Bithumb has announced a halt on KAVA trading due to a scheduled upgrade of the Kava network to ensure user asset safety.
Reasons for KAVA Trading Halt
Bithumb announced the temporary suspension of trading, deposits, and withdrawals of KAVA starting at 6:00 PM KST (9:00 AM UTC) on February 25. This is due to the scheduled upgrade of the Kava network at block height 13,500,000. The action is a precaution to ensure the safety of user assets during the technical changes.
Overview of Kava Network
Kava.io is a DeFi platform operating within the Cosmos network. Its native cryptocurrency, KAVA, serves governance and staking functions. As of press time, KAVA was trading at $0.4098, down 5.07% over the past 24 hours. The Kava Network, a Layer-1 blockchain in the Cosmos ecosystem, combines Ethereum's smart contract capabilities with Cosmos' high-throughput infrastructure to support DeFi applications.
Future Prospects of Kava Upgrade
The upcoming network upgrade aims to enhance scalability, introduce new cross-chain functionalities, and build the foundation for AI-driven DeFi tools. The process will temporarily halt block production, requiring coordination with exchanges like Bithumb. The upgrade is expected to strengthen Kava's position in the DeFi ecosystem.
Bithumb has taken necessary measures to ensure user safety during the Kava network upgrade. Trading in KAVA will resume once network stability is confirmed.
