KAVA Soars 31% This Week With Anticipation Of Mainnet Upgrade
14 Mayo 2023 - 9:20AM
NEWSBTC
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. Related
Reading: BRISE Gains 21% In 24 Hours – Could This Be A Market
Recovery? 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. 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. 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. Related Reading: Tether Holds
$3.4 Billion In Gold Reserves, Nears ATH Market Cap 1 Year Post
Terra Collapse Featured image from Securities.io, chart from
TradingView
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