James Atkins
Editor
Editor
The Kava Network is a set of software. That works together to create a blockchain ecosystem that can connect with other software systems. The Kava 11 mainnet upgrade was completed on October 26th.
On October 26 at 15:00 UTC, Kava launched its upgrade to the Mainnet. This connected Ethereum with Cosmos via the blockchain network.
The addition of new features- especially Kava Network’s liquid staking (Kava Liquid) feature-is game-changing. This protocol allows for fully convertible liquidity, something that has never been seen before.
Kava 11 is just the start of greater things to come for Kava. With liquid staking, Kava users will be able to access all their staked KAVA within DeFi protocols on the network. In addition, a large portion of rewards from staking will be transitioned over bKAVA rewards.
If you convert your KAVA to bKAVA and use it with the new Earn and Boost modules. You will significantly increase the amount of money you earn from staking.
Stakers will not only benefit from some of the highest APYs available today. But they will also retain their voting power in the network. This is a crucial step for DeFi protocols working towards true decentralization.
Furthermore, Kava 11 makes it easy to use the Kava App and sign Cosmos SDK transactions with MetaMask, which streamlines previous processes.
According to Scott Stuart, Kava Labs CEO;
“Liquid bKAVA aims to allow the use of staked KAVA for all DeFi protocols that can be quickly used on the Kava network. Other methods of liquid staking only support a small number compared to what’s available, conversions however with Kava Liquid 100% conversion is achievable while maintaining decentralization when it comes to voting power – something that sets it apart from others in this space.”
One of the most important activities related to the Kava 11 inauguration is the formation of the Kava Foundation. This entity will oversee about $200 million in assets and help ensure sustained growth for the network long-term.
The Kava Foundation will improve network security, help develop infrastructure and create new possibilities for growth and innovation with; Community Owned Liquidity.
Over forty protocols had become part of Kava’s on-chain programmatic builder inducements program, known as Kava Rise, since the beginning of 2021.
To make DeFi more available for all, some of the most influential protocols, including Curve Finance and Sushi have teamed up; with Kava Rise.
On the first day that the Kava 3pool‘s KAVA token bounties went live, the pool reached $14 million in TVL. Sushi’s implementation included integration with Sushi’s most-used dApps -Furo, Trident, Onsen and BentoBox
Kava is a secure, fast blockchain that has the power of Ethereum. And can also seamlessly work with other blockchains in a single network- thus making it scalable.
Kava’s inter-blockchain DeFi platform allows assets to be borrowed and lent across multiple chains. Including Bitcoin, Ethereum, Binance Chain, and Kava’s own Kava Chain.
Kava’s Decentralized Finance (DeFi) platform gives users access to a broad range of collateralized loans, stablecoins, and yield-bearing asset opportunities.
Kava was founded by industry veterans and well-known blockchain developers who have contributed to projects like Cosmos, Tendermint, Ripple, and Ethereum.
Kava is backed by top investors including Binance Labs, Kraken Ventures, Arrington XRP Capital, Blockchain Capital and more.
Kava, a blockchain platform focused on the DeFi space, has successfully upgraded its mainnet and launched Liquid Staking technology. Kava was founded by industry veterans and is backed by reputable investors.
KAVA holders can earn staking rewards without risking their tokens through delegation. The platform offers a range of DeFi opportunities for users.
For more information about the Kava 11 upgrade and its significance for the Kava Network visit here.
I have been writing copy for blockchain-related projects since 2017. I understand the importance of being able to communicate clearly and effectively with both technical and non-technical audiences. By leveraging my understanding of the crypto industry trends, I can help increase adoption in this rapidly evolving landscape.
