San Francisco, USA, Oct. 26, 2022 by Chainwire
Kava Network, an open source, EVM and Cosmos IBC compatible Layer 1 blockchain ecosystem, successfully implemented the Kava 11 mainnet upgrade on October 26th.
Kava, a Layer 1 blockchain network that connects EVM and Cosmos via a Co-Chain architecture, successfully launched its Kava 11 mainnet upgrade on October 26th at 15:00 UTC. This upgrade will enable a number of new features, most notably Kava Network’s new state-of-the-art liquid staking (Kava Liquid) feature, the first-ever fully convertible liquid staking protocol.
Upgrading to Kava 11 is the beginning of a new chapter for Kava. Liquid Staking on Kava lays the foundation for unlocking all staked KAVA for use in his DeFi protocol on the Kava network. With Kava 11, the majority of staking rewards will be migrated to bKAVA rewards. Converting staked KAVA to bKAVA and feeding assets to the latest Earn (Multichain’s ERC-20 bridge and integrated yield optimizer) and Boost module will significantly increase your staking APY. One of the main benefits is that in addition to benefiting some of the best APY on the market today, stakers can maintain their voting rights in the network. This is a monumental step for the DeFi protocol towards true decentralization.
Additionally, Kava 11 allows you to interact with Kava apps and sign Cosmos SDK transactions directly through MetaMask, greatly simplifying the previous process.
“Liquid bKAVA’s goal is to unlock the power of staked KAVA for all DeFi protocols that rapidly onboard to the Kava network. Unlike liquid staking in the form of Kava Liquid, Kava Liquid is able to 100% convert staked KAVA to bKAVA and vice versa while maintaining decentralization of voting rights. unique to Kava and aligned with our goal of growing the DeFi protocol on Kava.”
— Scott Stuart, CEO of Kava Labs
One of the most impactful events associated with the Kava 11 launch was Kava Foundationan entity whose KAVA token delegators manage approximately $200 million in assets to protect future network growth. We open up new avenues of growth and innovation through liquidity.
Since 2021, over 40 protocols have been deployed on Kava, participating in Kava Rise, the network’s own on-chain programmatic builder incentive program. Notable deployments include Tier-1 DeFi protocols such as Curve Finance and Sushi. These decided to join an initiative led by Kava Rise to launch his DeFi towards mass adoption.of Hippo 3 pool on curve The pool’s KAVA token reward reached $14 million on TVL on the first day it was revealed. Development of sushi Included integrations with Sushi’s most used dApps: Trident, Furo, BentoBox, and Onsen.
You can read more about the Kava 11 upgrade and its importance to the Kava Network here. here.
Cava (kava.io) is a secure, lightning-fast Layer 1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in one scalable network.
Media Manager, Guillermo Carandini, Kava Labs, [email protected]