It was announced on March 8 that the Kava Network launched an alpha release of its Ethereum Co-Chain. With the launch, Cosmos will offer support for Ethereum Virtual Machine (EVM), enabling developers and dApps from the Ethereum ecosystem to deploy and build on the platform.
Key Insights:
- Kava adds EVM support to the network with the Ethereum co-chain alpha launch.
- Over 15 protocols to be deployed to the closed testnet of the Ethereum Co-Chain.
- The network’s Kava 9 upgrade went live on January 20.
15 Protocols Set to be Deployed
Kava developers shared that the network has added Ethereum Virtual Machine (EVM) smart contract support with the alpha launch of its Ethereum Co-Chain. The network’s Kava 9 upgrade went live on January 20, laying the groundwork for the network’s growth this year.
According to the announcement, as part of the Kava Pioneer Program, over 15 protocols, including Beefy Finance, yield aggregator AutoFarm, and RenVM, will be deployed to the closed co-chain testnet.
The deployment of these projects aims to test the interoperability between Kava’s Ethereum and Cosmos Co-Chains ahead of the mainnet launch. Kava network’s goal is to add 100 protocols by the end of this year.
About the recent update, Scott Stuart, Kava Labs CEO, said,
“Ethereum is still where the vast majority of developers and protocols are, but Cosmos is growing fast, and it offers so much more in terms of scalability and interoperability. Bringing the best of both ecosystems together on Kava makes sense for our goal to add 100 protocols this year.”
KAVA’s Growth
Kava, built on Cosmos SDK, aims to combine the Ethereum and Cosmos chains into a single network. The same allows developers to build and deploy dApps on a single chain accessible to users and assets of both Ethereum and Cosmos.
In 2022 Kava aims to leverage several essential infrastructure modifications, including the recently added EVM support to increase adoption and interoperability. Notably, after the mainnet launch protocols, that launch on the Kava network will use its $750 million Kava Rise developer incentive program.
The Kava Rise fund was announced in early March and allocates 62.5% of block rewards to developers building on the Kava Ethereum and Cosmos CoChains. The fund aims to help the network expansion in decentralized finance (Defi) and NFT space.
That said, amid the recent ecosystem-centric updates, KAVA’s price rose by almost 5%, trading at $3.27.
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