One of the leading proof-of-work blockchain technology platforms, Kadena, has recently launched a $100 million grant program to encourage its platform’s latest web 3.0 developments. This grant program will open the doors for increased usage of this layer-one protocol.
Kadena’s co-founder and CEO, Stuart Popejoy, mentioned that his company might deploy some ‘treasury resources.’ These resources will support Kadena in meeting its long-term protocols and extend the team.
Web 3.0 has revolutionized the entire internet scenario with the iteration of blockchain technology. This unique web form is decentralized, not controlled by any central entity. Thus there are no boundaries to creativity.
Due to its decentralized nature, web 3.0 has gained immense attention from the top venture capitalists. Moreover, KuCoin and CoinDCX have recently made two web 3.0 developer funds valued at $100 million and $135 million each.
Several decentralized node providers are moving ahead to provide the advanced infrastructure needed to facilitate web 3.0 functionalities. Nevertheless, the competition seems to soar as the top web 2.0 legacies, including Amazon, Infura, and Azora, have entered the web 3.0 world.
On its website, Kadena has introduced a proof of work consensus mechanism called Chainweb. This mechanism will provide smart contracts and a scalable architecture to support the web 3.0 development on its platform. Moreover, Chainweb can support high-volume transactions without the involvement of any layer-two scaling solution.
Kadena’s KDA prices soar by 400% after the new protocol launch
Kadena has its own cryptocurrency, KDA, which ranks in the top 100 cryptocurrencies across the world. It has a total capitalization of about $925 million as of today. KDA is witnessing a sharp surge in its trading due to the new interoperability protocol and Binance list launch.
The biggest factor for increased KDA prices was the March 11th listing on Binance.
Following the listing, the 24-hour trading volume increased from an average of $38 million to $325 million during the trading session on Friday. The KuCoin exchange also saw a high trading volume, valued at $117.4 million for the trader before the list came live on Binance.