Kadena and Ideasoft use Hyperlane for EVM Interoperability
Kadena has announced its partnership with Ideasoft. The objective is to introduce EVM interoperability through Hyperlane. It has been described as simply bringing the next-generation bridge to the ecosystem.
Some of the key components that go live under this association are:
- DeFi financial instruments are gaining recognition and higher usage
- Staking opportunities that have eluded the ecosystem till now
- Higher interaction with dApps, allowing a larger user base to access facilities supported by an intuitive user interface
- Increased liquidity and better potential for stablecoin
- EVM-compatibility, which is the core of Kadena joining hands with Ideasoft
Kadena chose Hyperlane over all the other options because of the variety and quantity of benefits it provides to the ecosystem. This includes the nature of being permissionless, modularity, and customizable cross-chain security.
The solution to the concerns raised about innovation is modularity. This relates significantly to the challenges that blockchains are currently confronting. Developers are essentially free to select the security features that best suit their requirements, as opposed to being forced to use the default option.
The permissionless characteristic allows developers to deploy their projects without seeking approval from anyone—a central authority. Also, they are not bound to pay thousands of dollars to Hyperlane for using it. All it takes is a small number of scripts and documents to deploy Hyperlane.
Customizable cross-chain security enables developers to configure, personalize, and compose security settings according to the needs of various applications. It also facilitates the deployment of dApps across multiple blockchains. Making things intriguing is the offering of SDKs and APIs for dApp construction and seamless communication across different blockchains.
The announcement has yet to have a positive effect on the ecosystem’s native token, KDA. It was last traded at $0.5049, a decrease of 4.12% over the previous day. However, it is a rise of 0.44% in the last 7 days. KDA forecast estimates that the Kadena token may end 2023 at its highest value of $1.38. Alternatively, it could be restricted to the lowest value of $0.57.
Regarding Kadena’s partnership with Ideasoft for Hyperlane, it is anticipated that the Kadena community will gain access to a vast array of products. Hyperlane has the potential to change the way Kadena interacts with blockchain applications, with convenience as the primary element.
Moving forward, the community can expect to be a part of a new era that has begun for Kadena, per the announcement, with more updates and announcements to be made in the days to come. An official release date is also awaited by the community, along with the Kadena campfire, which is scheduled to happen on November 8, 2023.
The Kadena community has positively responded to this announcement, with most of them saying that things keep getting better in the ecosystem. Others have congratulated the team for putting it together and are now looking to have better Q4 performance results.