Thursday, December 8, 2022

KAVA Price Turns Bullish As ETH/Cosmos Co-Chains Launch

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The KAVA price turns bullish as the ETH and Cosmos co-chains launch with the excitement building continuously so let’s read more in today’s latest altcoin news.

The protocols in the cosmos ecosystem saw a huge amount of growth in 2022 due to the focus on blockchain interoperability and compatibility with the ETH network. One protocol that saw a rise in momentum since March is Kava which is a proejct that developed a co-chain architecture for the Cosmos and the ETH network. The TradingView data shows that the KAVA price turns bullish and climbed 72.3% after hitting a new low of $2.98 to establish a daily high of $5.04.

The three reasons for the increase In price in momentum for AVA include the ETH co-chain Beta launch of a $750 million developer program with a series of partnerships and protocol launches which expanded the size of the Kava ecosystem. One of the biggest developments to come out of the Kava ecosystem was the completion of the alpha phase of the ETH co-chain. This co-chain enables support for Etheruem Virtual Machine smart contracts while the Cosmos co-chain enabled support for the Tendermint consensus engine as well as the Inter Blockchain Communication Protocol. The translator module connects to these co-chains for seamless interoperability between the networks.

Another reason for the building strength of KAVA was the launch of Kava rise or a $750 million incentive program designed to help onboard the developers from DEFI, gaming, and NFTs into the Kava community. Kava Rise is a mechansim that will distribute 62.5% of the block rewards to developers who are building in the Kava Ethereum and Cosmos Co-chains in order to become a builder owner network. The remaining 37% of the block rewards will be distributed to the stakers.

KAVAUSDT 1-day chart. Source TradingView

The incentive program is expected to go live with the latest 10 upgrades which will include the launch of the Cosmos and ETH co-chains on the Kava mainnet and the third factor to boost the demand for KAVA was the addition of the new partnership for the network. Some of the latest protocols to launch on the co-chain architecture include OpenSea and DexPad. Other recent launches on the Kava include the multichain DEFI lending protocol ForTube, the Ruby Protocol which brings the algorithmic stablecoin to the Kave Ethereum Virtual Machine and the ETH co-chain integration of the Ren protocol.

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