Kava turns bullish as Ethereum Co-Chain launch initiates push toward EVM compatibility
Protocols in the Cosmos ecosystem have seen a significant amount of growth in 2022 due to the intensifying focus on blockchain interoperability and compatibility with the Ethereum network.
One protocol that has seen a buildup in momentum since the middle of March is Kava, a project that is developing a co-chain architecture for the Cosmos and Ethereum network.
Data from Cointelegraph Markets Pro and TradingView shows that the price of Kava’s native token KAVA has climbed 72.3% after hitting a low of $2.92 on March 13 to establish a daily high of $5.03 on April 8.
Three reasons for the increase in price and momentum for KAVA include the Ethereum Co-Chain beta launch, the launch of a $750 million developer incentive program and a series of partnerships and protocol launches that have expanded the size of the Kava ecosystem.
One of the most anticipated developments to come out of the Kava ecosystem was the successful completion of the alpha phase of the Ethereum Co-chain launch.
Ethereum Co-Chain Alpha was AMAZING!Beta is LIVE & already a powerhouse.Mainnet launches May 10th, 2022! #Kava #EVM pic.twitter.com/tnfyAkeLoN
The Ethereum Co-Chain enables support for Ethereum Virtual Machine (EVM) smart contracts while the Cosmos Co-Chain enables support for the Tendermint consensus engine and the Inter Blockchain Communication Protocol (IBC). A translator module connects the co-chains and allows for seamless interoperability between the networks.
The mainnet launch of the Ethereum Co-Chain is expected to take place on May 10.
A second reason for the building strength of KAVA was the March 3 launch of Kava Rise, a $750 million developer incentive program designed to help onboard developers from decentralized finance (DeFi), gaming
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