Layer-1 blockchain Kaia (KAIA) is falling in price after abruptly receiving support from Binance, the world’s largest crypto exchange platform by trading volume.
In a new announcement, Binance say it has added the Ethereum Virtual Machine (EVM)-based digital asset to its product suite as of October 31.
“Binance is excited to announce that Kaia will be added to Binance Simple Earn, ‘Buy Crypto’, Binance Convert and Binance Margin.”
News of the listing has not had an overwhelmingly positive impact on KAIA, as the crypto asset saw a sudden drop in price. KAIA went from a peak of $0.150 on October 31 to the current price of $0.136, a decline of 9.3%.
According to Kaia’s official websiteThe smart contract platform aims to provide enterprise-level performance and reliability while reducing costs and offering fast transfers.
“Kaia blockchain aims to achieve instantaneous finality for transactions, provide high transaction processing speed for real-world use, reduce the cost of running blockchain applications, reduce barriers to entry for end users, and facilitate easy adoption of technology for different industries. ”
In addition, the project has its own virtual machine based on EVM, allowing it to work with Ethereum (ETH).
“The Kaia Virtual Machine (KVM) provides a robust smart contract execution environment based on the Ethereum Virtual Machine:
- Supports all EVM opcodes and additional Kaia-specific prebuilt contracts.
- Compatible with Solidity and Ethereum development tools (e.g. Remix, Hardhat, Foundry).
- Enables developers to port Ethereum smart contracts to Kaia with minimal modification.”
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Featured image: Shutterstock/Dan Collier/Nikelser Kate