Tuesday, December 6, 2022

Kadena Posted Double-Digit Losses As More Coins Falter

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Kadena posted double-digit losses as most of the cryptocurrencies crashed and layer-1 networks took a heavy beating in the past 24 hours so let’s have a closer look at today’s blockchain news.

Kadena posted double-digit losses and the native cryptocurrency is down by 10% over the past day and traded at $2.89 from the data of CoinMarketCap. Kadena was founded by former JP Morgan employees Stuart Popejoy and Will Martino who led the center for Excellence from the bank’s in-house blockchain team. By combing the PoW consensus mechansim with the directed cycling graph principles, Kadena claimed that it can provide the security of BTC while offering high throughput which can make the blockchain usable by enterprises.

The KDA price hit a high of $28.25 amid the broader market rally before dropping a huge part of its value in the next few months. KDA is the 89th biggest project by market cap and Kadena is the worst hit among the top 100 biggest digital currencies in the past day. KDA hit a one-year low of $1.38 before surging to $3.40 but still, it went into a downward spiral again with the Monday launch of KDSwap and the DEX built on Kadena.

The launch was not smooth as the KDSWap team admitted in the blog post with a few bugs hindering trading with the issues including discrepancies among visitors to the site from different locations as well as charts not showing the correct price of KDS to the token among others. According to the team, the updated version of the DEX which fixes the known bugs is up and running with features like additional KDS trading pairs to be added d in the next few weeks.

KDA 24-hour Price Chart (Source: Cryptomarketcap)

DOT is down 7.36% in the past day and the NEAR protocol token is down by 6.2% with CELO down 5.62% and Harmony being down 4.26%. BTC is down by 2.6% in the past day and trades around $29,806 while ETH is down by 3% over the span.

As recently reported, Kadena as founded by JPMorgan blockchain alumni Stuart Popejoy and Will Martino announced a $100 million grant program for developers to build projects on the blockchain. While Martino worked as a JP Morgan’s lead engineer for the open-source blockchain product Juno Popejoy who was an executive director of new products but left JPMorgan in 2016 to start the platform together.

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