Blockchain firm Kadena has announced a multi-protocol decentralized exchange (DEX) that will utilize its 20-chain sharded and scalable layer-1 public blockchain with 480,000 transactions per second capability.
Kadena, a blockchain technology company founded by former JPMorgan and SEC technologists, is developing blockchain platforms for businesses and entrepreneurs by solving the speed, scalability, and security concerns that impede widespread blockchain adoption and offering simple solutions and tools for developing on a blockchain. The company claims that its platform is already being used by several Fortune 500 companies to improve operational efficiencies and data management in the sectors of healthcare and commercial insurance.
Dubbed Kadenaswap, the company’s multi-protocol DEX will leverage the Pact smart contract language to interoperate with major DeFi protocols and stablecoins such as BTC, CELO, DAI, DOT, LINK, and ETH. It will launch in stages beginning with the creation of native decentralized bridges to Ethereum as well as other networks such as Cosmos and Polkadot.
As the first layer-1 multi-protocol DEX, Kadena said that Kadenaswap will create opportunities for automated market makers (AMMs) to balance liquidity across networks. Toward this end, a governance token named KDAX is under consideration to allow stakeholders to participate in setting incentives and other mechanisms. The first stage of Kadenaswap, which will include major components such as bridges, ERC-20 wrapped tokens, etc., will go live in Q4 of this year.
“Ethereum made DeFi possible, but congestion and high gas prices threaten the sustainability of the DeFi experiment just as it is poised to skyrocket,” said Kadena Co-founder and President Stuart Popejoy. “Kadenaswap’s support for multiple protocols and the ability to scale across the Kadena public multi-chain network will provide a much-needed, fully decentralized alternative to ‘CeFi’ on centralized exchanges and off-chain Layer-2 solutions. Combined with community efforts like our developer program launch and free gas campaign, Kadenaswap shows a way forward to mass adoption of DeFi protocols.”
Kadena also announced community onboarding initiatives such as offering a free month of gas during October 2020, launching a developer engagement program, and partnering with ZelCore to provide full-node incentivization for miners.
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