Prices are in USD.
|Market Cap Rank||#145|
|Price Change 24H||-0.49%|
|Price Change Percentage 24H||-8.85%|
|Market Cap Change 24H||$-40,349,980.00|
|Market Cap Change Percentage 24H||-7.94%|
|Circulating Supply||91,443,184 kava|
|All Time High||
August 30, 2021
|All Time Low||
March 13, 2020 -
|Explorers||https://hubble.figment.network/kava/chains/kava-2 , https://www.mintscan.io/kava , https://kavascan.com/ , https://kava.bigdipper.live/ , https://explorer.binance.org/asset/KAVA-10C|
|Wallets||https://trustwallet.com/kava-wallet/ , https://mathwallet.org/kava-wallet/en/|
|Community||https://twitter.com/kava_labs , https://twitter.com/kava_labs|
Kava is a DeFi platform that provides a decentralized platform for lending services. Additionally, it provides stablecoins compatible with major crypto assets. The company is trying to solve the problem with existing lending projects. The main problem is centralization in lending projects.
The blockchain technology is disrupting a lot of industries. We are now seeing whole industries shift to blockchain technology, and rightfully so. The latest case of this migration is Finance. We now have a variety of decentralized finance projects bringing inventors different services. The platform is one of the newest projects in this space.
Kava comes with a solution to this. They offer users decentralized loans and leverage. To provide its services, Kava depends on two different coins. These include the USDX stablecoin and the Kava token.
This dual token strategy ensures that each user gains maximum flexibility and usability. Moreover, users and developers get maximum functionality without detracting from either sector.
Kava does not offer much documentation explaining how the Kava project works. But we will try to give you as much information as we could gather. In simple words, Kava operates like a decentralized bank for digital assets.
Users receive loans in USDX. USDX is the stablecoin in the system. To receive USDX, users have to send their crypto assets to a smart contract. Here, they remain locked up until the process is through. Smart contracts make this whole process operational.
Smart contracts operate from an immutable, community preserved blockchain and are autonomous. This means that users do not need a middle man in transactions. Instead, they can fully trust the code of smart contracts. You can take multiple loans as long as you provide cryptocurrency assets as collateral.
Additionally, Kava allows developers to build decentralized applications. Each app adds a layer to the entity ecosystem. This further gives the two Kava tokens more use cases.
No, investors cannot mine Kava coins. Th company uses the Proof of Stake consensus algorithm. In this, people can validate transactions according to how many coins they hold. These are the people who manage the security of the blockchain.
Many people view the Proof of Stake consensus as more secure. This is because PoS structure compensation in a way that makes an attack less advantageous for the miner. This removes the risk of 51% attacks.
The 51% attack happens when there are fewer miners than require mining for coins. A miner or mining pool may end up controlling 51% or more of the computational power of the network. The miner or mining pool can then create fraudulent blocks for himself. Moreover, he can invalidate the transactions of others in the network.
The Proof of Stake makes this a non-issue. Validators of a network own most coins in the blockchain. It makes no sense for a validator to attack a network in which they hold a considerable stake.
Kava has two tokens that power the blockchain. It allows developers and users to have full functionality without disrupting services in the other sector. The dual tokens of the Kava ecosystem include Kava and tokens and USDX tokens.
Kava is the token that allows users to manage this blockchain. It is mostly a governance token. Holders of the Kava token can vote on critical project proposals. Moreover, this helps maintain the security of the Kava blockchain. This is through staking. Holders of this coin can stake the coins to help protect the network.
The USDX is a stablecoin on the Kava blockchain. It is a financial instrument for issuing and paying loans. Additionally, it is also usable in paying for goods and services. It has many use cases because it involves speedy transactions.
Kava has a formidable team behind it. Leading the team is Brian Kerr, the CEO. He was previously the advisor of Snowball. Snowball is the world’s first crypto investment automation platform.
By his side are Scott Stuart, the project manager, and Ruaridh O’Donnell, the co-founder and blockchain lead. Both of these individuals have extensive experience in blockchain technology and product management. Moreover, there are more team members with expertise in various areas.
Therefore, the token is in safe hands. Additionally, Kava has backing from some of the best blockchain projects that exist. These include Binance, OKex, Ripple and Cosmos. It is good to see them show faith in this project and its team.
The Kava team takes the security of the platform as a priority. Consequently, they have several security measures on the network. The project is a blockchain network. This means that distributed nodes work together to keep the network secure. They maintain a consensus. Hence, they can detect any changes very fast. Moreover, nodes help each other recover from an attack.
Additionally, validators secure the network by staking coins. This proves to be a reliable security measure time and time again. Validators of the network have the highest stakes in the network. It is economically unfeasible to attack the network. This keeps out 51% attacks.
Privacy standards are the same as with standard blockchains. Transactions are completely transparent on the public ledger. However, the ledger is immutable. Therefore, no one can alter transaction records.
Kava is a game-changer. The decentralized finance sector is growing day and day. The ability to a collateralized debt position on any crypto asset is intriguing. Kava has a lot of potential to grow in this cryptocurrency space.
However, information on Kava is very scant. The official website for this project barely covers the key concerns of investors. This may make it hard for the community to adopt Kava.
On a good note though, the Kava team is very engaging with the community. You can easily find them and ask questions on various social media platforms.
If you think this coin is for you, then you can proceed to buy it. There are several exchanges that you can purchase the coins. Some of the best exchanges to use include Binance, Poloniex and KuCoin.
The price of one Kava coin stands at $1.51. Further, the 24-hour trading volume stands at $14,241,544 at the time of writing this. It ranks 126th in market cap share with a market cap of $70,658,533.
You can store your coins to use or sell later in a crypto wallet. The platform has its own proprietary wallet, Kava wallet. It is secure and easy to use. Some other wallets you can use include Ledger and Trust Wallet.
At this time, it is impossible to tell the direction that Kava will take. However, it is currently holding its value. It ranks just shy of the top 100 in market cap share. It has a lot of potential to break into the top 100.
Decentralization of financial services is a value proposition that sells itself. It gives users control of their money and assets. But the Kava developers need to provide more information about the project on the website. This will go a long way in getting more people on board.