KAVA Crypto Sees a Shot at Big Gains With May 10 Mainnet Launch


There are so many choices when it comes to blockchain, each with their own networks ranging in offering, scalability, transaction cost and more. Because each blockchain offers different solutions, it’s often in a user’s best interest to use more than one. But that creates a problem of its own: What if a user wants to move assets from one chain to another? Bridges — the most common way of doing this — are fraught with security issues. The Kava (KAVA-USD) network looks to address this problem by becoming the world’s first two-chain network. Now, the KAVA crypto may be primed for a boom as it approaches a main network launch.

Red letter K symbol representing Kava crypto
Source: shutterstock.com/Ivan Babydov

Kava Labs launched its two-chain network venture back in 2019. At this time, developers catalyzed the initial KAVA token launch. This took place via several private tokens sales, before landing on the Binance (BNB-USD) exchange for an initial exchange offering. The network began as a Cosmos (ATOM-USD) project.

Since first launching on Cosmos, Kava developers have been striving toward making the network interoperable across both the Cosmos and Ethereum (ETH-USD) chains. The implications of creating such a network are also quite positive; it would allow users to take Cosmos assets like Terra (LUNA-USD) to Ethereum platforms more easily than ever before — and vice versa. That’s perfect for users who use both chains.

KAVA Crypto Prepares for Mainnet Launch as Cosmos Rolls Out Revamped Evmos Chain

One thing that Kava developers have been waiting on before the launch of the “mainnet” is the launch of Cosmos’ Evmos Chain. The initial rollout for Evmos — taking place in March — ended up being a bungled affair. Now, though, it looks like Cosmos is ready for a second crack at things. Of course, this means the KAVA crypto is also primed to gain.

The Evmos chain is a new product from Cosmos developers. Cosmos is a community of blockchains which communicate using a proctocol called Inter-Blockchain Communication. IBC is the mechanism by which Cosmos can handle the transportation of assets from one chain to another. Evmos expands that network of IBC-enabled chains to any network built using Ethereum Virtual Machine (EVM).

A multitude of networks exist thanks to EVM, including Binance Smart Chain, Avalanche (AVAX-USD) and Ethereum Classic (ETC-USD). These lend nicely to Kava, since it is already built with the purpose of connecting Cosmos and Ethereum. All told, the launch of Evmos will vastly expand the interoperability of the network.

Although the first Evmos launch in March was a failure — with bugs aplenty and a multitude of failed crypto airdrops — Kava developers pressed on. In early April, developers launched the beta network; the Kava Pioneer program allows developers to deploy their projects on the test network ahead of the full rollout. In the weeks since, the network has seen 38 protocols deployed across it.

Now, Kava is signaling that it’s inching closer to a full rollout. Evmos relaunched this week. With this news, Kava has also announced plans to deploy its mainnet on May 10. Naturally, this is an exciting moment for the project. Any main network launch will draw the attention of curious users. Given its testnet successes, KAVA will surely benefit. So far today, the KAVA crypto is gaining more than 5%.

On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Brenden Rearick is a Financial News Writer for InvestorPlace’s Today’s Market team. He mainly covers digital assets and tech stocks, with a focus on crypto regulation and DeFi.

Article printed from InvestorPlace Media, https://investorplace.com/2022/04/kava-crypto-sees-a-shot-at-big-gains-with-may-10-mainnet-launch/.

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