The Layer 1 blockchain goes live with features aimed at faster, lower-cost transactions across blockchains.
Keeta’s native token KTA rallied on Monday, Sept. 22, after the Layer 1 (L1) blockchain project officially rolled out its mainnet.
At the time of writing, KTA is trading at $1.11, up 5% over the past 24 hours after briefly surging as much as 10% earlier today. The token is also up around 50% since Friday, according to CoinGecko. Currently, KTA boasts a market capitalization of $447 million.
The mainnet launch introduces features like asset transfers from other systems and chains, support for asset swaps, and an easier method for off-ramping.
The L1 blockchain, founded in 2022, has processed over 28.7 billion testnet transactions to date, per Keeta’s explorer. Meanwhile, a public stress test from June recorded Keeta handling 11.2 million transactions per second (TPS), according to a press release reviewed by The Defiant.
“This breakthrough performance not only surpasses all existing blockchain networks, outpacing Solana by 2,500x, but also exceeds the combined throughput of traditional financial systems like Visa, FedNow, and SWIFT,” the release reads. SWIFT is currently the primary messaging network through which international payments are initiated.
Keeta Network’s mainnet launch highlights decentralized finance’s (DeFi) need for fast, low-cost transactions across different blockchains and payment systems.
Some of the biggest issues users have with earlier blockchains like Bitcoin and Ethereum are slow speeds, high fees, and network congestion. This has prompted a wave of newer networks, both L1s and Layer 2s (L2s), that aim to tackle these issues.
“Our mainnet launch marks a huge milestone for Keeta,” said Ty Schenk, founder and CEO of Keeta. “I’m incredibly proud of everything that the team has accomplished to get us to this point… Keeta really is the most advanced, scalable L1 in the world, and now we get to prove it.”
To date, the blockchain project has raised $22.3 million in funding, with a current valuation of $75 million, according to Tracxn. The Keeta token was launched on Base in March.
Source: https://thedefiant.io/news/blockchains/keeta-token-rallies-on-mainnet-launch
