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Kava (KAVA): Price Updates, Recent Developments, Future Events, Community

Cryptocurrency Apr 30, 2022 08:30AM ET
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Kava (KAVA): Price Updates, Recent Developments, Future Events, Community

  • Kava, the Cosmos-based project, has become popular as it allows Ethereum developers to build on its network.
  • Kava (KAVA) has been a standout performer in the bearish crypto market, retaining a weekly gain of 20%.
  • Kava is just days away from its Mainnet launch that will introduce Ethereum and Cosmos co-chains on a single network.
  • Scheduled for May 10, the Kava Mainnet will allow the co-chains to seamlessly interoperate.

Kava is a small but fast-growing blockchain network that has become popular for its unique “one network, two chains” approach to decentralized finance (DeFi). Kava combines the strong attributes of Ethereum and Cosmos blockchains.

Built on the Cosmos chain, Kava supports Ethereum by allowing Ethereum developers and decentralized applications to build on the Kava platform. Kava binds them together by the Tendermint consensus engine. So, how has Kava performed recently?

Recent Developments

Building towards the future of blockchain, Kava has announced a partnership with Governor DAO. The partnership will see Governor DAO deploy its Proof of Existence (PoE) suite on the Kava network.

With PoE enabled on the network, all projects on the Kava network can deploy a “human gate” against bots and whales. It also ensures Sybil resistance on any of their smart contract calls and web3 interactions.

According to Governor DAO, Sybil resistance will help projects in the Kava ecosystem offer provably fair NFT mints, airdrops, token launches, democratic governance voting, and others.

BTCS Inc., a blockchain technology-focused company, has also announced the addition of Kava to its blockchain infrastructure operations. In addition, BTCS will integrate Kava into its planned staking-as-a-service platform once launched.

The Pioneer program aimed at driving the rapid growth of Kava Network, launched in February, has seen significant success also. In the last week, Moonframe Finance, Koge Farm, Mushrooms Finance, Wing Finance, and Ren Protocol have signed up as Pioneers and will support the Kava mainnet launch.

Future Events

One of the most anticipated Kava events, its mainnet launch, is scheduled to happen on May 10. Despite operating as a cross-chain protocol, Kava operates on the Cosmos blockchain, which launched in 2019.

Kava is evolving and looks ready to enter into the next development phase. Kava explains that the upcoming mainnet launch, dubbed the Kava 10 upgrade, will mark the start of a bright future for the network, with limitless potential.

The Kava blockchain will become the Cosmos Co-Chain, and the Kava team is currently developing an Ethereum Co-Chain, which will launch with the Kava 10 mainnet upgrade in May.

In a recent post, Kava confirmed that the Ethereum Co-Chain BETA has a block time of 6.4 seconds, with over 749K blocks already made. This has further heightened the expectations of the Kava mainnet launch.

According to Kava, the two Co-Chains will interoperate seamlessly with one another. This architecture will allow developers to build on either chain without sacrificing access to the users and assets of the other.

To celebrate the upcoming launch of the Kava’s Ethereum and Cosmos co-chains, the project has launched a $250k giveaway. To participate in the giveaway, click here.

Price Updates

Kava (KAVA) has been the green in a sea of red in the largely turbulent crypto market. While Bitcoin and the broader crypto market are trying to recover from losses over the last week, KAVA retains gains of up to 20%.

The seven-day price chart of Kava (KAVA). Source: Tradingview

The rally has helped Kava hit a 90-day high of $5.64. And for a brief moment during the rally, the market cap of Kava crossed $1 billion, much to the delight of its community.

Over the last 24 hours, KAVA remains 2% up and now trades at $5.32. Kava is now ranked as the 81st largest crypto, with a market cap of $962 million.

The 24 hours price chart of Kava (KAVA). Source: Tradingview

On The Flipside

  • Despite its recent strong performance, KAVA has been unable to recover from its September 2021 highs.
  • KAVA currently trades 42% less than it did in September when it peaked at $9.19.

Community

Once a little-known project, Kava’s performance has caught the attention of many, causing its community to increase. Professor Asterones, the Founder of TradesIndustry, called KAVA one of the best-looking charts now. He wrote;

Another user, @CryptostoMoon, impressed by Kava’s ability to retain its gains in a bullish market, wrote;

Dr. Satoshi also appears to be expecting the Kava mainnet launch. He tweeted;

Why You Should Care

Kava combines Ethereum’s flexibility and speed with the interoperability of the Cosmos SDK to create one of the most fascinating chains. The unique offerings Kava has caused investors to speculate that the network could become the default for most developers in the future.

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Kava (KAVA): Price Updates, Recent Developments, Future Events, Community
 

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Anna Joy Apr 30, 2022 8:19PM ET
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