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Lava Network news
About Lava Network
What is Lava?
Lava is a modular blockchain network that allows users to fetch data and send transactions to any blockchain. It does this by coordinating a network of node operators to provide a critical service called Remote Procedure Call (RPC).
RPC is how basic user requests (e.g. What is my ETH balance?) and sent to an RPC provider, who then responds with the relevant data. RPC requests are required for all essential blockchain interactions, including checking balances, sending transactions, minting tokens, staking tokens, bridging tokens and deploying smart contracts.
Lava consists of a Cosmos SDK appchain and an off-chain protocol; together, they create dynamic markets for RPC providers on every blockchain. RPC providers register on the Lava blockchain by staking and RPC consumers (dapps, wallets) retrieve lists of the most performant providers. Consumers and providers then communicate peer-to-peer, meaning support is available even if Lava chain halts.
What makes Lava unique?
Instead of users depending on one centralized entity, RPC providers permissionlessly join Lava to handle requests. Lava protocol aggregates providers and routes requests according to a Quality of Service algorithm, making service for users more reliable and decentralized. Each provider competes to handle more requests, by increasing their Quality of Service scores across latency, uptime and availability.
Lava has created a novel way to attract RPC providers to its network: Lava Pools. Chains, such as Ethereum, create incentive pools on Lava. These pools consist of rewards, typically the native token such as ETH, and rewards are paid monthly according to the number of requests a provider has served and the performance of that provider. Lava already supports or will soon support pools from NEAR, Evmos, Axelar, Starknet, Cosmos Hub, Filecoin, Union, Stargaze and more.
What is the LAVA token used for?
The LAVA token is a utility token and has a reward reserve to bootstrap initial supply-side in the first 4 years. There are several ways in which the token is used:
Lava RPC and Validator node runners stake to join and secure the network
Delegators can stake LAVA to Validators and restake it to providers on Lava
Chains buy LAVA tokens to pay for Lava's modular blockchain service
Developers will buy subscriptions in LAVA tokens to access more customized packages
DAO members use the token to participate in governance
Lava tools include:
*SDK with Badge Server and integrations - An SDK with an innovative badges system used to obscure and protect private keys for front-end dApps. SDK also supports native integrations with viem, web3.js, ethers.js, CosmJS and more soon.
*Lava Server Kit - consumers can have multiple concurrent sessions with different API providers from the protocol’s provider pairing lists. High throughput API requests from multiple sources are easily handled for enterprise-level usage.
*info.lavanet.xyz - an analytics page tracking Lava supported chains and provider metrics
The live Lava Network price today is $0.074399 USD with a 24-hour trading volume of $22,690.24 USD. We update our LAVA to USD price in real-time. Lava Network is down 0.44% in the last 24 hours. The current CoinMarketCap ranking is #4211, with a live market cap of not available. The circulating supply is not available and a max. supply of 1,000,000,000 LAVA coins.
If you would like to know where to buy Lava Network at the current rate, the top cryptocurrency exchanges for trading in Lava Network stock are currently Hibt, and Uniswap v3 (Arbitrum). You can find others listed on our crypto exchanges page.