Kadena to Launch DEX to Rival Uniswap; Touts Higher Speeds and Multiple Protocol Support

Kadena announced on Tuesday that it would roll out a Decentralized Exchange (DEX) dubbed ‘Kadenaswap’ towards the end of 2020 in a bid to rival Ethereum, which is currently struggling with high gas fees and congestion. This JP Morgan blockchain initiative noted that its pipeline multi-chain DEX will provide DeFi traders with an option capable of handling high volumes as part of its contribution to the burgeoning space.

For starters, Kadenaswap is set to facilitate around 480,000 transactions per second compared to a mere 13 Tps on Ethereum. This has been a significant issue for Ethereum recently, as markets rallied in favor of DeFi ecosystems. Gas fees hit all-time highs, with traders paying as much as $15 per transaction at the beginning of September.

Kadenaswap has since been touted as the game-changer by its stakeholders, including Kadena president, Stuart Popejoy. Speaking to Coindesk, he confirmed that the DEX would have no issues in handling 480,000 Tps based on the fundamentals of Kadena blockchain, a platform that debuted at the beginning of the year.

Furthermore, Kadenaswap, unlike Uniswap, will support various protocols to build within its DEX ecosystem. Kadena’s native bridge infrastructure, coupled with the pact smart contract language, will allow its prospectus clients to integrate a couple of protocols not limited to Bitcoin, Ethereum, Cosmos, and Polkadot. Popejoy commented that,

“We already have production code with fully decentralized bridges, and so that creates an interesting opportunity to think of a multi-protocol, multi-venue DEX.”

Like most decentralized projects, Kadena is also considering launching its governance token ‘KDAX,’ used as the fuel to its DEX. This means that KDAX holders will get to vote on proposals intended to improve or keep Kadenaswap sustainable in the DeFi space.

While Kadenaswap stakeholders may be bullish, the DEX will face a tall order in trying to disrupt Uniswap, which currently enjoys $2.3 billion in liquidity and $271 million volume within the past 24 hours. Ethereum 2.0 will launch in the near future, according to the latest updates from the team. If successful, DeFi activity is more likely to continue thriving in this ecosystem.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Edwin Munyui
Edwin Munyui
Edwin is a FinTech enthusiast with a particular interest in blockchain technology and cryptocurrencies. He has worked as an author in the blockchain space since 2017 and enjoys creating content that both crypto veterans and newbies can understand. His simple writing style and financial market knowledge have made him a reputable fundamental and technical analyst with the ability to handle any topic around blockchain and crypto over the years.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,272FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today