World’s leading crypto exchange, Binance has decided to support the imminent upgrade and hard fork on Kava network, a lightning-fast Layer-1 blockchain. The crypto exchange issued this announcement in its Wednesday blog post. Notably, the network upgrade and hard fork “will take place at the Kava block height of 2,098,400, or approximately at 2022-10-26 15:00 (UTC).”
Occasioned by this development, Binance intends to temporarily suspend every deposits and withdrawals of KAVA. According to the exchange, the suspension will take effect from 2022-10-26 14:00 (UTC). However, it assured users that trading of KAVA will not be affected during the network upgrade and hard fork.
According to the exchange, it intends to “handle all technical requirements involved for all users holding KAVA in their Binance accounts.” Further, it says the network upgrade and hard fork will not bring about the creation of new tokens. Binance, however, intends to resume deposits and withdrawals once the upgraded network appears stable. More so, the exchange promised to keep users abreast of any subsequent development on the upgrade
Side Notes on Kava 11
Worth noting, the protocol runs as a lighting-fast layer 1 blockchain. It combines the interoperability of Cosmos with the developer support of Ethereum. Notably, the protocol aims to launch its Kava 11 mainnet today. As designed, the network helps to “drastically expands avenues for TVL growth in the network through liquid staking. Also, it supports Kava EVM assets in Mint and Lend. Remarkably, it is supercharged by the $750M+ Kava Rise growth engine, thereby allowing for explosion in TVL growth and protocol onboarding.
Meanwhile, the Kava 11 upgrade became proposed to the project’s community early last week. Voting on the proposal ended on Tuesday, with majority supporting the upgrade scheduled to unfold later today. Prior to the imminent upgrade, its team conducted a testnet of the liquid staking feature Kava 11, designed to unlock massive value to Kava TVL and rocket the project to the top 10 on DeFiLama.
The team, during the testnet period, urged participants to explore the new features and report any bugs they find. Then, the protocol offered participants with the privilege to earn one of the 400 prizes of its total 10,000 token pool. However, the participants earned the reward by filling out the form using their Kava Address. Afterward, they connected their wallets to its liquid testnet. With this, they became eligible to navigate its liquid app and explore its features.