Kadena Looks to Capture DeFi Energy With New Decentralized Exchange
Hybrid blockchain platform Kadena plans to launch a new multi-chain decentralized exchange (DEX) in hopes of wooing business from congestion-plagued Ethereum-based rivals.
Called Kadenaswap, the new DEX, unveiled Tuesday and set to debut late this year, will attempt to skirt Ethereum’s surging gas fees and perennial network congestion (caused in part by the explosive success of Uniswap) by providing decentralized finance (DeFi) traders with an alternative platform that Kadena President Stuart Popejoy claims can handle high volumes.
Popejoy told CoinDesk his DEX will have no problem processing 480,000 transactions per second sitting atop Kadena’s public blockchain, launched early this year.
Further, he said Kadena’s existing bridge infrastructure, which currently facilitates cross-chain KDA token transfers via the Pact smart contract language, can easily port over to the coming DEX.
“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,” Popejoy said.
Kadenaswap will incentivize DEX market makers to spread their token pools “across the board” in a bid to ensure adequate cross-chain liquidity, said Popejoy.
Popejoy said Kadena is not fazed by the Ethereum network’s oft-delayed protocol upgrade, Ethereum 2.0. Popejoy claimed that key stakeholders have long ago lost faith in the self-styled world computer’s attempted reboot.
