KardiaChain Ecosystem (KAI) – Play to Earn leads the way for growth
Does DeFi on KardiaChain have potential? What stage is DeFi on KardiaChain at? Get an overview of the KardiaChain ecosystem here!!!
Recently, ecosystems have developed and there have been many breakthrough steps to stimulate the ecosystem. Betting on ecosystems that are still small and not very developed is one of the ways to invest with relatively high efficiency.
To help you get started with an ecosystem that is still young and interested by the community, I will join you guys in the KardiaChain ecosystem.
Does DeFi on KardiaChain have potential? And what stage is the KardiaChain ecosystem at? We will find out through the next article!
What is KardiaChain?
KardiaChain is a blockchain platform powered by Byzantine Fault Tolerant, Delegated Proof-of-Stake (BFT-DPoS) algorithm.
With a focus on compatibility and scalability of the developers on the platform. KAI is the native coin of the platform, used to pay platform transaction fees as well as stake to protect the network and keep it running.
Highlights of KardiaChain
The outstanding features of KardiaChain’s Blockchain include:
- Scalability: KardiaChain has a relatively impressive scalability, with a BFT-DPoS consensus mechanism capable of up to 100,000 TPS (transactions per second). To achieve this impressive performance, KardiaChain is using two key elements, ESWIM and CMNR to support “routing” and “load balancing” transactions. This helps to avoid sudden congestion at any particular time or event.
- Interoperability: The project uses Dual nodes, a Cross-chain technology that consists of: Translator, Router and Aggregator. These nodes can update transactions on other blockchains to KardiaChain without affecting anything from both Blockchains. Dual nodes allow Dapps to perform different actions on different Blockchains concurrently, with excellent crosschain deployment capabilities.
- Development: KardiaChain’s KSML (Kardia Smart contract Markup Language) is designed to optimize application development on KardiaChain without requiring too much experience from previous developers.
- Wide Acceptability: KardiaChain is not only compatible with Crypto proficient users, but also general users.
At the consumer level, non-crypto users can access Dapps across multiple Blockchains and Cross-chains, as the project partners define a focus on mobile development as a priority. to be able to access the source of mass application usage.
Besides, at the enterprise level, Dual nodes allow developers to create solutions that combine both Public and Private Blockchain to suit their needs.
Outstanding parameters of the KardiaChain blockchain (October 23, 2021):
- Consensus Mechanism: Byzantine Fault Tolerant, Delegated Proof-of-Stake (BFT-DPoS).
- Blockchain: KardiaChain.
- Audit: CertiK – KardiaChain Audit (February 2020) with a score of 95/100.
- Transactions per second after mainnet: 6000+ TPS.
- Typical technologies: 2-layer consensus mechanism BFT DPoS, Dual Nodes technology, Kardia virtual machine (KVM).
- Compatible blockchains: Ethereum, Tron and EOS.
- Current wallet address number: 352,557.
- Current contract number: 5,114.
- Platform transaction number: 15,917,794.
- Block Height: 4,937,999.
- Mainnet: December 29, 2020.
History, current situation and roadmap
KardiaChain was founded in December 2018 by two school friends: Tri Pham and Huy Nguyen, with the aim of creating a cross-chain platform with high compatibility and connectivity with other blockchains.
Half a year later, KardiaChain’s Archi testnet launched.
KardiaChain mainnet from December 29, 2020, and put outstanding features into operation, including: Dual master nodes, ESWIM mechanism, and KSML.
In March 2021, the first mainnet upgrade was released with the addition of support for token bridge swaps, KAI eSport platform and KAI Membership portfolio management.
Mainnet 2.0 launches in June 2021 with a combination of Mobile banking, updates to KAI Membership, KAIDEX, and NFT support.
In the same June, Dual Node came into operation, allowing two chains to operate in parallel without losing the security of any chain.
KardiaChain has a backer of many big VCs in the market: Coinbase, Parafi, IDEO Colab, Cofounder of Ankr,… Including the participation of many big players in the traditional business market in Vietnam such as Chairman of Mai Linh, Vice Chairman of VECOM,…
Puzzles on KardiaChain
In general, the KardiaChain ecosystem is still quite new and has few applications, but basic applications have appeared, have formed and are in a rapid development stage. Next, I will talk more about each segment in the KardiaChain ecosystem.
Let’s take a look at each piece of the KardiaChain ecosystem to get an overview, and then search for important keywords to identify investment opportunities.
Currently, on the KardiaChain ecosystem there are main decentralized exchanges (DEXs):
- KardiaChain DEX: The main DEX on KardiaChain. Currently, the TVL of this app is at $21 million. This amount of TVL has remained the same in recent months, proving that the growth momentum of the platform TVL is absent.
KardiaChain DEX works by orderbook mechanism. In addition, you can also bridge tokens from Ethereum, or BSC to KardiaChain through the Bridge inside the application. KardiaChain DEX also serves to wrap and unwrap KAI tokens
- Becoswap: The DEX operates under the AMM mechanism on KardiaChain. This can be considered a fork of PancakeSwap with features similar to IFO, Launchpad, NFT, Lottery,… Although many features, but the number of TVL platforms of this application only stops at 10 million dollar.
- Defily: Another DEX on the KardiaChain ecosystem. However, this DEX only has a TVL on KardiaChain of $3.7 million – a modest amount of TVL. This amount of TVL includes TVL in staking pools and farm pools.
As you can see, although the DEX array does not have many pieces, there is a key piece of the ecosystem that is KardiaChain DEX.
With the main piece supporting both bridge and wrap, unwrap native token, it can be considered that the DEX array has met the necessary conditions, to complete the ecosystem and develop in the next areas.
If the KardiaChain ecosystem is focused on DeFi, then two AMM DEXs with the above liquidity and users is a relatively modest number.
But perhaps the KardiaChain ecosystem only uses DEX as a springboard to further develop other applications in the ecosystem, and I will learn with you guys later in the article.
Stablecoin và Lending
The KardiaChain ecosystem has the following stablecoin puzzle pieces:
- KUSD-T: Stablecoin token issued by VNDC, Nami Exchange and KardiaChain. The amount of this stablecoin on KardiaChain is currently 10 million dollars, with 21,000 wallet addresses in use. However, as you note, this $10 million is the total initial issuance and the first 5 wallets have held up to $7.3 million.
- BUSD: BUSD is transferred via the bridge. Currently, the amount of BUSD on the KardiaChain platform is only $34,000.
- VNDC: 235 billion VNDC tokens worth 10 million USD issued on KardiaChain system. VNDC has 1,100 holders, which proves that this amount of stablecoins has not been used much on this blockchain.
- VNDT: 10 million tokens in circulation but the first 5 wallets hold up to 9 million tokens. The number of token holders is also not much, still relatively modest.
Because of the relatively noisy data, I cannot determine exactly how much stablecoin is circulating on the system.
But it can be seen that the number of users on the system is still quite modest with the largest number of stablecoin token holders at about 21 million wallets.
Aggregator/ Yield Farming
The KardiaChain ecosystem has the leading yield farming puzzle piece, SleepEarn Finance. This is a yield farming application on the system, aggregating yield from various sources such as Becoswap, KaiDEX and Defily.
The application has been in operation for a long time, but the TVL volume of the application is still quite modest, only stopping at 2 million USD TVL.
- My DeFi Pet: P2E game running on BSC, KardiaChain and Polygon. The game has a relatively impressive backer, has a large number of users and has created a great resonance in the P2E market during the boom of the P2E trend recently. This is the main application, attracting users to the KardiaChain platform.
Investors in the project My DeFi Pet
- Thetan Arena: Another P2E game that works on the ecosystem. As a game that already has a product, gameplay and community, just adding a gameplay element to the application, the game also launched a token and has a large and relatively stable community member.
- This is also a game that has the potential to bring more users to the KardiaChain platform.
Other puzzle pieces
The KardiaChain ecosystem has many other pieces:
- KAI Membership: The application towards mass adoption for KardiaChain, with a suite of features such as earning, storing and saving KAI, investing assets on KAI, and focusing on user experience as well as KAI Membership. other utilities (phone top-up, fast payment,…).
- Bridge ETH-KardiaChain and BSC-KardiaChain: These are two bridges integrated into KardiaChain DEX. These two bridges are extremely important components to help money flow into the ecosystem easily.
Perhaps the bridge piece is the most important piece of the puzzle above, because this is an extremely necessary element to bring cash flow into the ecosystem, thereby gradually developing this fledgling ecosystem.
KardiaChain Ecosystem Projection
Currently, you can see that the KardiaChain ecosystem is in the early stages of development: the main pieces of the puzzle are only a few, or incomplete, the number of users is small,…
However, the strategy of attracting new users to the platform with the platform’s strengths as P2E games is an extremely good strategy and has shown its effectiveness in recent times, when two games My DeFi Pet and Thetan Arena has brought the project a large number of users.
Hopefully, through the above article, you have had a better overview of the KardiaChain ecosystem, understand the situation of the arrays on KardiaChain, and know which areas to invest time in looking for opportunities.
Do you think the next time will be the explosion of the KardiaChain ecosystem, with a strategy to target P2E on phones?