KAVA Soars 31% This Week With Anticipation Of Mainnet Upgrade

Opeyemi Sule

2 years ago

3 mins read

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KAVA, the utility token of decentralized blockchain Kava, has been on a strong bullish trend in the last few days. The cryptocurrency maintained this momentum despite the bearish market sentiment in the past week, garnering an impressive 31% price gain.

To end what was a largely positive week, a proposal to initiate the first phase of Kava Horizon was submitted by the Layer-1 ecosystem.

KAVA Price Overview

Recently, the KAVA token has been on a positive price rally, gaining more than 30% of its value in the last seven days. For long-term investors, this may be seen as some form of recovery, as the coin had not been performing well until a week ago.

To put this into perspective, the token has only increased by 1.6% in the past month. In fact, up until the 8th of May, the price of KAVA was on a steady decline, losing nearly 29% of its value in three weeks.

That said, an upward price movement that started a week ago has seen the token climb up to its previous high of $0.96. As of this writing, KAVA is valued at $0.969, tallying a 4.7% increase in 24 hours.

KAVAUSD trading at $0.9754 | Source: KAVAUSD chart from TradingView

This latest price increase has been linked to the upcoming upgrade on the mainnet. Scheduled for 17th May, 2023 (15:00 UTC), the “Kava 13” upgrade aims to bring architectural enhancements to the security, scalability, and functionality of the network. Consequently, this will help developers to scale and accelerate their protocols and improve user experience across the ecosystem.

Only 1 week until #KAVA 13 mainnet launch 🚀 #EVM #Cosmos pic.twitter.com/eASPUSC5j9

— Kava (@KAVA_CHAIN) May 10, 2023

According to CoinGecko data, KAVA has a market capitalization of $495.5 million, which places it as the 90th largest cryptocurrency in the market. It is, however, worth noting that the token’s daily trading volume has dipped by 51.7% to $21.9 million in the last 24 hours.

Kava Submits Proposal To Initiate ‘Horizon’

On May 13, 2023, Kava advanced its plans to implement the first phase of the Kava Horizon. Codenamed “Proposal 141”, the proposal to initiate this change is now live for community voting. This proposal, if approved, will permanently end all emissions (including POS rewards, Rise rewards, grants, and other reward emissions) by December 31, 2023.

Kava Prop 141 has been proposed to initiate Kava Horizon.

Vote now 👇 https://t.co/Pmsq5dsH9r pic.twitter.com/Y53awjTnSl

— Kava (@KAVA_CHAIN) May 12, 2023

However, before this is implemented, two independent foundations will be created to oversee the steady development and maintenance of the permissionless and decentralized blockchain. These two foundations will receive the bulk of emissions till they eventually cease at the end of the year.

A future software upgrade – launched subsequent to proposal 141 – will control the flow of all accumulated rewards from the aforementioned foundations.

Featured image from Securities.io, chart from TradingView

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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