Kadena Ecosystem: A rising blockchain platform with herculean scalability

Since the advent of Ethereum as the first blockchain platform to have Smart Contract, the blockchain world has turned into a new era of Dapps. However, many Dapps are hopping on board the crypto space, making many blockchain platforms overload causing congestion.

Crypto needs a blockchain that can tackle scalability issues while maintaining a high level of security.

This article will briefly overview Kadena and dig deeper into its newborn ecosystem. Let’s get started!

Kadena Overview

What is Kadena?

Kadena is a blockchain that shapes how crypto users can transact and interact with blockchain technology. Its target partners are businesses that need connecting to the blockchain world. In short, Kadena builds a Webchain architecture that solves the scalability challenge of many of today's blockchains.

Its core architecture is Chainweb which is a Proof-of-Work blockchain. It contains many subchains participating in the consensus to empower the high-performance throughput.

Kadena Completed Milestones

In terms of the Kadena platform, the team delivered all fundamental components making a stepping stone for the ecosystem to launch. Here are two major upgrades:

• Chainweb, A PoW Parallel Chain, went mainnet to serve transactions with massive throughput.
• Pact, Smart Contract Language, released the latest update in January 2022. This ignited the dawn of the Kadena ecosystem. However, the team is still striving to deliver better improvements to Pact.

Pact is the backbone of Dapps on Kadena, and it’s still getting updates from the team. For the Kadena ecosystem to launch, the Smart Contract language must have full functionalities and a community of strong builders.

KDA Listings: Okex, Okcoin and Binance are the major contributors to the liquidity and trading volume of KDA. In general, retail investors have priced in the token before the ecosystem starts moving. In late 2022, the KDA price 10x-ed in just one month ($2 to $20), which is successfully attracted tons of traction. As a result, Kadena is now receiving collective support from the community.

Kadena On-chain Data

(updated: Apr 1st, 2022)

• Chain: Kadena;
• Main Currency: KDA;
• Est. Network Hash Rate: 77 PH/S;
• Total Difficulty: 2.5 EH;
• Total Transactions: 4,396,916;
• Circulating Coins: 171.3M;

For more up-to-date on-chain data on Kadena explorer: explorer.chainweb.com/mainnet

Roadmap

Kadena Platform is running, but it still has many upcoming updates. Pact, Bridge, and Wallet infrastructure on Kadena will be updated to facilitate ecosystem growth.

Kadena Ecosystem is intensely focused on in this phase of development. As shown in the upcoming milestones, Kaddex, Wrapped, Marmalade, Cosmos bridge, EVM bridge, Lending, etc. are coming to the ecosystem.

The first upcoming lego part is DeFi with Kaddex, the first DEX on Kadena, which will deliver the swapping feature for Kadena-based tokens. It will come with the advent of X-Wallet, a native wallet on Kadena.

Notably, after listing Binance in March 2022, Kadena plans to flood into the U.S. crypto market with the U.S. exchange listings in the future. However, there are no official announcements to list KDA on their exchanges. 

Investors and Partners

Kadena closed a $12M investment in a Series B by Multicoin Capital, SIG, SV Angle, etc., in April 2018 after the $2.2M pre-A investment in February 2018. At that time, the crypto market was heading toward 4 years of recession. Kadena shipped the mainnet of the POW blockchain with the release of the KDA token.

The Kadena team has reached out to many reputable partners, as follows:

• Blockchain platforms: Celo, Cosmos, Terra, Polkadot.
• Providers: Coinmetro, Ledger, Zelcore, Flux, Wrapped.

Kadena’s target customers are businesses and enterprises that want to have a blockchain transition. As a result, forming partnerships with other companies is a primary strategy of Kadena. 

About Kadena Ecosystem

The Kadena ecosystem has just started with a few tens of projects, which is a humble number. While the infrastructure still needs updates, it’s a drawback for the launch of the ecosystem. On the positive side, builders are joining to build Dapps and many partnerships with big protocols/companies are formed.

Wallet, Infrastructure, DeFi, NFt, Tools, Listing, etc. are the most fundamental components of any ecosystem and Kadena has them all. For further in-depth assessments, let’s have a closer dive into each project on Kadena.

DeFi

Kaddex is a Gas Free DEX built on Kadenaswap’s infrastructure. The team announced to complete 100% base code and is ready to go live after an audit. Moreover, the Kaddex team is also behind the X-Wallet on Kadena.

At the moment, DeFi on Kadena is still in the early stage and there is still a long journey for Kadena supporters to try out the DeFi experience. And there are still no other Kadena-based tokens besides the native one, KDA.

Launchpad/NFTs

Marmalade plan to be the first launchpad on Kadena and become an infrastructure running NFT marketplaces. It allows other partners of Kadena to build on top of its infrastructure with a high level of scalability.

In my opinion, it’s a clever strategy of Marmalade to build infrastructure instead of a ready-to-serve project. Builders who come to the Kadena ecosystem can land their ideas on top of the NFT infrastructure

Bridge

For now, Wrapped is the partner of Kadena and is also responsible for bridging crypto assets from other L1s to Kadena and vice versa. KDA is now available on Ethereum in the form of Wrapped KDA. The ERC20 token is tradable on most DEXs on Ethereum, such as Sushiswap.

Despite its availability on Ethereum, Kadena plans to acquire more traction and adoption via bridges. This will draw more attention to Kadena and increase liquidity for the token.

Explorer

At the moment, Kadena Explorer is the first and only explorer connecting with Kadena for querying on-chain data. With the vivid visualisation of the Webchain (14 connected chains), Kadena Explorer provides users with the best experience to get the idea behind Kadena’s vision.

Wallet & Payment

Wallets on Kadena are catching up the pace with other niches. There are 6 crypto wallets that support the KDA storage. 2 out of 6 are natively running on Kadena, which are X-Wallet and Chainweaver. The rest are wallets that can store crypto-assets across many blockchains instead of focusing solely on Kadena.

At the moment, X-Wallet V1, built on Kadena, went live as a web-based extension. The browser extension is available for download on Chrome Web Store. Over 9,000 users have installed the Kadena-native extension to store KDA and interact with other protocols.

On the other hand, Kadena Chainweaver is a wallet for desktop and web-based extensions for users to play around with Pact, the smart contract language of Kadena. It was outpaced by the advent of X-Wallet V1. Kadena Coin Transfer: https://transfer.chainweb.com

Transfer Tool (Kadena Coin Transfer) allows its users to conduct irreversible transactions across chains. Besides interacting with the main cross-chain transfer feature, users can also check their Account Balance with the tool.

Investment Opportunities with Kadena Ecosystem

For now, opportunities on Kadena are rare, except for the KDA token.

The native token of Kadena is KDA which is now mostly used for gas fee payments on the blockchain. The scalability of Kadena is the strong narrative acting as the key driver to steer the KDA price in late 2021.

KDA is the only direct and fastest way to invest in the future value of Kadena, while there are almost no other underlying opportunities. If you’re a builder, you can join the ecosystem to deploy your ideas.

The growth of the ecosystem will capture the most value to the KDA token since the demand for the token grows. We will update the article if there is any new juicy opportunity on Kadena.

Kadena Predictions

To reiterate, Kadena might be the competent candidate for the next blockchain platform that can scale fast. Coin98 Insights will deliver some insights and future outlooks in the hope that they will be helpful to readers.

• Kadena can handle up to 480k TPS: Thanks to its combination of subchains (Webchain) to participate in validating transactions with the main chain. The team want to add to the blockchain system up to 100 subchains, empowering Kadena with unparalleled throughput.
• Smart Contract written in Pact will unlock the potential of Kadena: This is the most expected feature of Kadena. Its ability to deploy Smart Contracts for DeFi and NFT applications, which will unlock Kadena’s capability. With warp speed TPS, projects on Kadena might be the next Solana and its ecosystem.
• DeFi and NFT will be the first to bloom on Kadena: Swapping and minting on Kadena will come first, and KDA will be equipped with more solid utilities. This will expand the investment opportunities of the Kadena ecosystem. The crypto world loves incentives and actionable investments.
• Is there any potential congestion or any shutdown? In 2021, Solana surprised the crypto space as the fastest blockchain platform. Unfortunately, several shutdowns were incurred on Solana, slowing down the impressive growth of this blockchain platform. Whether a similar scenario will happen to Kadena?
• Similar blockchain platforms with herculean throughput: Solana, Near, Avax, etc.

Conclusion

To conclude, that is all you need to know about Kadena and its developing ecosystem. We hope you’ve gained valuable insights to understand the future potential and find opportunities in the crypto market, especially the ones related to Kadena.