Layer-1 blockchain Kaia (KAIA) is dipping in price after abruptly gaining support from Binance, the world’s largest crypto exchange platform by trading volume.

In a new announcement, Binance says it’s added the Ethereum Virtual Machine (EVM)-based digital asset to its suite of products starting on October 31st.

“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 decrease in price. KAIA went from a peak of $0.150 on October 31st to its current price of $0.136, a drop of 9.3%.

According to Kaia’s official website, the smart contract platform aims to provide enterprise-grade performance and reliability while lowering fees and providing high-speed transfers.

“Kaia blockchain aims to achieve immediate finality for transactions, provide high speed transaction processing speed for real-world use cases, lower the cost of running blockchain applications, reduce barriers to entry for end-users, and facilitate easy technology adoption for various industries.”

Furthermore, the project has its own virtual machine based on EVM which allows it to interoperate with Ethereum (ETH).

“The Kaia Virtual Machine (KVM) provides a robust environment for smart contract execution, 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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