New Ethereum Competitor Surpasses $2,000,000,000 Market Cap As Layer-1 Altcoins Show Strength
An under-the-radar altcoin is bouncing back faster than Bitcoin (BTC) as the crypto markets recover from their recent slump.
Hybrid blockchain platform Kadena (KDA) has cleared the $2 billion market cap after rallying from a weekly low of $8.78 on Monday. KDA leaped to as high as $13.50 earlier today.
Kadena was created by two former JPMorgan blockchain developers. The layer-1 protocol’s Pact software competes with Ethereum (ETH) by enabling anyone to create a smart contract.
According to the project website, Kadena’s proprietary chain architecture will help facilitate the mass adoption of blockchain technology.
“Pact is the first truly human-readable smart contract language. It lets anyone write clearly, directly and safely onto a blockchain – a true advance for automated contracts.
Pact automatically detects bugs and keeps the purpose of code clear… freeing you from the exploits you’ll face on Ethereum and other unsafe platforms.”
Kadena’s creators say that they’re also integrating the proof-of-work (PoW) consensus model that powers BTC but on a much larger scale.
“Unlike other platforms, Kadena is designed to power global financial systems. Our protocol continually scales to higher TPS (transactions per second) as more chains are added to the network.
Traditional PoW is not scalable. With its revolutionary multi-chain architecture, Kadena is the only scalable layer-1 proof-of-work platform capable of scaling to settle the 9+ million trades executed on the NYSE [New York Stock Exchange] each day.”
Other features of the Kadena platform include no-cost transactions, energy efficiency and industrial scalability.
The 75th-ranked altcoin retraced slightly from its weekly peak, but KDA remains up over 34% on the day and is trading for $12.66.
Bitcoin continues its struggle to reclaim and hold the $50,000 benchmark, and at time of writing is up 3.36% on the day to $48,180.
Meanwhile, Ethereum is up over 10% today and is priced at $4,051.
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