In bull and bear markets, the mantra for cryptocurrency projects that are focused on long-term sustainability is “always be building.”
Kadena (KDA) is one project that has earned rewards from its forward-looking approach to development despite the weakness in the wider crypto market and the layer-one proof-of-work blockchain protocol has seen its price reverse direction recently.
Data from Cointelegraph Markets Pro and TradingView shows that the price of KDA spiked 40% from a low of $5.94 in the early hours on March 11 to a high of $8.28 as its 24-hour trading volume surged 784% to $325 million.
KDA/USD 4-hour chart. Source: TradingView
Three reasons for the recent price growth for KDA include a new listing on Binance, the launch of the first decentralized exchange on the Kadena network and upcoming roadmap plans which include the launch of an NFT standard and wrapped native tokens.
Kadena lists on Binance
The biggest driver of KDA was the March 11 listing on Binance.
#Binance will list @kadena_io $KDAhttps://t.co/b4yPmq6xu3
— Binance (@binance) March 11, 2022
Following the announcement, the 24-hour trading volume spiked from an average $38 million to $325 million during trading on Friday. KuCoin exchange also saw high trading volume, with $117.4 million worth in trader occurring before the listing went live at Binance.
New projects launch on the Kadena network
A second development helping boost the price of KDA was the launch of new protocols on the Kadena network, including Kaddex, the first decentralized exchange in the project’s ecosystem which offers gas free trading.
Kaddex also announced an integration with Simplex that will bring a fiat onramp into the growing decentralized finance ecosystem.
.@KaddeXofficial and @XWalletOfficial are officially teaming up with @SimplexCC to bring Fiat on Ramp services into Kadena DeFi.
The @kadena_io Ecosystem is growing stronger than ever. Support our journey! pic.twitter.com/dj3nCDvNUw
— Daniele DV ⛓️️ (@KDX_Mandrake) March 8, 2022
Some of the other protocols…