The price of layer-1 blockchain KAIA is falling after receiving sudden support from Binance, the world’s largest cryptocurrency exchange platform by trading volume.
In a new announcement, Binance revealed that it has added Ethereum Virtual Machine (EVM)-based digital assets to its product range starting October 31.
“Binance is excited to announce the addition of Kaia to Binance Simple Earn, ‘Buy Crypto,’ Binance Convert, and Binance Margin.”
The listing news did not have an overwhelmingly positive impact on KAIA, as the cryptocurrency price fell sharply. KAIA has fallen 9.3% from its high of $0.150 on October 31st to its current price of $0.136.
According to Kaia’s official website, the smart contract platform aims to provide enterprise-grade performance and stability while lowering fees and providing high-speed transfers.
“Kaia Blockchain achieves instant finality for transactions, provides high transaction processing speeds tailored to real-world use cases, lowers the cost of running blockchain applications, lowers the barrier to entry for end users, and enables easy technology adoption across a variety of industries. The goal is to promote ”
The project also has its own virtual machine based on EVM, allowing interoperability with Ethereum (ETH).
“The Kaia Virtual Machine (KVM) provides a powerful environment for smart contract execution based on the Ethereum Virtual Machine.
- Supports all EVM opcodes and additional Kaia-specific precompiled contracts.
- Compatible with Solidity and Ethereum development tools (e.g. Remix, Hardhat, Foundry).
- Developers can port their Ethereum smart contracts to Kaia with minimal modifications.”
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Featured Image: Shutterstock/Dan Collier/Nikelser Kate