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
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;
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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Source: Cryptocurrency - investing.com
