Kava Mainnet Marks First DeFi Application on Cosmos Network Following the Successful Completion of Initial Exchange Offering

Launch is supported by a strong lineup industry leading partners, including Tendermint, Ripple, and Binance.

 

San Francisco, CA — Kava Labs, the cross-chain decentralized finance (DeFi) platform, has launched its highly anticipated mainnet following the successful final testing of the Kava Testnet 3000.

 

The mainnet launch will see the Kava governance structure, as well as KAVA token trading, go live—laying the foundation for the upcoming launch of the Kava CDP module, which will allow users to collateralize loans against an array of major cryptocurrencies. Kava is the first DeFi application go live within the Cosmos ecosystem.

Launching on November 5th, at 14:00 UTC, the Kava mainnet launch will witness the commencement of trading and staking of KAVA, the native governance token of the Kava blockchain. Operating as a fully functioning decentralised autonomous organisation (DAO) and lending platform, KAVA tokens will underpin the entire operational proceedings of the Kava network. Charged as a transaction fee on all activities upon the Kava platform, and rewarded to validators maintaining the network, KAVA tokens will not only incentivize good network governance but will entitle holders to voting rights on the future of the platform, including expansion decisions, new service offerings, and what crypto assets will ultimately be supported. 

 

 

Brian Kerr, Co-founder and CEO of Kava Labs said,

 

The Kava mainnet launch is a foundational step in a series to realizing our vision of making Kava the de facto DeFi platform for crypto. Kava on Binance Launchpad was the first step to get Kava into the hands of thousands of crypto traders and investors all over the world.  The Kava mainnet launch is the second step, enabling these users that now have KAVA to stake, delegate, and participate in the governance process of Kava. Our next key milestone is the release of Kava’s CDP module enabling the first USDX, Kava’s crypto-backed USD to be minted.”

 

The Kava mainnet lays the foundation for the upcoming Kava CDP system, a decentralized lending platform. Unlocking value for digital asset owners and financial market participants by bridging the digital asset economy with traditional collateralization and lending practices, Kava brings together the best of old and new financial services. Unlike leading DeFi lending platforms, the Kava CDP will offer decentralized leverage and hedging of major cryptocurrencies beyond Ethereum ERC20 tokens including BTC, Ripple (XRP), Cosmos (ATOM) and Binance Coin (BNB). Through the issuance of stablecoin loans in proportion to digital assets submitted to Kava by users as collateral, the open access platform will not only democratize loans, but will offer asset owners the opportunity to hedge against the digital assets and more traditional markets in periods of uncertainty and volatility. 

 

Jae Kwon, Founder and CEO of Tendermint and Cosmos said,

 

As the first DeFi application built within the Cosmos ecosystem, Kava showcases the power of the Cosmos SDK and empowers digital asset holders in the Cosmos Internet of Blockchains. We believe Kava combined with IBC will mark the start of a new generation of interoperable DeFi applications.”

 

 

This milestone mainnet launch comes just two weeks after the successful completion of the Kava Initial Exchange Offering, which took place on Binance Launchpad. The $3 million USD sale, which witnessed a 180% rise in the value of KAVA upon the commencement of trading on Binance was the 10th project launched on the exchange this year, and the first DeFi project to receive formal backing from Binance Launchpad. 

 

Binance Founder and CEO, Changpeng Zhao, said,

 

We believe Kava can become the leading DeFi platform offering lending and stable coins to a wide array of major crypto assets including BNB and offer new trustless leverage and hedging options for users of the Binance DEX.”

 

The Kava mainnet launches with more than 100 active validators maintaining the network and overseeing transactions, including notable players within the staking-as-a-service ecosystem, Dokia Capital, Infinity Stones, Cosmostation and StakeWith.Us. The mainnet launch is also supported by Kava’s investor and partnership network, which consists of a who’s-who of blockchain industry leaders, including Ripple, Binance and Tendermint. 

 

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