Kadena 40% jump; Reasons for the growth of the price of the popular digital currency of the miners
The price of the Kadena digital currency, which has long been one of the most popular tokens among miners, rose 40 percent yesterday, while most digital currency markets were declining; But what has led to a significant jump in Cadena prices in this turbulent market?
To Report Kevin Telegraph, In both bullish and bearish markets, there are always countless projects focused on long-term sustainability.
Kadena is one of the projects that has attracted the attention of many traders despite the weak digital currency market in recent days. The new and forward-looking approach of this project, as well as the Chinese blockchain protocol, which proves to be a first-tier network, have made it possible for the token to grow in price in this turbulent market.
The price of Kadena was at the bottom of $ 5.95 in the early trading hours of March 11 (March 20), which then jumped 40% to a peak of $ 8.28 and its daily trading volume increased by 784% to $ 325 million.
The rise of the Bainance trading market, the launch of Kadena’s first decentralized exchange, and the network’s plans for the future, such as launching a standard NFT and making representative tokens (such as Bitcoin Rapids) on the network, were among the factors that grew. Cadena prices helped.
Kadena enters the Bainance market
The main reason for the price increase of Kadena on March 11 (March 20) was the arrival of this token in Bainance exchange. Following the announcement, Kadena’s daily trading volume at the exchange reached $ 325 million. Prior to this, the volume of transactions in Kadena in the KuCoin exchange, which also has many Iranian users, had increased to $ 117.4 million.
Launching new projects in Kadena network
The launch of new protocols on the Kadena network is the second factor that contributed to the growth of the Kadena price. One of these projects is the launch of the first decentralized exchange in the Kadena ecosystem. This exchange is called Kaddex and does not charge traders any fees.
In addition, the Codex exchange is to be integrated with the Simplex digital currency purchasing services platform. With this merger, Fiat currencies will somehow enter this decentralized and growing financial ecosystem.
The Hypercent Launchpad platform is another protocol that has recently been launched and integrated with the Kadena network. This collaboration will enable the launch of various projects in the Kadena network and the use of the ZoidPay payment program. ZweidPay is a payment tool that users can use to purchase digital currency directly from popular websites.
Programs that can increase the price of Cadena again
The third factor that attracted the attention of traders to Kadna is the plans that the network has for the future. A standard setup for NFTs called Marmalade is one such program.
Launching native representative tokens such as kBTC, kETH and kUSD are other things the network intends to do in the future. With the help of these representative tokens, Cadena will enter more international exchanges, the development of its lending platform infrastructure will be easier, and it will be able to create an innovative and stable plan for its mining sector.
In addition, the developers of the project have announced plans to build several test networks to build a communication bridge based on the Atrium virtual machine, as well as a bridge from the Kadena network to Kazmas. These bridges will facilitate Kadena’s interaction with other Chinese blockchain ecosystems.