Kava Network Adds EV Support, Launches Ethereum Co-chain Alpha

Key Insights:

• Kava added EVM support to the network with the Ethereum Co-Chain alpha launch.
• Over 15 protocols will be deployed to the closed testnet of the Ethereum Co-Chain.
• The network’s Kava 9 upgrade went live on January 20.

The Kava Network announced the launch of the alpha release of its Ethereum Co-Chain on March 8. The launch adds EVM developer support to the network, allowing developers and dApps from the Ethereum ecosystem to build and deploy on Cosmos.

15 Protocols Set to be Deployed

Kava developers shared that the network has added Ethereum Virtual Machine (EVM) smart contract support with the alpha launch of its Ethereum Co-Chain.

The network’s Kava 9 upgrade went live on January 20, laying the groundwork for the network’s growth this year.

According to the announcement, as part of the Kava Pioneer Program, over 15 protocols, including Beefy Finance, yield aggregator AutoFarm, and RenVM, will be deployed to the closed Co-Chain testnet.

The deployment of these projects aims to test the interoperability between Kava’s Ethereum and Cosmos Co-Chains ahead of the mainnet launch. Kava network’s goal is to add 100 protocols by the end of this year.

In line with the recent update, Scott Stuart, CEO of Kava Labs, said,

“Ethereum is still where the vast majority of developers and protocols are, but Cosmos is growing fast, and it offers so much more in terms of scalability and interoperability. Bringing the best of both ecosystems together on Kava makes sense for our goal to add 100 protocols this year.”

KAVA’s Growth

Kava, built on Cosmos SDK, aims to combine the Ethereum and Cosmos chains into a single network. The same allows developers to build and deploy dApps on a single chain accessible to users and assets of both Ethereum and Cosmos.

In 2022 Kava aims to leverage several essential infrastructure modifications, including the recently added EVM support to increase adoption and interoperability.

Notably, after the mainnet launch, protocols that will launch on the Kava network could use the $750 million Kava Rise developer incentive program.

The Kava Rise fund was announced in early March and allocates 62.5% of block rewards to developers building on the Kava Ethereum and Cosmos Co-Chains. The fund aims to help the network expansion in decentralized finance (Defi) and NFT space.

That said, amid the recent ecosystem-centric updates, KAVA’s price rose by almost 5%, trading at $3.27.

While there was a short-term price uptick, the coin traded near its lower support. Flipping the $3.3 support/resistance mark could further the token’s upward momentum.