Finally the wait is over. On 14 July, Binance revealed the winner of its ‘Binance Launchpad Project of the Year’ award. During its virtual conference, “Off the Charts!” Binance announced Kava as the best performing Launchpad project of 2020.
Kava outranked the 4 other nominees to win the Binance Launchpad award. According to Binance, it was a cut-throat competition. But as Kava received the highest score, it pulled through the race. The other nominees were Elrond, Band Protocol, and Cartesi. As per the official statement, Binance gauged the projects on 4 important parameters. These were:
Market performance ROI of the project. This contributed 40% to the total performance score.
Project’s contribution to the Binance ecosystem and how it has influenced the same. This metric also contributed 40% to the final score.
Staking and Savings enabled on Binance.com. It contributed 10% to the score.
The number of campaigns that gave back to the Binance community and this contributed the final 10% to the score.
In the past year, Binance launched a total of 8 projects on Binance Launchpad. Out of these Binance nominated only 4 projects. The list excluded Wazirx as the exchange acquired by Binance.
Kava is the 10th IEO launched successfully on Binance Launchpad on 24 October 2019. It seems to be a promising DeFi project and made it to our “Altcoins to Watch” list.
During the competition, Kava scored more in staking/saving enabled on Binance and the campaign strategies. Elrond gave Kava a tough fight and secured the second rank, with the best ROI.
Furthermore, Kava Labs CEO Brain Kerr thanked the community and Binance for recognizing all the hard work. According to Brain, it has been a tremendous year for Kava. More than 100 businesses have deployed Kava nodes across the globe. Moreover, Kava Labs became the first project to deliver the first cross-chain DeFi application.
Kava is popular as a “DeFi for Crypto” platform. Designed to offer collateralized loans, Kava offers this on a variety of different cryptocurrencies. As a multi-asset DeFi platform, it offers stablecoins, loans, and other financial services for some of the leading cryptocurrencies. These include BTC, XRP, BNB, and ATOM.
One of the major goals of the Kava project is to provide DeFi advantage to digital assets that face challenges to access DeFi. Some of the very popular use cases of Kava Network are on-demand liquidity and cross-chain transactions.