New staking opportunities in DeFi and centralized exchanges, along with a migration to the Ethereum network are just a few reasons for KDA’s recent 500% rally.

Proof-of-work (POW) blockchain networks were all the rage in the early days of cryptocurrency when Bitcoin (BTC) set the standard for security and other projects followed suit in various attempts to offer a robust, scalable network that would either support payments of efficiently transmit data.

Most protocols have now shifted to proof-of-stake but Kadena (KDA), a scalable layer-one blockchain protocol is still operating on the old proof-of-work model. According to the project, the network is capable of processing up to 480,000 transactions per second thanks to the use of “braided chains”.

Data from Cointelegraph Markets Pro and TradingView shows that  in the last two weeks, KDA price has rallied 1,124% to a new record high at $25.94 on Nov. 7 as its 24-hour trading volume spiked from a daily average of $3 million to more than $345 million.

KDA/USD 4-hour chart. Source: TradingView

Three reasons for the breakout in KDA price include the launch of wrapped KDA on the Ethereum (ETH) network, the rollout of nonfungible token projects, new exchange listings and the addition of support for KDA staking.

Kadena joins the DeFi brigade

KDA recently launched a wrapped version of its token called wKDA which operates on the Ethereum network and allows it to interact with all EVM-compatible decentralized finance protocols.

The process was completed in conjunction with the CoinMetro exchange and will help to create a new level of token utilization for KDA, which to this point had not been able to cross the bridge into the interoperable world of DeFi.

As noted in the tweet above, the team behind Kadena also plans to add cross-chain support for other blockchain networks like Terra, Polkadot, Celo and Cosmos.

NFT projects launch on Kadena

Another reason for the increased momentum seen in KDA was the addition of NFT capabilities to the network as a way to showcase the smart contract ability to transact high demand items while keeping fees low.

NFTs have been one of the hottest sectors in the cryptocurrency ecosystem and also appear to be one of the primary methods for attracting new users to a network so it's not surprising to see yet another project resort to this tactic.

One of the main selling points for Kadena is its ability to offer low-cost transactions in a POW setting while still offering fast processing times.

The project has also introduced a “crypto gas station” feature that allows businesses to eliminate all transaction fees for their customers by creating accounts that exist to fund gas payments on behalf of their users under certain conditions.

New exchange listings and staking opportunities

KDA has also received support from cryptocurrency exchanges, including a new listing on and CoinMetro offers KDA staking.

After officially reopening KDA staking capabilities on Nov. 3, CoinMetro saw 730,000 KDA tokens deposited within 20 minutes to fully tap out the staking pool's capacity.

This indicates KDA holders are excited about yield opportunities and it could bode well for its integration into DeFi. wKDA might also contribute to reducing the circulating supply of KDA, which ideally would additional buy pressure on the tokens' price.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets cling to the idea of a bullish breakout

Bitcoin price is slowing down as it sticks close to a crucial support level with no volatility in sight. Ethereum and Ripple are following the big crypto’s lead and consolidating, showing no directional bias whatsoever.

More Bitcoin News

Dogecoin Price Prediction: DOGE set to dip another 15%

Dogecoin (DOGE) is under siege by bears as price action books a fourth consecutive day of losses. DOGE bulls are being pushed up against support at $0.16, which goes back to July 20. If global markets sentiment does not change, more downside is in the pipeline for DOGE, with a dip towards $0.13.

More Dogecoin News

Sandbox price finds stable support as SAND readies to rebound

Sandbox price is bouncing off a confluence of support, suggesting that an uptrend is likely. Investors can expect SAND to face a minor blockade before reaching the next significant hurdle.

More Sandbox News

Cardano price bullish reversal pattern could launch ADA toward $1.96

Cardano price has sliced above a crucial resistance barrier, which validated a bullish chart pattern. However, momentum declined as ADA retraced slightly, testing a critical line of defense before the Ethereum killer targets bigger aspirations.

More Cardano News

BTC eyes retest of $50,000

Bitcoin price shows a resurgence of retail interest as it bounced off a crucial psychological level. The recent uptrend is preparing a base on a short-term time frame so BTC can kick-start a larger leg-up. Interestingly, on-chain metrics are lining up with the bullish outlook portrayed from a technical perspective. An uptrend now seems inevitable for BTC and, therefore, the larger ecosystem.

Read full analysis