Token of Layer-1 Blockchain Kava Surges 40% Ahead of Mainnet Upgrade
The change improves transaction speed and aims to beef up security on the platform, Kava says.
May 16, 2023 at 7:21 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/XGB7SMYTPJCLRLEZ3DAS3E37JI.jpg)
Price rising charts markets indices (Unsplash)
Layer-1 blockchain Kava’s native token, KAVA, has surged nearly 40% over the past week as its network prepares to undergo a major mainnet upgrade.
The “Kava 13” upgrade will speed up transactions on the network and offer greater security when it goes live on May 17. The network will also launch a new bridge that facilitates the transfer of assets from Cosmos to protocols across Kava.
KAVA previously rallied roughly 10% last Wednesday after token holders suggested terminating the project’s several grants and rewards programs by the year’s end. The token’s market capitalization is $513 million, CoinGecko data shows.
Despite the gains KAVA has notched over the past week, the token’s price has begun trending down as early buyers take profits. The tokens trade at 98 cents at publication time.
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Elizabeth Napolitano is a news reporter at CoinDesk.
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