Daily Archives: July 28, 2022

Around the Block sheds light on key trends in crypto. Written by Connor Dempsey, sourced from the work and insights from the entire team at Coinbase Ventures & Corp Dev

TLDR:

• Coinbase Ventures deal activity reflected the overall pace of the venture landscape, down 34% QoQ. Activity remained up 68% YoY, reflecting the steady growth of our venture practice over the past year
• Among the key trends observed, we believe that Web3 gaming will onboard the next massive wave of crypto users, with experienced founders from Web2 gaming continuing to pour into the space
• We’re excited about Web3 user applications working to upend the captive models of Web2 and give users control over their audiences and communities
• The Solana ecosystem continues to show impressive momentum and developer traction
• Massive UX improvements are coming to crypto that will obfuscate away complexity and deliver experiences on par with Web2
• The United States continues to be home to the bulk of companies in our portfolio, with Singapore, UK, Germany, and India all establishing impressive innovation hubs
• Where CeFi lenders faltered this year, DeFi lending platforms were resilient
• Current price action aside, we remain convinced that the opportunity within crypto and Web3 are far greater than most realize.

The first half of 2022 was turbulent for all markets. The Dow and S&P had their worst first halves since 1962 and 1970. The NASDAQ had its worst quarter since 2008. Bitcoin had its worst quarter since 2011, DeFi TVL ended down 70% from its high, and June NFT sales slumped to levels not seen in a year.

A core part of the crypto market chaos stemmed from the collapse of the $60B Terra ecosystem in May. This contributed to the implosion of a $10B crypto fund (Three Arrows Capital) that had leveraged exposure to Terra along with a few other trades that moved against them (GBTC, stETH). Next, it was revealed that Three Arrows Capital had borrowed heavily from some of the largest centralized lenders in crypto. Unable to recoup these loans, several of these lenders were forced into bankruptcy.

The macro market downturn seeped into the venture landscape as well.

Venture landscape

The broader venture market began to show signs of cooling in Q1, with total funding dropping for the first time since Q2 2019. That trend continued in Q2, with total venture funding dropping 23%, marking the largest dip in a decade. The quarter also saw later stage companies like Klarna raising down rounds; a further sign of the times.

Crypto venture funding still saw a record Q1, but as we wrote in our last letter, we’d already begun seeing signs of a slowdown that we expected to surface in Q2. Sure enough, data from John Dantoni at The Block showed that crypto venture funding dollars decreased 22%: the first down quarter in two years.

In Q2, Coinbase Ventures continued to rank among the most active investors in crypto, but also saw deal place slow, with the total count decreasing 34% QoQ, from 71 to 47. Despite the slowdown compared to the fervent pace of late 21 and Q1 22, our Q2 activity still increased 68% YoY; indicative of the overall growth of our venture practice.

The decline largely reflected the overall market conditions — with volatility in the markets, we saw many founders rethink or put their rounds on pause, particularly at the later stages. We’re seeing that many companies are foregoing a fundraise unless absolutely necessary, and even then, only if they feel confident that they can show the growth needed to justify a new round.

Gloomy macro environment aside, there are still plenty of high quality founders raising at the seed stage, where we’re most active. Looking beyond the price action at the areas that we invested in shows the range of real utility that’s continuing to be built and paints a promising picture of the future: one with a vibrant array of Web3 user applications, improved UX, robust DeFi markets, scalable L1/L2 ecosystems, and all of the tools developers need to build the next killer app.

Here’s how our activity broke down over Q2.

Now, let’s look at some themes that stood out. (* denotes Coinbase Ventures portfolio company)

The coming era of blockchain gaming

With the meteoric rise and subsequent fall of Axie Infinity activity, many pundits have been gleefully quick to dismiss blockchain gaming as a passing fad. As we wrote in September, Axie was experiencing a positive feedback loop that could turn negative should the fervor driving the game die down, which is ultimately what happened. Regardless, Axie posted nearly $1B in sales in a single month and attracted 2M DAUs with essentially zero marketing budget. This put the entire gaming world on notice to the power of this new vertical.

With an estimated 3.2B+ gamers in the world, we strongly believe that Web3 gaming will onboard the next massive wave of crypto users. Web3 gaming remained a sector of heavy investment in Q2, with The Block estimating that $2.6B+ was raised. Our activity over the last few quarters only strengthens our conviction.

As we saw in Q1, founders with strong track records in Web2 gaming continue to embrace this category. For example, Azra games*, was founded by the creators of the $1.4B+ mobile blockbuster Star Wars Galaxy Heroes. Their goal is to build a combat RPG game with a robust in-game economy that can still garner mainstream appeal. The space has also attracted Justin Kan, co-founder of the game streaming platform Twitch, which was sold to Amazon for $1B. Kan’s new company, Fractal*, is building a marketplace for NFT gaming assets.

Companies like Venly* will add fuel to the fire with a suite of tools that let Web2 game developers seamlessly make the leap into Web3. Established gaming powerhouses are even starting to come around, with Fortnite creator Epic Games now allowing NFT based games into its game store.

It will take some time for this sector to mature, but it’s growing increasingly clear that blockchain gaming will be a massive category in the future. Expect an increased focus on sustainable economics and gameplay that infuses NFTs with more familiar Web2 gaming experiences.

Rewiring Web2

Beyond gaming, the next generation of Web3 user applications are working to upend the captive models of Web2 and to give users control over their audiences and communities. One company we’re particularly excited about is Farcaster*: a sufficiently decentralized social network founded by Coinbase alumns Dan Romero and Varun Srinivasan. Their early product resembles Twitter, but with the key difference of letting users own the relationship with their audiences.

Farcaster is an open protocol, similar to email (SMTP). While Farcaster has built the first social app on the protocol, other developers can build competing clients, just like we have Gmail and Apple iCloud. While you can’t take your Twitter followers with you to TikTok, someone could build a TikTok equivalent on the Farcaster protocol, and Farcaster users can take their followers with them to a new, differentiated platform. Not only can users maintain better ownership of their audience, but it also opens the door for more aligned monetization. Where most advertising spend goes directly to Twitter, Instagram, etc, Farcaster users with large followings can monetize their audiences directly across platforms.

Another investment we’re excited about is Highlight.xyz*, which sits at the burgeoning intersection of Web3 and music. Highlight will let musicians create their own web3-enabled fanclubs / communities (no coding necessary), complete with token gating, access to NFT airdrops, merchandise and more. Highlight joins other CBV portcos like Audius*, Sound.xyz*, Mint Songs*, and Royal*, all offering musicians new avenues for connecting with and monetizing their fanbases.

All told, we remain excited about Web3’s potential to reimagine entrenched Web2 models for social media, music, and more, and ultimately return power to creators.

Solana sunrise

Noticeable in our Q2 activity was the continued momentum behind the Solana ecosystem. While Ethereum and the EVM remain king as far as developer traction and compatible apps, we’re noting a clear trend in early teams placing importance on Solana. All in, we did 10 deals building on Solana in Q2.

Given that Solana smart contracts are coded in Rust as opposed to the EVM’s Solidity, founding teams often choose between building in one or the other. Increasingly, we’re seeing teams opt to support both the EVM and Solana from the onset — like recent additions in Coherent and Moralis. We’ve seen others start on EVM and opt to fully transition to Solana while the above mentioned Fractal opted to build on Solana from the onset.

Add in the fact that multiple large funds have publicly expressed support for the ecosystem, and it suggests that Solana’s staying power is real. Chain liveliness however (the ability for Solana to remain online) remains an issue that is paramount for the Solana team to solve.

The UX of Everything

An overall clunky and disjointed crypto user experience has long been a hurdle for adoption. Think of what a user has to do to execute a typical transaction: convert fiat to crypto, transfer crypto to a wallet, bridge crypto to their network of choice, and then finally execute a transaction.

In Q2, we’ve invested in multiple teams (not yet announced) working on streamlining and verticalizing the entire retail transaction journey. Soon developers building in crypto and Web3 will be able to deploy the entire transaction stack with a few simple lines of code and standard set of APIs.

The end result will be a future where, for example, a user can execute a DEX transaction in a single click. In the background, fiat will be converted into crypto, moved to a wallet, bridged to an L1/L2, before executing the swap and custodying the asset in their wallet of choice. All of the complexity will be obfuscated away and we’ll have user experiences on par with Web2 — a massive unlock.

Where are the buidlers?

This quarter we took a look at where the founding teams we’ve invested in are based. While crypto is a global industry, somewhat unsurprisingly, the largest concentration of our founding teams hail from the United States — home to 64% of our 356 portfolio companies; all the more reason for regulators to foster rather than inhibit this fast growing sector.

Singapore has established itself as the base of many of the teams building in Asia. Meanwhile, the UK and Germany are home to growing hubs, with policy makers proactively working towards regulatory clarity. We continue to be impressed by founding teams in India, who we expect to play a major role in the future of crypto adoption (CBV portfolio company Frontier, with 30 engineers in India has built a wonderful mobile-first DeFi aggregator supporting 20+ chains and 45+ protocols).

This quarter, we were also excited to back five teams founded by former Coinbase employees, including the aforementioned Coherent and Farcaster, as well as three others not yet announced. We’re proud to continue to support employees who receive a world class crypto education at Coinbase and go on to found world class companies and projects.

Wrapping up

While there’s plenty to be excited about in the future, there are also plenty of lessons to be learned in the present. The current crypto crises is similar to those we’ve seen play out in traditional finance. The opaqueness that centralized lenders and Three Arrows Capital operated under resulted in an inability for lenders to properly evaluate the risk of their counterparties. Lenders didn’t know how much the others had lent to 3AC, nor did they know how much leverage and risk 3AC was taking on. Investors didn’t know how much risk they were exposed to altogether. When the market moved against both the lenders and 3AC, lenders were left with massive holes in their balance sheets, and investors were left holding the bag.

However in contrast to the centralized lenders facing insolvency, it’s important to note that blue chip DeFi lenders Aave, Compound, and MakerDAO operated without a hitch. Every loan and its terms remained transparently on-chain for all to see. When collateralization levels fell below thresholds, collateral was sold via autonomous code and lenders were paid back. This same code also dictated that Celsius was forced to pay back $400M in loans to Aave, Compound, and MakerDAO — no court order needed (though overcollaterization played a role). All told, it served as a powerful proving point for decentralized finance.

That’s just to say that it may be easy to get discouraged by the current price action while forgetting just how far we’ve come in a short period. When the last bear market hit, the most popular user application was Crypto Kitties. These days, there are more profound, impactful innovations than we can count. DeFi, NFTs, a rich DAO ecosystem, all came about in the last two years, and even came together to make a real impact on the world stage. Meanwhile, layer2 scaling solutions are finally here, and can take us from the dial-up to broadband phase, capable of supporting a rich array of user applications with simple UX to boot.

As in previous downturns, detractors are once again confidently pronouncing crypto dead. However, from our seat in the industry, we’re invigorated by the brilliant founders we see working tirelessly to move this technology forward. As the entire financial system and world digitizes itself, we remain convinced that the opportunity within crypto and Web3 are far greater than most realize.

The crypto market is trading in the green with Bitcoin and Ethereum pushing beyond critical resistance levels. The first and second cryptocurrencies by market capitalization record a 10% and 15% profit in the last day and seem poised for more profits during today’s trading session.

Related Reading | Bitcoin Makes Surprise Climb As Fed Discloses 0.75 Point Rate Bump

In order to get more clarity in terms of direction, Bitcoin must close the daily candle above $23,000 and Ethereum above $1,700. Data from Material Indicators records a thing order book on the sell side if BTC’s price can push above its current levels with high probabilities of hitting $28,000 in the short term.

If this rally can push past $25k, then $28k comes into focus very quickly. If you are long, don’t forget to take profits along the way.

When the bear wakes up from hibernation he’s going to be hangry. pic.twitter.com/YGe4Swu3wT

— Material Indicators (@MI_Algos) July 28, 2022

In longer timeframes, macro-economic conditions will remain an obstacle to any sustainable rally. In that sense, Tobian Adrian, Director of Monetary and Capital Market for the International Monetary Fund (IMF) predicted more losses in the nascent asset class.

In an interview with Yahoo Finance, Adrian spoke of the risk for the crypto market and risk-on assets, like stocks. For digital assets, Adrian believes that the collapse of a stablecoin could fuel another leg down. The IMF official said:

There could be further failures of some of the coin offerings — in particular, some of the algorithmic stablecoins that have been hit most hard, and there are others that could fail.

The IMF official referred to the collapse of the Terra (LUNA) ecosystem. This event led to the downfall of Three Arrows Capital, Celsius, and other companies in the crypto industry. Thus, contributing to the crash in the price of Bitcoin and other cryptocurrencies.

Adrian claims digital assets might face another similar event but doesn’t mention a specific project with the size of Terra that could trigger it. The IMF official believes stablecoins might add to the selling pressure in the nascent industry due to the alleged vulnerabilities in its collateral:

There’s some vulnerability there, because they’re not backed one to one. [Some fiat-backed stablecoins] are backed by somewhat risky assets…it is certainly a vulnerability that some of the stablecoins are not fully backed by cash-like assets.

Will The Crypto Market Collapse If There Is A 2008 Like Recession?

In addition to the alleged risk from stablecoins, the IMF official spoke about the potential risk of economic recession. The U.S. recently reported its second consecutive quarter with a negative GDP, which should technically spell economic recession.

However, Adrian ruled out that the global market would see something like in 2008. At that time the financial sector was exposed to “shadow banking”, to assets hidden from the banks’ balance sheets which collapse worsening the economic crisis.

Cryptocurrencies could face a bigger obstacle from international regulators. The IMF official claimed that these entities should enforce securities laws to the 40,000 he claims comprised the sector. He added:

Regulating the coins themselves is going to be difficult but regulating the entry points such as exchanges and wallet providers to invest in those coins, that’s something that is very concrete and very feasible.

The U.S. Securities and Exchange Commission (SEC) seems to be following this approach. The Commission has entered into legal battles with major players in the sector, including payment solutions company Ripple and crypto exchange Coinbase.

SEC Chairman Gary Gensler already stated that he is willing to acknowledge that only Bitcoin is out of their jurisdiction. If the Commission turns more aggressive, the crypto market could suffer as crypto projects scramble to meet regulations requirements.

Related Reading | Bitcoin Bounces Off Consolidation Range, What Lies In Store?

This is probably one of the biggest obstacles for the nascent asset class in the coming months along with macro-economic conditions. In that sense, the IMF official might be on point, but cryptocurrencies have been facing regulatory hostilities since their inception.

Meta’s virtual reality (VR) and metaverse division Reality Labs has posted its seventh straight quarter of losses, but CEO Mark Zuckerberg remains steadfast in investing in the technology, which he calls a “massive opportunity.”

During Meta’s Q2 earnings call on Wednesday, Zuckerberg acknowledged that such losses could continue for several more years until VR applications and its metaverse platform are mature enough to tap into the “massive opportunity” worth “hundreds of billions of dollars:”

“The Metaverse is a massive opportunity for a number of reasons. I feel even more strongly now that developing these platforms will unlock hundreds of billions of dollars, if not, trillions over time.”

“This is obviously a very expensive undertaking over the next several years,” Zuckerberg added, “I’m confident that we’re going to be glad that we played an important role in building this.”

The extended stretch of operating losses for Reality Labs was revealed in Meta’s Q2 earnings report earlier in the day. Such losses are not unusual for divisions in a research and development phase.

Reality Labs builds VR and augmented reality (AR) applications to help Meta users connect over its various social platforms, including the Metaverse, with the Oculus line of VR headsets.

In addition to the losses, Reality Lab’s revenue has been trending down since 2021 and its operating margin has been trending down since 2020. The $11.1 billion in revenue and 29% margin posted in Q2 2022 are the lowest over the past seven quarters.

Reality Labs posted $2.9 billion in losses for Q1.

Zuckerberg also noted that a “challenging macro environment” could be exacerbating the losses. 

He said that the economic situation now is worse than it was a quarter ago, and his opinion is corroborated by the fact that the Federal Reserve raised interest rates by 0.75 percentage points for the second time in a row on Wednesday before the Meta earnings call took place, adding: 

“We seem to have entered an economic downturn that will have a broad impact on the digital advertising business. In this environment, we’re focused on making a long term investment that will position us to come out stronger.”

Despite the economic troubles, Zuckerberg is confident that his company and its subsidiaries will come out of the current economic downturn as “a stronger and more disciplined organization.”

He attributed this confidence to the investments his company is making now to ensure it is able to remain a leader in an industry that may be undergoing a shift to accommodate more metaverse platforms.

Related: Experts clash on where virtual reality sits in the Metaverse

Meanwhile, the United States Federal Trade Commission (FTC) has filed a lawsuit against Meta, alleging that the firm is aiming to monopolize the entire Metaverse market. The complaint states that Meta’s moves within the space hinder innovation and “competitive rivalry” among U.S.-based companies looking to build Metaverse platforms and applications.

Interest in Web 3.0, a decentralized web built upon blockchain technology, including digital identity, smart contracts, decentralized applications (DApps), etc., has skyrocketed recently. Web 3.0 incorporates more artificial intelligence and virtual reality into the internet experience and also fundamentally works with cryptocurrency,

Some of the best crypto opportunities for the years ahead are metaverse coins, NFTs, and Web 3.0 coins. KDA is a Web 3.0 coin used to process transactions on Kadena’s blockchain,  a hybrid open-source blockchain platform that delivers high speed, security, scalability, and ease of use.

This article will dive deep into one of the most innovative, profitable, and scalable blockchains and crypto projects, Kadena. Also, we’ll explore why, where, and how to buy Kadena KDA to support Web 3.0 and, at the same time, give yourself a chance to make a profit.
Let’s get right to it!

What Is Kadena

Kadena is the only scalable Layer 1 Proof-of-Work (PoW) blockchain protocol that offers both public and private networks. Kadena uses a public Layer 1 chain architecture called Chainweb to provide the security of Bitcoin along with no-cost transactions, complex smart contracts, and high throughput.

Kadena’s unique infrastructure is decentralized and built for mass adoption because of its multi-chain approach. Kadena promises industrial scalability that can support global financial systems and can be scaled as necessary. It provides safer smart contracts, innovative energy efficiency, and PoS security. Unlike other platforms, such as Bitcoin, which use more energy as network demand increases, Kadena vows to remain energy-efficient at scale and deliver more transactions with the same energy input. Using braided chains, the protocol can process up to 480,000 transactions per second (TPS).

The protocol lets developers build smart contracts through its smart contract language, Pact, allowing effortless writing directly on the blockchain. Pact is different from other smart contract programming languages as it is designed for correct, transactional execution on a high-performance blockchain. It is turing incomplete, human-readable, and supports upgradable contracts and formal verification to make high-performant and secure smart contracts. Another key element of Kadena is a private layer-2 network, Kuro, that developers can use to develop scalable, secure, and private decentralized applications (DApps).

The mission of Kadena is to expand blockchain mass adoption by delivering tools that meet the needs of developers and organizations.

The protocol’s native token Kadena(KDA) is used to cover costs on the Kadena blockchain and reward miners for producing blocks.

Kadena History

Kadena was founded by Will Martino and Stuart Popejoy, former members of the JPMorgan blockchain development team, in June 2016.

Stuart Popejoy led JPMorgan’s Emerging Blockchain group before founding Kadena and has 15 years of experience building trading systems and infrastructure in finance. He designed and developed transformative technologies, including blockchain and smart contracts. Before JPMorgan, Stuart worked as a programmer, analyst, and researcher at different companies. 

Will Martino is the CEO of the company. Previously, he worked as Fintech Manager at JPMorgan and was the Lead Engineer for JPMorgan’s blockchain prototype Juno. He also led the Securities and Exchange Committee’s Cryptocurrency Steering Committee and Qualitative Analytics Unit.
Another prominent founder of Kadena is Dr. Stuart Haber, the co-inventor of blockchain technology and the most cited author in Satoshi Nakamoto’s Bitcoin whitepaper.

Kadena has raised more than USD 25 million through private token sales. The first round of the private token sale took place in January 2018 and raised USD 2.25 million for 4.5 million KDA tokens. The second round was held in April 2018 and raised USD 12 million for 17.2 million KDA. Kadena raised USD 20 million for the third round in November 2019 through another token sale. Kadena launched its mainnet in December 2019.

Additionally, Kadena raised capital from several crypto venture capitalists like Multicoin Capital, CoinFund, Amino Capital, etc.

How Does Kadena Work

Kadena is a hybrid blockchain consisting of Layer 1 public chain protocol Chainweb and a layer 2 protocol Kuro. The smart contract language Pact ensures interoperability between the two layers.

In simple terms, Kadena achieves unparalleled throughput by braiding chains together, meaning it offers 20 separate blockchains working simultaneously to validate transactions. This allows Kadena to mint multiple blocks simultaneously, thus increasing its throughput.

Kadena claims that the DAG mechanism (Directed Acrylic Graph) it uses allows scaling from one PoW blockchain to a theoretically unlimited amount. However, its DAG structure is fixed, and multi-channel, meaning Kadena’s blockchains only communicate with three peer chains’ blocks instead of randomly confirming transactions. This improves real-world performance and scalability, making the Kadena blockchain usable for enterprises and entrepreneurs.

Kuro is Kadena’s private blockchain, optimized for enterprise-grade use cases. Developers can use the network to build and deploy scalable, secure, and private DApps. Initially, Kuro editions were available via Microsoft Azure and Amazon Web Services (AWS), but in 2020 the project became completely open-sourced.

Kadena’s smart contract language, Pact, enables smart contract execution between private and public networks.

Kadena’s user-friendly interface allows anyone without any prior technical knowledge to develop and integrate DApps on the blockchain.

Moreover, Kadena offers crypto gas stations, which allow businesses to pay for their customers’ gas fees and facilitate adopting blockchains for business.

How Is Kadena Network Secured

Kadena uses a public Layer 1 chain architecture called Chainweb to combine its several Proof-of-Work blockchains. Each chain confirms its three peer chains’ blocks, thereby increasing throughput linearly with the addition of new chains. This also increases security as Kadena chains achieve a single view of transaction history across chains. An attacker would have to fork not one chain but all the running chains to attack just one.

Kadena (KDA) Tokenomics

KDA tokens’ total supply is 1 billion. KDA tokens are used to pay gas fees and reward miners. Kadena pre-mined several rounds of KDA. The Kadena token distribution roadmap is as follows:

• 700 million KDA tokens will be mined over the next 100+ years.
• 200 million will be given to the Kadena platform over the next 9 years.
• 90 million KDA tokens have been distributed among investors, contributors, and Kadena’s strategic reserve.
• 10 million KDA tokens were burnt at the launch.

The Kadena price reached its all-time high of USD 24.22 on 11th November 2021. You can check the current Kadena price, circulating supply, market cap, 24-hour trading volume, etc., on the CoinStats page, Kadena price.

Kadena Markets

Kadena is one of the fastest-growing blockchain protocols in the crypto industry and is available for trade on almost all major cryptocurrency exchanges worldwide. Some popular crypto exchanges include Binance, Kucoin, WazirX, Gate.io, Hotbit, Bittrex, etc.

How to Buy Kadena (KDA) on Binance

Binance is one of the major cryptocurrency exchanges in terms of trading volume. Low fees and high liquidity are among the advantages of buying Kadena on Binance, allowing you to quickly buy and sell digital assets to take advantage of market opportunities. If you wish to buy Kadena on Binance, follow the steps described below:

Create an Account on Binance

If you don’t have a Binance account already, you can create one by providing your valid email address and a phone number. Once you verify your email address, the phone number is used to create a two-factor authentication. You’ll then need to complete your KYC verification which usually takes a few minutes. For KYC, you need a valid ID and a live photo. A user residing in the US can provide their social security number. The KYC process takes a few minutes, after which you’re set to trade Kadena or any other cryptocurrencies of your choice.

Deposit Funds

The next step is to deposit funds into your Binance account. You can choose a fiat currency, including USD, EUR, INR, GBP, AUD, etc. Binance cryptocurrency exchange supports different deposit methods, including bank transfer, third-party transfer, credit or debit card, third-party payments, peer-to-peer transactions, etc. You can also deposit cryptocurrency directly into your Binance wallet. Once you’ve deposited enough funds through a payment method of your choice into your Binance wallet, you’re one step closer to buying Kadena.

Choose a Trading Pair

Binance has three trading pairs for KDA: KDA/BTC, KDA/USDT, and KDA/BUSD. If you wish to trade KDA/USDT, you must buy USDT with the fiat currency you’ve deposited. Once you get USDT in your Spot Wallet, go to Markets and search for KDA/USDT.

Purchase KDA

In the Spot trading section, select the KDA/USDT market and enter the amount of USDT you wish to buy KDA for. After that, click on buy. The order will be filled within seconds, and the KDA tokens will be reflected in your exchange wallet.

Buy Kadena (KDA) on Kucoin

KuCoin is one of the fastest-growing crypto exchanges. To purchase KDA on Kucoin, follow the steps given below:

• Create an account on Kucoin and perform KYC verification to unlock the exchange’s full features.
• Go to “Buy Crypto” and select “Fast Buy” in the drop-down menu.
• Enter the fiat currency of your choice; the exchange will tell you how much USDT you’ll receive.
• On the next page, select “Bank Card,” enter your card details, and complete the transaction.
• The USDT coins you’ve just purchased will be reflected in your wallet.
• Now, go to “Trade,” select “Spot Trading” from the drop-down menu, and search for KDA/USDT.
• Place an order to buy Kadena for the amount of USDT you wish to spend.
• Your order will be filled within seconds, and KDA tokens will be reflected in your wallet.

Storing Kadena

Once you’ve managed to buy Kadena, the following step is to choose a secure wallet to store KDA tokens securely. Your coins can be kept in your exchange wallets, but in this case, they’ll become vulnerable to attacks by online hackers. So, we strongly advise you to hold crypto assets in a private wallet with your own private and public keys. Based on your investing preferences, you can choose between a software wallet, such as the CoinStats Wallet, and a hardware wallet like Ledger Nano.

Conclusion

Kadena is one of the most innovative projects in the crypto market. Although the Kadena Price has decreased drastically in recent months due to general market trends and the global situation, Kadena KDA is an excellent investment in the long run.

Check out our CoinStats guide, “What Is DeFi,” to gain a fundamental understanding of Decentralized Finance. And see our “Crypto Portfolio Trackers” to learn more about the best crypto portfolio trackers in the market.

Investment Advice Disclaimer: The information contained on this website is provided to you solely for informational purposes and does not constitute a recommendation by CoinStats to buy, sell, or hold any securities, financial product, or instrument mentioned in the content, nor does it constitute investment advice, financial advice, trading advice, or any other type of advice.

Cryptocurrency is a highly volatile market, do your independent research and only invest what you can afford to lose. Performance is unpredictable, and the past performance of Kadena is no guarantee of its future performance.

The U.S. economy has declined for the second-straight quarter as the country’s gross domestic product (GDP) declined by 0.9% in Q2. The Bureau of Economic Analysis’s summary of the U.S. GDP follows the recent debate over the technical definition of a recession.

America’s Q2 GDP Data Points to a Recession

One of the principal agencies of the U.S. Federal Statistical System, the Bureau of Economic Analysis (BEA), released the commerce department’s latest gross domestic product (GDP) statistics on Thursday. The report notes that the GDP data shows a 0.9% annualized decrease in economic growth during the second quarter.

“Real gross domestic product (GDP) decreased at an annual rate of 0.9 percent in the second quarter of 2022,” the BEA report explains. “The price index for gross domestic purchases increased 8.2 percent in the second quarter, compared with an increase of 8.0 percent in the first quarter.”

WE HAVE RECESSION:
Q2 GDP -0.9%, EXP 0.4%

— zerohedge (@zerohedge) July 28, 2022

A number of economists and analysts mocked U.S. bureaucrats and members of the Federal Reserve for horrible economic predictions. “Just a friendly reminder that the Fed in December put out a 4% GDP growth forecast for 2022,” Northman Trader analyst Sven Henrich tweeted on Thursday. Lots of people on social media thanked U.S. president Joe Biden in a sarcastic manner for the country’s economic downturn. Most tweets loudly exclaimed that the U.S. is in fact in a recession after the country’s GDP declined by 0.9% in Q2.

White House Press Secretary Karine Jean-Pierre Claims 2 Decling GDPs Is ‘Not the Definition’ of a Recession

A week before the BEA released the GDP data, the Biden administration published two blog posts that claim two GDP declines in a row does not constitute a recession. This sparked a heated debate across the country on social media as numerous analysts, economists, websites, and textbooks state the very opposite. The BEA’s report on Thursday fueled the debate further; as many individuals insisted that the U.S. economy is most definitely in a recession.

Weird how 2 consecutive quarter declines in GDP was a recession each time except this time. pic.twitter.com/CnxlV9mvWW

— Sven Henrich (@NorthmanTrader) July 28, 2022

When the White House correspondent for Fox News Peter Doocy asked the White House press secretary Karine Jean-Pierre “If things are going so great, why are White House officials are redefining recession?” Jean-Pierre replied “We are not.” After the comment, Doocy stressed that a recession is two consecutive quarters of negative GDP growth… How is that not redefining recession?” Jean-Pierre insisted “That’s not the definition.”

Even the economist and Nobel Laureate Paul Krugman told the public to “ignore the two-quarter rule… We might have a recession, but we aren’t in one now.” Gemini exchange co-founder Cameron Winklevoss explained that he doesnt believe the Biden administration’s experts.

We are officially in a recession.

Q2 GDP is negative, which is the second consecutive quarter.

— Pomp 🌪 (@APompliano) July 28, 2022

“According to the White House and the ‘experts’ that be, we’re not in recession,” Winklevoss wrote on Thursday. “According to the numbers (two consecutive quarters of declining GDP), we’re in a recession. I trust the numbers because the numbers don’t lie, people do.”

The BEA’s GDP report follows the U.S. Federal Reserve raising the federal funds rate 75 basis points (bps) for a second time in a row this week. “The Fed is working expeditiously to bring inflation down,” the Fed’s chair Jerome Powell said on Wednesday.

What do you think about the U.S. economy’s GDP declining for a second consecutive quarter? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.