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KAVA, the native token of Layer-1 blockchain Kava, has experienced an impressive surge of almost 40% in the past week, fueled by the forthcoming major mainnet upgrade of its network.
The upcoming "Kava 13" upgrade, scheduled to go live on May 17, is set to bring significant improvements to the Kava network. This upgrade aims to enhance transaction speed and bolster security measures. Additionally, a new bridge will be introduced, enabling seamless asset transfers from Cosmos to various protocols within the Kava ecosystem.
KAVA witnessed a notable surge of around 10% last Wednesday, fueled by the proposal put forth by token holders to terminate the project's various grants and rewards programs by the end of this year. According to CoinGecko data, the market capitalization of KAVA stands at $513 million, reflecting its growing prominence in the crypto market.
Although KAVA has experienced significant gains in the past week, the token's price has started to trend downwards as early investors seize the opportunity to secure profits. Currently, the tokens are trading at 98 cents as of the time of publication.
Source Coindesk
