How To Buy Kava (KAVA)?

A common question you often see on social media from crypto beginners is “Where can I buy Kava?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Kava (KAVA)

First, you will need to open an account on a cryptocurrency exchange that supports Kava (KAVA).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Kava (KAVA) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Kava (KAVA)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Kava (KAVA) or Kava (KAVA) trading pairs. Look for the section that will allow you to buy Kava (KAVA), and enter the amount of the cryptocurrency that you want to spend for Kava (KAVA) or the amount of fiat currency that you want to spend towards buying Kava (KAVA). The exchange will then calculate the equivalent amount of Kava (KAVA) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Kava (KAVA) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Kava (KAVA)?

Kava is a cross-chain DeFi lending platform that allows users to borrow USDX stablecoins and deposit a variety of cryptocurrencies to begin earning a yield.

The Kava DeFi hub operates like a decentralized bank for digital assets, allowing users to access a range of decentralized financial services, including its native USD-pegged stablecoin USDX, as well as synthetics and derivatives. Through Kava, users are able to borrow USDX tokens by depositing collateral, effectively leveraging their exposure to crypto assets.

Built on the Cosmos blockchain, Kava makes use of a collateralized debt position (CDP) system to ensure stablecoin loans are always sufficiently collateralized. If a borrower fails to maintain their collateral above a required threshold, the Kava liquidator module will seize collateral from failing CDPs and send it to the auction module for sale.

In addition to Kava’s USDX stablecoin, the Kava blockchain also includes the native KAVA token. This is a utility token used for voting on governance proposals and also functions as a reserve currency for when the system is undercollateralized.

Who Are the Founders of Kava?

Kava Labs, Inc., the parent company behind Kava, was co-founded by Brian Kerr, Ruaridh O’Donnell and Scott Stuart.

Brian Kerr is the current CEO of the platform and previously worked as an advisor for several blockchain and crypto platforms, including Snowball and DMarket. Kerr has had a varied and successful career and was educated in business administration.

Ruaridh O’Donnell, an MSc Physics graduate, is listed as Kava’s second co-founder and is a former engineer and data analyst at Levelworks. The final Kava co-founder is Scott Stuart, a former professional poker player who currently works as a product manager at Kava Labs.

Kava Labs also lists a dozen other employees and contractors, arguably the most prominent of which is Denali Marsh — an experienced smart contract developer and auditor who occupies the role of blockchain engineer at Kava.

What Makes Kava Unique?

Kava differentiates itself from other similar decentralized lending platforms thanks to its support for cross-chain assets.

Thanks to Cosmos’ zones technology, Kava users will be able to deposit a wide array of native assets, including Bitcoin (BTC), XRP, Binance Coin (BNB) and Binance USD (BUSD). But for now, cross-chain assets must be wrapped as Binance Chain (BEP2) assets.

Likewise, Kava also allows users to earn a yield by minting its USDX stablecoins. Once minted, these USDX tokens can be contributed to Kava’s money market, known as HARD Protocol, earning the user a variable APY while their collateral remains secured by Kava.

Kava users can run their own staking node to earn KAVA rewards directly from the protocol. However, only the top 100 Kava nodes (also known as validators) are eligible to receive these rewards. Beyond this, KAVA holders can stake their tokens on a variety of compatible exchange platforms, like Binance and Huobi Pool.

Beyond this, users can earn regular KAVA rewards by minting USDX on the platform. The system also employs several mechanisms to burn KAVA tokens, helping to reduce the circulating supply. 

Kava development updates in 2023

Kava has experienced substantial development, marked by several key updates enhancing its technological capabilities, security, and user experience. These developments are pivotal in Kava’s evolution, contributing to its standing in the crypto ecosystem. Here’s a detailed overview of the most significant updates Kava has undergone this year:

• Kava 13 Mainnet Upgrade: Launched in March 2023, the Kava 13 upgrade has been a cornerstone development for the platform. It introduced critical architecture enhancements aimed at scaling and accelerating protocols, thereby improving the user experience across the Kava ecosystem. Key features of this upgrade include:
  • Kava EVM 2.0: This enhancement in Kava’s Ethereum Virtual Machine (EVM) focuses on full node software optimization and hosting provider expansion, which significantly boosts performance for RPC providers and validators. It facilitates better handling of large data amounts from protocols and wallets, like Metamask.
  • Seamless Cosmos-Ethereum Bridging: Kava 13 introduced an internal bridge leveraging IBC consensus security, allowing users to send native Cosmos assets to protocols deployed on Kava EVM, streamlining the bridging process.
  • Advanced Vault Control: The upgrade included a substantial enhancement to the Strategic Vault controlled by Kava DAO, granting the community more flexibility in supporting emerging protocols in the Kava ecosystem​​.
• Kava 14 Upgrade and Cosmos Ecosystem Expansion: The Kava 14 upgrade, following the Kava 13, further accelerated the growth of the Cosmos DeFi ecosystem. It focused on providing a more secure and reliable method for asset conversion within the Cosmos ecosystem. This upgrade was complemented by the support of Tether’s USDT liquidity pool on Curve Finance and the anticipated launch of Stargate, a prominent omnichain liquidity layer, on Kava. These developments reflect Kava’s commitment to fostering innovation and growth in the DeFi space​​.
• Collaboration with Tether: In a significant move, Tether Operations Limited announced the launch of its popular stablecoin, USDT, on the Kava platform. This integration is expected to provide Kava’s community with access to the world’s most widely used stablecoin, emphasizing Kava’s scalability, speed, and secure track record. Tether’s launch on Kava aligns with the Kava 13 mainnet update, enhancing the platform’s security, scalability, functionality, and speed​​.
• DeFi Lending and Borrowing Features: Kava has been focusing on enhancing its lending and borrowing features within the DeFi space. Users can use assets as collateral for borrowing on Kava’s lending platform, Lend, and earn rewards in HARD tokens, Kava Lend’s governance tokens. This feature emphasizes Kava’s role in the broader DeFi movement, showcasing its capabilities in providing versatile collateral options and cross-chain swaps​​.
• Ongoing Developer and Community Support: Kava continues to engage and support its developer community and users through various initiatives. This includes ongoing updates and incentives aimed at promoting ecosystem growth, reflecting Kava’s commitment to its community and governance aspects​​​​.

These updates mark a significant milestone in Kava’s journey towards enhanced efficiency, scalability, and functionality. The Kava community and the broader cryptocurrency market are keenly watching these developments, anticipating their impact on the platform’s performance and utility.

Official website: https://www.kava.io/

Best cryptocurrency wallet for Kava (KAVA)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Kava (KAVA)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).