How to Buy Kava (KAVA)
Beginner’s Guide
What Is Kava (KAVA)?
Kava is a Layer-1 blockchain that combines the speed and interoperability of Cosmos with the developer power of Ethereum. The Kava Network uses a developer-optimized co-chain architecture. The Ethereum Co-Chain enables support for EVM smart contracts while the Cosmos Co-Chain enables the lightning-fast Tendermint consensus engine and the Inter Blockchain Communication Protocol (IBC). The two co-chains are connected by a translator module that enables them to interoperate seamlessly, bringing the two most used blockchain development environments together in a single, scalable network. The Kava Network features a native governance and utility token, KAVA, that can be staked by validators or delegated to validator nodes. Stakers and delegators earn 37.5% of all KAVA emissions as a reward for securing the network. Kava stakers also have voting rights in network governance proposals.
How to Buy Kava Summary
- Get a Kava wallet (e.g. Ledger, Trezor , Exodus, Guarda, AtomicWallet)
- Find an exchange that sells Kava (e.g. , Crypto.com, Binance ,OKX, Gate , Kucoin)
- Deposit money and make the trade
- Withdraw the Kava to your wallet
Buying Kava in 3 Simple Steps
Step 1 – Get a KAVA wallet
Kava Hardware Wallets
Kava is an ERC-20 token and can be stored in hardware wallets that support Ethereum and ERC-20 tokens. Some popular hardware wallets that are compatible with Kava include Ledger Nano S, Ledger Nano X, Trezor Model T, and Trezor One.
These hardware wallets provide a high level of security and are designed to protect your private keys from unauthorized access. They require you to physically confirm transactions by pressing a button on the device, which helps to prevent hackers from stealing your funds.
To store Kava on a hardware wallet, you will need to first set up the device and create a wallet address. Once you have your wallet address, you can transfer your Kava tokens from an exchange or another wallet to your hardware wallet.
It’s important to keep your hardware wallet safe and secure, as losing it or sharing your private keys with others can result in the loss of your funds. Make sure to follow the manufacturer’s instructions for setting up and using your hardware wallet and store it in a secure location when not in use.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
Kava Software Wallets
Kava is an ERC-20 token and can be stored in software wallets that support Ethereum and ERC-20 tokens. Some popular software wallets that are compatible with Kava include MyEtherWallet (MEW), MetaMask, and Exodus.
Software wallets are digital wallets that allow you to manage your cryptocurrency holdings and are accessible via a computer or mobile device. They are typically free to use and provide an easy way to store, send, and receive Kava tokens.
To store Kava in a software wallet, you will first need to download and install the wallet software on your device. Once you have created a wallet, you can transfer your Kava tokens from an exchange or another wallet to your software wallet address.
Software wallets are generally less secure than hardware wallets since they are connected to the internet and therefore more susceptible to hacking attempts. It’s important to take extra precautions to protect your software wallet, such as using a strong and unique password, enabling two-factor authentication, and keeping your device and software up-to-date with the latest security patches.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest Kava software wallets to get started with are undoubtedly Exodus, Atomic Wallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an Kava Exchange
Buy Kava through Crypto.com
- Crypto.com is a cryptocurrency exchange company based in Singapore. As of May 2022, the company reportedly had 50 million customers and 4,000 employees. The exchange issues a token, Cronos.The company was initially founded in Hong Kong by Bobby Bao, Gary Or, Kris Marszalek, and Rafael Melo in 2016 as “Monaco”. In 2018, the company was renamed as Crypto.com following a purchase of a domain owned by cryptography researcher and professor Matt Blaze. Domain sellers valued the domain at US$5–10 million.
Buy Kava through Binance
- Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
Buy Kava through Okex
- OKX (Chinese: 欧易), formerly known as OKEx, is a Seychelles-based cryptocurrency exchange and derivatives exchange. It was founded by Star Xu (徐明星) in 2017. OKX is owned by Ok Group, which also owns crypto exchange Okcoin. It is not available to US based investors. The company’s CEO is Jay Hao and CMO is Haider Rafique. Initially headquartered in Beijing, China, OKX is now under a blanket ban by Chinese regulators. On October 13, 2021, it issued a “Notice on Regulatory Policy in Mainland China”, announcing that it would continue its policy of “withdrawing from the Chinese mainland market” and would not establish an office or team in the region. However, according to Caixin, although the exchange officially announced that it would no longer set up an office in Mainland China, it still has a large number of R&D staff working in the region, including engineers, who continue to work for OKX in the form of third-party outsourcing companies.
Buy Kava through Gate.io
- Gate.io is a crypto exchange founded in the fall of 2017. The platform is a part of Gate Technology Inc corporation, and has a registration address in Virginia, USA. The platform does not have an official license. Its interface is available for working in three versions: English, Chinese and Japanese.
Buy Kava through Kucoin
- Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.
Step 3 – Withdraw Your Kava
Once you decide on an exchange, open an account and buy your Kava. Make sure to withdraw the Kava from the exchange to your personal wallet. Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past) and always double check address before send coins because you can send the coins to wrong address .
Overview
Who Are the Founders of Kava?
Kava was founded by Brian Kerr and Scott Stuart. Brian Kerr serves as the CEO of Kava Labs, the team behind the Kava platform. He has extensive experience in the fintech industry and has previously worked at companies such as Arcus Financial and Deutsche Bank. Scott Stuart is the co-founder and chief strategy officer at Kava Labs and has a background in finance and technology.
Kava Labs is a San Francisco-based blockchain startup that was founded in 2017. The company is focused on developing a cross-chain DeFi platform that allows users to earn interest on their digital assets and access a range of financial services. The Kava platform is built on the Cosmos SDK and uses the Kava token (KAVA) as its native currency. The platform has gained popularity for its ability to support a wide range of digital assets and for providing users with high-yield earning opportunities.
Kava Labs has approximately 40 full-time employees distributed across North America, Asia, and Europe.
What Makes Kava Unique?
Kava is a cross-chain DeFi platform that is designed to provide users with easy access to a range of financial services, including lending, borrowing, and trading. What sets Kava apart from other DeFi platforms is its ability to support a wide range of digital assets, including cryptocurrencies, stablecoins, and even certain fiat currencies.
One of the key features of the Kava platform is its ability to provide users with high-yield earning opportunities. Kava’s lending platform allows users to earn interest on their digital assets, with rates that are often higher than those offered by traditional banks. The platform also allows users to borrow against their digital assets, providing a new source of liquidity for cryptocurrency investors.
Another unique aspect of Kava is its focus on interoperability. The platform is built on the Cosmos SDK and is designed to be compatible with a range of blockchain networks. This means that Kava can support a wide range of digital assets and can provide users with access to financial services that might not be available on other platforms.
In addition to its cross-chain capabilities, Kava has also gained popularity for its security and reliability. The platform has undergone extensive security audits and has been designed to be robust and resistant to attack.
Overall, Kava’s unique combination of cross-chain interoperability, high-yield earning opportunities, and security features make it a popular choice for cryptocurrency investors and DeFi users.
How Many Kava (KAVA) Coins Are There in Circulation?
As of March 2022, there are ~158 million KAVA tokens in circulation, out of a currently uncapped maximum supply of tokens. Since KAVA is inflationary, the maximum supply increases over time.
All vesting KAVA has been unlocked, so there are no remaining investor or team unlocks. All newly emitted KAVA derived from inflation goes to developer incentives and staking rewards:
- 62.5% to developer incentives
- 37.5% to staking rewards
The KAVA token first launched in 2019 following several private sales and a Binance Launchpad initial exchange offering (IEO). In total, 40% of the initial KAVA tokens were sold to private sale investors, with 6.52% of the total supply was sold on Binance Launchpad — raising ~$3 million.
Of the remaining initial KAVA token supply, 25% was allocated to Kava Labs shareholders and the final 28.48% is assigned to the Kava Treasury — to be used for growing the Kava ecosystem.
How Is the Kava Network Secured?
Kava is built on Cosmos, and uses a Tendermint-based proof-of-stake (POS) consensus mechanism to ensure the integrity of the network.
This uses a network of validator nodes for confirming transactions. These validator nodes must put up collateral to take up the duty of validating transactions. If validators misbehave or fail to meet rigorous minimum requirements, their stake will be penalized — thereby incentivizing validators to remain honest and efficient.
Kava holders can run a 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 various compatible exchange platforms, like Binance, Kraken, Huobi Pool, and in wallets like Trust Wallet, Cosmostation Wallet, and Keplr.
Kava’s smart contracts have been audited by multiple independent blockchain and crypto security firms, including CertiK, B-Harvest and Quantstamp. To date, no vulnerabilities have been found.
Kava Governance
The KavaDAO is a fully decentralized autonomous organization (DAO) governing the Kava Network. KAVA stakers and validators secure and run the network; thus, their responsibility is to table and vote on proposals that affect the Kava Network.
These changes can take the form of smart contract modifications, adjustments to the global debt limit, the addition or removal of collateral assets, among other considerations.