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KAVA, the utility token of the Kava decentralized blockchain, has been showing a strong bullish trend over the past few days. The cryptocurrency has maintained this momentum despite the bearish sentiment in the market last week, receiving an impressive 31% price increase.
To end a mostly positive week, the Layer-1 ecosystem has submitted a proposal to launch the first phase of Kava Horizon.
KAVA Price Overview
The KAVA token has shown a positive price rally recently, adding over 30% of its value in the last seven days. For long term investors, this can be seen as some form of recovery as the coin was not performing well until a week ago.
For comparison: over the past month, the token has grown by only 1.6%. In fact, up to May 8, the price of KAVA has steadily declined, losing almost 29% of its value in three weeks.
However, the upward price movement that started a week ago has seen the token rise to its previous high of $0.96. At the time of this writing, KAVA is valued at $0.969, up 4.7% in 24 hours.
KAVAUSD is trading at $0.9754 | Source: KAVAUSD chart from TradingView.
This latest price increase was due to an upcoming mainnet upgrade. Scheduled for May 17, 2023 (15:00 UTC), the Kava 13 update aims to improve the security architecture, scalability, and functionality of the network. Hence, it will help developers to scale and accelerate their protocols and improve user experience throughout the ecosystem.
Only 1 week until #KAVA 13 mainnet launches 🚀 #EVM #Cosmos pic.twitter.com/eASPUSC5j9
— Kava (@KAVA_CHAIN) May 10, 2023
According to data from CoinGecko, KAVA has a market capitalization of $495.5 million, ranking it as the 90th largest cryptocurrency in the market. However, it is worth noting that the daily trading volume of the token has fallen by 51.7% to $21.9 million in the last 24 hours.
Kava submits a proposal to initiate “Horizon”
On May 13, 2023, Kava announced its plans to implement the first phase of Kava Horizon. Codenamed “Proposition 141”, the motion to initiate this change is now up for a community vote. This proposal, if approved, will permanently end all issuances (including POS rewards, Rise rewards, grants, and other rewards) by December 31, 2023.
Kava Prop 141 has been proposed to initiate Kava Horizon.
Vote now 👇 https://t.co/Pmsq5dsH9r pic.twitter.com/Y53awjTnSl
— Kava (@KAVA_CHAIN) May 12, 2023
However, before this is implemented, two independent foundations will be set up to oversee the steady development and maintenance of the decentralized blockchain without permissions. These two funds will receive the bulk of emissions until they stop at the end of the year.
A future software update launched after Proposition 141 will control the flow of all accumulated rewards from the aforementioned funds.
