Token of Layer-1 Blockchain Kava Surges 40% Ahead of Mainnet Upgrade
Elizabeth Napolitano is a news reporter at CoinDesk.
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.
Edited by Parikshit Mishra and Shaurya Malwa.
DISCLOSURE
Please note that our
privacy policy,
terms of use,
cookies,
and
do not sell my personal information
has been updated
.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a
strict set of editorial policies.
CoinDesk is an independent operating subsidiary of
Digital Currency Group,
which invests in
cryptocurrencies
and blockchain
startups.
As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
stock appreciation rights,
which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG
.
Elizabeth Napolitano is a news reporter at CoinDesk.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Elizabeth Napolitano is a news reporter at CoinDesk.