A beta version of the Ethereum Co-Chain will be launched by the Kava blockchain network on April 5. Public beta launches serve the purpose of stress testing the Ethereum Co-Chain. Users will have the opportunity to experience Kava Network’s upcoming protocols and DApps at the event.
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Despite the positive news, the KAVA token fell 3.31% to US$4.44 at 12:55 pm ET. The global crypto market was down 3.21% to US$2.09 trillion in the last 24 hours to 1:10 pm ET. However, Kava is on track to launch Ethereum Co-Chain and the ETH Bridge Beta in April 2022.
What Is Kava (KAVA)?
Kava is a layer-1 blockchain that features a developer optimized co-chain architecture combining the two permissionless ecosystems, Ethereum and Cosmos, into one single and scalable network. In simple words, the Kava blockchain combines the speed and interoperability of Cosmos and the developer power of Ethereum.
The Ethereum Co-Chain supports the Ethereum Virtual Machine (EVM) smart contracts, and Cosmos Co-Chain enables the lightning-fast Tendermint consensus engine and the Inter Blockchain Communication Protocol (IBC).
The company aims to establish Kava Network as a top-five L1 blockchain by empowering and incentivizing developers to drive the growth and usage of L1 ecosystems.
Its co-founders are Brian Kerr, Ruaridh O’Donnell, and Scott Stuart. Scott is a former poker player and a serial entrepreneur. He took over as CEO of Kava from Brian Kerr in 2021. Brian previously worked as an advisor with several digital-asset-focused companies, including Snowball and DMarket.
Ruaridh O’Donnell is an engineer and has worked previously as a data analyst with Level Works.
KavaDAO is a fully decentralized autonomous organization (DAO) that governs Kava Network. The governance issues involve smart contract modifications, global debt limit adjustments, collateral assets addition or removal, etc.
KAVA token price and performance:
The network uses KAVA as its governance and utility token, used for staking by validators and delegated to the validator nodes.
KAVA has a market capitalization of US$740.59 million. The network has a Total Value Locked (TVL) of US$408.45 million currently.
Its circulating supply is 167.46 million KAVAs, and the total supply is 173.66 million. The token is available for purchase on the Binance, Bybit, CoinTiger, Upbit, and KuCoin crypto exchanges.
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