Kadena (KDA)
PoW blockchain with 20-chain sharding that promised infinite scale; network is effectively dead
Ranked 250th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
KDA scores 50 of 250 across the 25-variable framework, which places it 250th of 251 rated tokens and inside the bottom 10% of the set. The framework verdict is PASS.
The score rests on Regulatory Safety 6/10, 52nd of 251.
Against the same universe, KDA sits in the bottom third on Catalyst Calendar 1/10, 249th of 251, Social Mindshare 1/10, 248th of 251, Exchange Depth 2/10, 247th of 251 and Market Share 1/10, 245th of 251. These are the variables that would have to move for the verdict to change.
Only 33.9% of KDA's maximum supply is in circulation, so 2.95x the current float is still scheduled to arrive. Holding price per token flat while the rest enters circulation implies 66.1% of the fully diluted value sitting ahead of today's holders. That is a heavy overhang: most of the eventual supply has not reached the market yet.
KDA trades 99.986% below its all-time high of $27.64. Recovering that level is a 7,143x move, not a 99.986% one, which is the arithmetic most drawdown charts hide.
The framework score lost 7 points against the previous pass (57 to 50). Revisions of this size follow a change in the underlying variables, not a change in price.
$300.0K sits in the protocol. Each dollar of value locked carries 4.50 dollars of token market cap.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 1 | 221st of 251 | |
| Revenue Trend | 1 | 231st of 251 | |
| P/S Multiple | 2 | 218th of 251 | |
| Real Staking Yield | 1 | 226th of 251 |
Supply
| Supply Inflation | 3 | 199th of 251 | |
| Vesting Schedule | 4 | 181st of 251 | |
| Circulating / FDV Ratio | 5 | 135th of 251 | |
| Buyback and Burn | 1 | 205th of 251 |
Ownership
| Smart Money Flows | 1 | 243rd of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 3 | 197th of 251 |
Traction
| TVL Trend | 1 | 229th of 251 | |
| Active Users | 1 | 243rd of 251 | |
| Developer Activity | 2 | 238th of 251 | |
| Network Growth | 1 | 242nd of 251 |
Position
| Market Share | 1 | 245th of 251 | |
| Competitive Moat | 2 | 223rd of 251 | |
| Institutional Adoption | 1 | 238th of 251 | |
| Exchange Depth | 2 | 247th of 251 | |
| Social Mindshare | 1 | 248th of 251 |
Risk
| Regulatory Safety | 6 | 52nd of 251 | |
| Catalyst Calendar | 1 | 249th of 251 | |
| BTC Alpha Potential | 1 | 240th of 251 | |
| Team Execution | 2 | 230th of 251 | |
| Treasury Runway | 3 | 226th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Kadena SpireKey wallet and Marmalade NFT standard could attract niche developers
Principal risk
Near-zero TVL (<$500K), trading halted on Binance (data stale), PoW in 2026 is a liability not an asset
Market and supply
| Price | $0.003985 |
| Market cap | $1.3Mrank 2565 |
| All-time high | $27.6411 Nov 2021 |
| Circulating supply | 338,586,084 |
| Eventual supply (max supply) | 1,000,000,000 |
| Dilution to full supply | 2.95x |
| Total value locked | $300.0K |
| Listed on | KuCoin, Gate.io, Bittrex |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to KDA measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [CoinGecko] KDA ATH $28.25 in Nov 2021; down ~99.98% with Binance delisting
- [DeFiLlama] Kadena TVL under $500K, one of the lowest among named L1s
- [Kadena Docs] Kadena uses PoW with 20 parallel chains, no staking yield, high inflation from mining
Common questions
- What is the Early Thunder score for Kadena (KDA)?
- KDA scores 50 out of 250 on the 25-variable framework, ranking 250th of 251 rated tokens (bottom 10%). The framework verdict is PASS.
- What are KDA's strongest fundamentals?
- KDA ranks highest on Regulatory Safety 6/10, 52nd of 251. Ranks are measured against all 251 tokens in the same scoring pass.
- What are the weakest parts of the KDA thesis?
- KDA scores in the bottom third of the universe on Catalyst Calendar 1/10, 249th of 251, Social Mindshare 1/10, 248th of 251, Exchange Depth 2/10, 247th of 251 and Market Share 1/10, 245th of 251. The single risk carried on the scorecard is: Near-zero TVL (<$500K), trading halted on Binance (data stale), PoW in 2026 is a liability not an asset
- How much KDA supply is still to enter circulation?
- 33.9% of eventual KDA supply is circulating today, leaving 2.95x the current float still to arrive. At a flat price per token that is 66.1% of fully diluted value ahead of current holders.
- How far is KDA from its all-time high?
- KDA trades 99.986% below its all-time high of $27.64. Returning to that high requires a 7,143x move from the level used in this scoring pass.
- Which tokens have a similar profile to KDA?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to KDA are LRC (78), BAND (73), RBN (68) and ONE (48). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for KDA?
- Kadena SpireKey wallet and Marmalade NFT standard could attract niche developers
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.