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Kava, a Layer 1 blockchain with unique co-chain architecture, is set to receive a new mainnet upgrade, Kava 14. The Kava 14 mainnet upgrade will allow Kava to roll out the new internal bridge feature with the initial supported asset of ATOM.
The Kava 14 upgrade is estimated to occur at block height 5,597,000 on July 12, 2023, at approximately 3:00 p.m. UTC.
According to Github notes, the anticipated release adds the ability to convert between a Cosmos-native asset and an ERC20 representation of the asset in the EVM. In simpler terms, Kava 14's launch would allow the unlocking of native Cosmos assets on the Kava EVM.
The upgrade would enable asset conversion between the Cosmos and Ethereum ecosystems via the new internal bridge feature, which is touted as a safer alternative to third-party bridging solutions for IBC dApps and app chains, as well as EVM dApps.
Binance crypto exchange has announced support for the Kava (KAVA) network upgrade. In this light, deposits and withdrawals of KAVA will be suspended approximately starting from July 12 at 2:00 p.m. (UTC), but trading of KAVA on Binance remains unaffected. The crypto exchange says it will reopen deposits and withdrawals for KAVA once the upgraded network is deemed stable.
May saw the successful launch of the "Kava 13" mainnet update, which upgraded the KAVA infrastructure to offer users greater security, scalability, functionality and speed.
Founded in 2018, the Kava network is built with a co-chain design that combines the flexibility of the Ethereum virtual machine with the interoperability of the software development kit of Cosmos. This architecture allows users to take advantage of the Cosmos "zones" feature in the Kava protocol.
In June, KAVA was chosen as the USDt HUB for the Cosmos ecosystem. This is as Tether, the company that powers the biggest stablecoin USDT, announced the launch of U.S. dollar-pegged Tether tokens on Kava. The integration is significant as it allows native USDt to be issued to the more than 60 Cosmos app chains.