Kadena, a hybrid blockchain startup brought by JPMorgan, is set to launch a brand new cross-chain decentralized exchange (DEX), aiming to capitalize on the still-booming DeFi space. The new DEX is set to release by the end of this year and will officially be called the “Kadenaswap.”
The head of Kadena, Stuart Popejoy, claims that the Kadenaswap platform has the potential to halt the still-surging transaction fees and overwhelming congestion issues plaguing the Ethereum network driven by the increased demand over the DeFi sector. He explains this by stating that the solution for such problems is to provide DeFi traders an alternative space capable of handling tons of volumes. Enter Kadenaswap, which Popejoy advertises as being able to process over 480,000 transactions per second at ease via Kadena’s public blockchain.
Popejoy clarifies that Kadena’s present bridge framework can easily be transitioned to the brand new DEX. On top of that, Kadenaswap plans to reward DEX market creators in order to widely dissimilate their token pools, thus, ensuring proper cross-chain liquidity opportunities.
Kadena has put high hopes over the upcoming DEX. In fact, it aims to compete with the current DEX leader, Uniswap, once it finally launches. That being said, doing so would prove to be a very tough task. Uniswap has over $2.28 billion worth of liquidity committed to its smart contracts as of press time.