KAVA, the utility token of the decentralized blockchain Kava, has been on a strong bullish trend over the past few days. The cryptocurrency maintained this momentum despite the market slump last week, which led to an impressive 31% price increase.
To end a largely positive week, a proposal to launch the first phase of Kava Horizon was submitted by the Layer-1 ecosystem.
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Kava Price Overview
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Recently, the KAVA token has been on a positive price rally, with its value increasing by over 30% over the past seven days. For long-term investors, this can be seen as some kind of recovery, as the coin was not performing well till a week ago.
To put this into perspective, the coin has only gained 1.6% over the past month. In In fact, as of May 8, the price of kava was in a steady decline, having lost almost 29% of its value in three weeks.
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That said, an upward movement that started a week ago has seen the coin climb to its previous high of $0.96. As of this writing, KAVA is priced at $0.969, representing a 4.7% increase in 24 hours.
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KAVAUSD trading at $0.9754 | Source: KAVAUSD chart from TradingView
This latest price hike is linked to an upcoming upgrade on the mainnet. ScheduleAnnounced for May 17, 2023 (15:00 UTC), the “Kava 13” upgrade aims to bring architectural improvements to the security, scalability, and performance of the network. As a result, it will help developers scale and accelerate their protocols and improve the user experience in the ecosystem.
1 week only #To move a horse around in a circle 13 mainnet launches 🚀 #EVM #cosmos pic.twitter.com/eASPUSC5j9
— Kava (@KAVA_CHAIN) May 10, 2023
According to coingeco data, KAVA has a market capitalization of $495.5 million, placing it as the 90th largest cryptocurrency in the market. However, it is worth noting that the daily trading volume for the coin dropped by 51.7% to $21.9 million in the past 24 hours.
Kava proposes to launch ‘Kshitij’
On May 13, 2023, Kava went ahead with its plan to implement the first PHKava as the horizon. Codenamed “Proposition 141”, the proposal to introduce this change is now live community polling, This proposal, if approved, would permanently phase out all emissions (including PoS rewards, Rise rewards, grants and other bounty emissions) by December 31, 2023.
Kava Prop 141 is proposed to launch Kava Horizon.
Vote now 👇 https://t.co/Pmsq5dsH9r pic.twitter.com/Y53awjTnSl
— Kava (@KAVA_CHAIN) May 12, 2023
However, before it is implemented, two independent foundations will be created to oversee the continued development and maintenance of the permissionless and decentralized blockchain. Both of these foundations will receive huge amounts of emissions until they finally expire at the end of the year.
A future software upgrade – launched after Proposition 141 – will control the flow of all accumulated rewards from the aforementioned foundation.
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Featured image from Securities.io, chart from TradingView
