- JPMorgan’s blockchain network Kadena has created a new decentralized exchange called Kadenaswap.
- The DEX will process 480,000 transactions per second utilizing Kadena’s public blockchain.
- The multi-protocol DEX seeks to address the problems faced by other widely-used blockchain platforms like Ethereum.
JP Morgan’s hybrid blockchain platform Kadena announced its new multi-protocol decentralized exchange (DEX) named Kadenaswap . The DEX will utilize Kadena’s 20-chain sharded and scalable layer-1 public blockchain with 480,000 transactions per second capability.
Kadena’s multi-chain DEX Kadenaswap
Kadenaswap will utilize Pact smart contract language instead of the Solidity programming language that Ethereum uses. Pact supports coins from lots of different blockchain protocols.
Thus, utilizing Pact will be more efficient in integrating its network with other DeFi protocols and crypto-assets such as BTC, CELO, DAI, DOT, LINK, and ETH. Notably, Kadena is scheduled to go live at the end of the year, along with its governance token KDA, which is being rolled out in partnership with ZelCore.
Kadena Co-Founder and President Stuart Popejoy noted that:
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.
To add on, when combined with community efforts like the developer program launch and free gas campaign, Kadenaswap shows a way forward to the mass adoption of DeFi protocols.
Challenges to be addressed through Kadenaswap
The multi-protocol DEX seeks to address the problems faced by other widely-used blockchain platforms. Thereby, Kadena presents itself as a direct alternative to the Ethereum blockchain, which most DEXs such as Uniswap are currently built on.
Over the past weeks, the crushing pressure from the sudden influx of transactions from DeFi is sending ETH gas prices to new highs. “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 Popejoy.
Moreover, DeFi protocol security has been compromised several times this year, with major DeFi projects suffering online attacks and a loss of user funds. Also, non-DeFi apps on Ethereum are losing out too due to overcrowding. Therefore, Kadena aims to offer a quality alternative to Ethereum for DeFi projects.