Layer 1 blockchain Kaia (KAIA) is dropping in price after abruptly gaining support from Binance, the world’s largest crypto exchange by trading volume.
In a new announcement, Binance says it has added the Ethereum Virtual Machine (EVM)-based digital asset to its product suite starting October 31.
“Binance is excited to announce that Kaia will be added to Binance Simple Earn, ‘Buy Crypto’, Binance Convert and Binance Margin.”
The news of the listing did not have a hugely positive impact on KAIA, as the price of the crypto asset saw a sudden decline. KAIA fell from a high of $0.150 on October 31 to its current price of $0.136, a decline of 9.3%.
According to Kaia’s official website, the smart contract platform aims to provide enterprise-grade performance and reliability while reducing fees and providing high-speed transfers.
“The Kaia blockchain aims to achieve immediate finality for transactions, provide high-speed transaction processing speed for real-world use cases, reduce the cost of running blockchain applications, reduce barriers to entry for end users and facilitate easy technological adoption for various industries. »
Additionally, the project has its own EVM-based virtual machine that allows it to interoperate with Ethereum (ETH).
“The Kaia Virtual Machine (KVM) provides a robust environment for running smart contracts, 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).
- Allows developers to port Ethereum smart contracts to Kaia with minimal modifications.
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Featured image: Shutterstock/Dan Collier/Nikelser Kate
