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Ify Egede
May 25, 2022
by Ify Egede

Binance to Support Kava Network upgrade

Kava network
Binance announced on Twitter their plans to support the Kava network upgrade. The upgrade will be taking place on 25th May. Although all transactions (withdrawals and deposits) will be on hold, trading will continue.

Kava Network Upgrade

According to Binance, they will be supporting the Kava network with their upgrade. The network upgrade will be taking place at Kava's 1,610,471 block height. It will hold on 25th May at 15:00 (UTC). The team will put all transactions on hold an hour before the upgrade. But, all KAVA trading will continue. 

The Binance team wants all users to be calm. They'll handle all technical needs for KAVA holders on Binance. All Binancians can make transactions after the completion of the Kava network upgrade. That is after the network becomes stable.

About Kava

Kava network is a software protocol. It leverages various cryptos to let people lend and borrow without a middleman. Kava is among some new DeFi projects. But, while most DeFi projects operate on Ethereum, Kava operates on Cosmo. The Kava creators say that it adds more features.

The Cosmos smart contracts let people borrow money in USDX. All they have to do is lock coins in the network's smart contracts. Kava uses the Cosmos' zones function to control the cryptos it takes. They're then executed in programs on separate networks. It lets Kava expand the types of cryptos that borrowers can use, like XRP, BTC, and BNB.

Users can earn KAVA weekly by pledging their digital assets against the mint USDX token. The amount received by KAVA users lies on the collateral asset type used. It's also based on the number of USDX someone mints. Minters utilizing BNB as a collateral asset will earn part of the network's weekly 74K KAVA.

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Binance to Support Kava Network upgrade
Ify Egede
Ify is an experienced and versatile writer and researcher. He has have keen interest in blockchain technology, Bitcoin, cryptocurrencies, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.

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