Kadena Onboards Celo’s Dollar Stablecoin, Plots January Launch for Decentralized Exchange
Kadena Onboards Celo’s Dollar Stablecoin, Plots January Launch for Decentralized Exchange
Hybrid blockchain maker Kadena said Tuesday it is collaborating with fintech firm Celo to put its U.S. dollar stablecoin, cUSD, on Kadena’s platform using a trustless bridge.
Kadena said that in addition to the bridge, the blockchain platform will wrap its native KDA token on Celo’s platform. This will allow both Celo’s cUSD stablecoin and Kadena’s KDA token to operate on each other’s platforms, the company said. That will allow KDA token holders to participate in collateralizing Celo’s stablecoin and thereby earn revenue.
- Hoping to use its hybrid blockchain as a selling point, Kadena had announced in November it was partnering with stablecoin maker Terra to expand its platform’s decentralized finance (DeFi) offerings.
- The platform’s decentralized exchange (DEX), Kadenaswap, was announced in September and is expected to roll out at the end of January next year.
- The launch of Kadenaswap will be preceded by a bounty program incentivizing participants to find bugs in the platform. “If participants can hack the network to ‘steal’ KDA, they keep the proceeds,” the announcement said.
