The cryptocurrency market witnessed a significant uptick on September 22, as the Keeta Token (KTA) surged following the official launch of the Keeta Layer 1 (L1) blockchain mainnet. The token’s value increased by 5% during the 24-hour period, peaking at $1.11, with a brief surge that saw it climb as much as 10% earlier in the day. Since Friday, KTA has experienced an impressive rally of approximately 50%, bringing its market capitalization to an estimated $447 million, according to data from CoinGecko.
The mainnet launch represents a crucial advancement for the Keeta blockchain, introducing a suite of features specifically designed to facilitate quicker and more cost-effective transactions across various blockchain platforms. Notably, the new functionality will allow for seamless asset transfers from external systems, support for asset swaps, and streamlined processes for off-ramping funds.
Founded in 2022, Keeta has already made headlines by processing an astounding 28.7 billion transactions on its testnet. In a public stress test conducted in June, the blockchain achieved a transaction throughput of 11.2 million transactions per second (TPS). This performance significantly outstrips existing blockchain networks, surpassing Solana’s capabilities by a factor of 2,500. Furthermore, Keeta’s TPS exceeds the combined transaction capacity of major global financial systems such as Visa, FedNow, and SWIFT.
In a press release, the Keeta team highlighted the importance of this launch, stating, “This breakthrough performance not only surpasses all existing blockchain networks, but it also sets a new standard for transaction speeds in the decentralized finance (DeFi) sector.” The challenges associated with older blockchain networks, such as Bitcoin and Ethereum, which include slow processing speeds, high fees, and congestion have prompted the emergence of newer solutions like Keeta.
Ty Schenk, the founder and CEO of Keeta, expressed his pride in the team’s achievements. “Our mainnet launch marks a huge milestone for Keeta. I’m incredibly proud of everything that the team has accomplished to get us to this point. Keeta truly stands out as the most advanced and scalable L1 in the world, and we are excited to demonstrate its capabilities,” Schenk stated.
In terms of financial backing, the Keeta project has successfully raised $22.3 million and is currently valued at approximately $75 million, as reported by Tracxn. The KTA token was initially launched on the Base network in March, paving the way for the current rally as it begins to establish its presence in the burgeoning DeFi landscape.
As the crypto community continues to monitor the effects of the mainnet launch, Keeta’s innovative approach to solving transaction issues prevalent in earlier blockchain technologies may position it as a strong competitor in the ever-evolving blockchain ecosystem. With its focus on speed and lower costs, Keeta aims to redefine how assets are transferred and transacted across decentralized networks.
