges (DEXes). Sushi Swapand a new web browser extension wallet for Kadena, known as X-Wallet.
Created by Stuart Popejoy and Will Martino, two former blockchain developers at the investment banking giant JP MorganKadena is described as a smart contract platform that aims to compete with Ethereum by simplifying the way smart contracts are written.
The protocol has also leveraged certain aspects of Bitcoin (BTC)'s design, such as the Proof-of-Work (PoW) consensus model. According to Kadena’s website, the network offers “the security of Bitcoin, virtually free gas, unparalleled throughput, and smarter contracts.”
The project has attracted attention, among other things, because of its plans to launch Marmalade, its own standard for buying and selling NFTs, which will incorporate requirements for selling an NFT into the standard.
One of Kadena's greatest assets is often touted its proprietary Pact programming language for smart contracts, described in the documentation as “the first truly human-readable smart contract language.”
However, the project has been criticized by some analysts for an alleged high degree of centralization of hashing power to support the network.
In any case, Kadena's rally over the past week follows a strong period for the token in early November, with KDA rising more than 300% between November 1st and November 13th. However, as is often the case after parabolic rallies, the price later reversed lower, falling about 70% from its November 13 high of over $28 to a low of $8.57 on December 13.
Currently KDA is mainly traded on stock exchanges KuCoin And Gate.io, which together accounted for 89% of trading volume over the last 24 hours. The token is not yet listed on some of the largest exchanges in the world, such as: Binance And Coinbase.
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