Kadena Launches the First Gas-free Decentralised Exchange

Key Insights:

  • Kaddex delivers gas-free liquidity pooling through Kadena’s braided chain framework.
  • KDX stakers can earn 0.05% on all swaps taking place on Kaddex. 
  • The Kaddex liquidity mining program is designed to attract liquidity through the distribution of KDX tokens.

Kadena, the hybrid proof-of-work (PoW) blockchain that combines both a Layer 1 public chain protocol with a Layer 2 network, has announced the launch of a gas-free decentralised exchange (DEX) known as Kaddex.

The project notes that its team undertook a “rigorous, multi-stage audit” of their code, launched a public Devnet build and opened a bug bounty program in partnership with Immunefi to incentivise overall improvements to Kaddex.

Through Kadena’s (KDA) braided chain framework, Kaddex delivers staking and gas-free liquidity pooling that will “always remain free”. The project claims that together with gas-free transactions, Kadena’s scalable blockchain will ensure fast and secure settlements.

Since everything from liquidity and provision to pricing and swapping is done entirely on-chain, there is no need for intervention from off-chain oracles. What’s more, Kaddex represents the only multi-protocol DEX with native decentralised bridges, which means that users can access value through a single platform.

KDX stakers will earn 0.05% on all swaps taking place on Kaddex, enabling holders to earn passive income whilst still participating in governance.

Indeed, the Kaddex decentralised autonomous organisation (DAO), which is focused on ecosystem development, plays vital role in controlling the parameters for individual pools. Its purpose is to establish community ownership of the ecosystem by allowing members to steer the development of the platform.

Liquidity Mining Program

A standout feature of the newly launched DEX is that it implements a more modernised version of the Uniswap v2 automated market maker (AMM) by using the Pact programming language.

A liquidity mining feature has been added to the code in order to incentivise users to act as liquidity providers (LPs). More specifically, LPs will have two options, either claiming 0.25% of the swapping fees or rewards in KDX tokens with a programmatic booster.

As such, the Kaddex liquidity mining program is designed to attract liquidity through distribution of native KDX tokens, which the project claims will “generate lucrative pool boosters for early LPs that will non-linearly decrease” with time.

Other notable developments that are planned on the Kadena roadmap include a push for additional U.S. and global exchange listings, as well as development of a lending platform infrastructure.

Crypto Market Daily Highlights – May 17

Key Insights:

  • The global crypto market cap is back above the $1.3trillion mark. 
  • BTC’s price has tested the $30,300 resistance. 
  • Both bullish and bearish news is driving market volatility higher.

 The larger cryptocurrency market has been rangebound for most of this month, as the global crypto market cap oscillated between the $1.2 trillion low and $1.34 trillion. 

Data from Coin Market Cap top 100 suggested that Kadena (KDA) jumped by 14.70%, and Algorand (ALGO) saw 11% daily gains leading market the crypto majors. 

It has been an eventful 24 hours for the crypto market, with BTC jumping back above the $30,000 mark and several altcoins in the top 100 making gains. Sustained gains, however, still remain in question as the market continues to be volatile. 

BTC risks falling to $20,000

According to some market experts, BTC’s chances of revisiting the lower levels are still high. The Luna Foundation Guard (LFG) recently revealed that it had sold almost all of its BTC reserves during last week’s Terra (LUNA) and TerraUSD meltdown. The higher amount of circulation BTC in the market added to price volatility. 

Famous trader Phoenix said in a recent Twitter post that if bitcoin’s price falls below the $29,494 mark, the next price range to watch would be $21,800-23,800. 

As highlighted in an FXEmpire article earlier this morning, the Bitcoin Fear & Greed Index fell from 10/100 to 8/100, its lowest level since March 14, 2020. 

The early-week BTC losses witnessed this week could be blamed on global investors in the equity markets and the crypto market responding to dire economic data from China.

Despite short-term price gains, weak technical signals and low buying pressure left bitcoin’s price in a rangebound movement. That said, in the traditional market, weak stats coupled with the threat of a recession left the NASDAQ 100 down 1.20%.

Even though Federal Reserve chair Jerome Powell’s assurances on the rate hike front have delivered support, the same has failed to change the larger economic outlook. Furthermore, the correlation between bitcoin and the NASDAQ strengthened marginally on Monday.

On a one-day chart, BTC’s price made some positive progress; however, high gains didn’t seem to be on bitcoin’s cards as RSI highlighted high selling pressure in the market. 

FXempire, BTC, Crypto, Bitcoin
BTC 1-day price | Source: FXEmpire

Analyst Rekt Capital pointed out that the $20,000 zone is an area of interest should current levels fail to hold and buyers not materialize.

LUNA and UST Debacle Continues

The South Korean Conservative Party has requested a parliamentary hearing on the dramatic fall of Terra’s LUNA and its algorithmic stablecoin UST. 

On Tuesday, the South Korean National Assembly’s Political Affairs Committee summoned Terraform Labs co-founder Do Kwon for a parliamentary hearing regarding the issue. The committee’s representative, People’s Power’s Yoon Chang-Hyeon, said,

“There is a part that raises questions about the behavior of exchanges during the crash. Coinone, Korbit, and Gopax stopped trading on May 10, Bithumb on May 11 stopped trading daily, but Upbit did not stop trading until May 13.”

However, amid the negative commentary, TerraUSD’s price managed to register 11.83% gains trading at $0.1216 at the time of writing. 

High Volatility Sends Altcoin Prices Up

A recent Santiment report highlighted that for those ‘expecting less volatility for crypto markets in the first weeks of May after the rocky first four months of 2022, a continued pattern of downswings shook even crypto’s optimistic traders to their cores.’

After the second FOMC meeting that resulted in the US Fed increasing interest rates by another 0.5%, crypto markets showed some life for 24 hours. At press time, some of the top gainers were altcoins like Elrond (EGLD), Kava (KAVA), Aave (AAVE), and Kadena (KDA)

Algorand (ALGO) also gained close to 7.82% as the token traded at $0.49 at the time of writing. On the other hand, BAYC’s ApeCoin (APE) also noted 7% gains, trading at $8.73. 

Interestingly, Litecoin’s price saw a bounce of over 6% in the last 24-hours as it traded at $70.83. 

One of the most interesting news came from China, as bitcoin mining was back in the news this week, with new data showing China as the second-largest bitcoin mining nation, despite an outright ban.

A recent, FXEmpire article also highlighted that the world’s largest digital currency asset manager, Grayscale, confirmed that it would be bringing its first European ETF called the Grayscale Future of Finance UCITS ETF (GFOF).

Thus, with both bullish and bearish developments taking place in the crypto market, volatility could continue to push BTC and the global crypto market’s boat in the near term. 

Kadena (KDA) Retreats Amid Calls To Ban Proof-of-Work Mining

Kadena (KDA) continues to slide amid worries about a potential crackdown on proof-of-work (PoW) mining.

PoW Mining Is in Spotlight Due to Energy Shortage and Climate Change

The token of the PoW blockchain made an attempt to settle above the $17 level back at the end of December but lost momentum and declined towards the $7.00 level.

While crypto markets have been under pressure due to rising Treasury yields and fears about aggressive rate hikes from the Fed, it looks that there is an additional catalyst in Kadena’s decline.

The Vice-Chair of European Securities and Markets Authority (ESMA) Erik Thedéen has recently called for banning of the PoW mining due to concerns over energy usage and climate change.

It remains to be seen whether such calls will have any material impact on the dynamics of Bitcoin. Bitcoin makes up over 40% of the total crypto market cap, and many funds have positions in the world’s leading cryptocurrency. In this light, it is not easy to ban Bitcoin without consequences for financial markets. However, a war on smaller PoW projects is easier, and it looks that traders are worried that Kadena’s value proposition may hurt the project if regulators increase their efforts against PoW.

KDA Tests Important Support at $7.50

kda january 19 2022

KDA managed to settle below the support level at $8.40 and is testing the strong support at $7.50. In case KDA manages to settle below this level, it will move towards the next support level at $6.50.

A successful test of the support at $6.50 will push KDA towards the support at $5.75. In case KDA declines below this level, it will head towards the next support level at $4.85.

On the upside, the previous support at $8.40 will serve as the first resistance level for KDA. A move above this level will push KDA towards the resistance which is located near the 20 EMA at $9.50.

kda h1 january 19 2022

Taking a look at H1 chart, we can see that RSI has moved away from the oversold territory, so there is plenty of room to gain additional momentum if KDA settles below $7.50.

Kadena (KDA) Rallies Towards The $17 Level, What’s Next?

Kadena Continues To Rebound After Strong Pullback From November Highs

Kadena gained strong upside momentum in recent days and made an attempt to settle above the $17 level.

The token of the proof-of-work blockchain has recently made a significant attempt to move higher which was followed by a pullback, but buyers quickly returned and pushed the coin towards the $17 level. .

It looks that Bitcoin‘s move above the psychologically important $50,000 level provided significant support to other projects in the crypto space. In fact, Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, has recently slipped below the 40% level which indicates that interest in altcoins is growing. This is bullish for many projects, including Kadena.

KDA Is Not Overbought Despite The Recent Rally

kadena daily december 27 2021

KDA gained strong upside momentum after it managed to settle above the 50 EMA, which is currently located near $12.50. RSI is in the moderate territory despite the recent rally, so there is plenty of room to gain additional upside momentum in case the right catalysts emerge. In addition, it should be noted that RSI is far away from the peaks that were seen back in October – November, which is also bullish for KDA.

Currently, KDA is trying to settle above the $17 level. In case this attempt is successful, KDA will move towards the resistance at the $18 level. A move above this level will push KDA towards the next resistance which is located at $18.80. If KDA gets above $18.80, it will head towards the resistance at $19.30.

On the support side, the nearest material support level for KDA is located at $15.90. If KDA gets back below this level, it will head towards the support at $14.65. A move below this level will push KDA towards the support at $13.70. In case KDA declines below $13.70, it will head towards the 50 EMA at $12.50.

kadena h1 december 27 2021

Taking a look at H1 chart, we can see that RSI is close to the overbought territory but there is enough room to develop additional upside momentum. The current upside trend looks strong, so KDA will have a good chance to get above the $17 level and move towards the next resistance at the $18 level in case the crypto market mood remains bullish.

For a look at all of today’s economic events, check out our economic calendar.

Kadena Enjoys Wider Adoption, Price Rises by 30%

At a time when most blockchain networks have shifted or are planning to shift to Proof of Stake and other less energy-consuming consensus models, Kadena remains one of the few PoW blockchains, and it’s truly enjoying the moment.

Kadena Spikes by 30% in 24 hours

The native token of the blockchain has seen a 30% rise in the past 24 hours as it finally found support after a massive pullback from its historic highs.

The token witnessed a major spike in the last two weeks that led to it reaching an all-time high of $28.25 in the second week of November, but it soon came crashing down, dropping below $9 before it finally found the much-needed support for a pullback. In the past 24 hours, the token has gone from around $9.28 to as high as $14.17 and is currently at $13.92.

The platform is a scalable Layer 1 PoW blockchain that can execute up to 480,000 transactions per second. According to the project, this ability is due to its use of “braided chains.” 

Available data from CoinMarketCap shows that the token has been steadily rising in value since the end of January 2021, when it was worth less than $0.2. The steady rise saw its first massive jump in price in October, followed by even more spikes in November that allowed the token to reach its ATH. 

But it soon dropped back in value before finally picking up again. In the past year, the cryptocurrency has seen an increase of up to 6,500% in its value.

What is Pushing Kadena’s Rise?

Several factors might be responsible for this rise in value. One of such is the launch of Wrapped KDA (wKDA) on Ethereum, finally allowing Defi compatibility on the blockchain network. 

Another reason for its price growth is the token’s ability to support NFT projects. You’ll note that the NFT space has seen a surge in recent times as more crypto enthusiasts and individuals have shown interest in the space. With its “crypto gas feature,” NFT projects are able to fund their users’ gas payments when they meet certain conditions.

In addition, some exchanges like Crypto.com and CoinMetro now allow their users to stake the crypto asset. This has drastically led to the level of increased interest in the digital coin.

Kadena Could Retest its $25 All-Time High Price Soon

Kadena has been one of the top performers in the market in recent days, thanks to blockchain’s entry into the decentralized finance (DeFi) and nonfungible token (NFT) sectors.

KDA Rallies by 37% Today

The cryptocurrency market has recovered from the slight dip experienced earlier today, with Bitcoin and other cryptocurrencies trading in the green zone now. BTC is up by less than 1% over the past 24 hours but is currently trading close to its all-time high price of $68,641.

Kadena (KDA) remains one of the top performers amongst the top 100 by market cap. At press time, Kadena is up by 38% over the past 24 hours and is above $22 per coin. KDA is currently down by roughly 10% from the all-time high of $25.34 it attained three days ago.

KDA/USD chart. Source: FXEMPIRE

KDA’s recent rally was fueled by the blockchain’s entry into the DeFi and NFT spaces. Last week, KDA launched a wrapped version of its token called wKDA. The wrapped version of the token operates on the Ethereum blockchain, allowing it to interact with all Ethereum Virtual Machine-compatible decentralized finance (DeFi) protocols.

Furthermore, the Kadena blockchain is now playing host to some NFT projects. The KDA blockchain is now NFT compatible, and some projects are already launching on the ecosystem. The UFO team revealed that it would build an NFT gaming platform on the Kadena blockchain.

KDA to Retest $25 Soon

KDAs is currently more than 10% down from the all-time high of $25.34 it attained during the weekend. However, the cryptocurrency’s recent rally shows that it could retest the all-time high and set a new one in the coming days.

Over the past week, KDA’s price has surged by more than 300%, outperforming numerous cryptocurrencies in the market. If it continues with its current momentum, then KDA could rally higher over the coming hours.

KDA is looking to test the $23.9 resistance level. Surpassing the resistance level would allow the cryptocurrency to move towards the $25 and possibly set a new all-time high over the coming hours or days.