Kava Network is a lightning-fast Layer 1 blockchain that has a developer-optimized co-chain structure that joins the two renowned permissionless ecosystems, Cosmos and Ethereum, into one scalable network.
The General Manager of Altcoin Buzz, Anindya Baidya, anchored the Kava Network AMA session on our Telegram channel with Cameron Reuss, Kava Network’s Community Lead.
Besides, below is a recap of the AMA session with Cameron Reuss to understand what they are about. Also, the AMA is in three segments: introduction, deep dive, and community questions and answers.
Segment 1: Introduction to Kava Network
Q – Can you tell us a few things about you and Kava?
I’m excited to be here. I work for Kava as a Community Manager, or you can say Community Lead. I have been involved in Kava for a year. Before that, I worked in community management positions for blockchain and cryptocurrency projects.
The easiest way to explain Kava is this: Kava is a secure, highly scalable Layer 1 network and ecosystem built using the Cosmos SDK. Kava was made to unlock the value of DeFi for mainstream users by providing a trusted home for best-in-class DeFi services that can scale to meet global demand. In addition, Kava differentiates itself from other projects in the space for its institutional-grade security and unique user interface.
Segment 2: Deep Dive
More Information About Kava Network
Q – What differentiates Kava from other Layer 1 ecosystems, and how do you plan to continue to separate Kava from the crowd?
I don’t know if anyone follows Kava, but as you might have noticed, Kava has been evolving for a while.
When the mainnet was upgraded to Kava 10 a while ago, Kava evolved into the Kava Network, a lightning-fast Layer 1 blockchain featuring a unique co-chain architecture that combines the speed and interoperability of the Cosmos SDK with the flexibility and developer support of the Ethereum Virtual Machine (EVM).
What differentiates the Kava Network from other Layer 1 networks is the co-chain architecture we implemented that features a distinct chain for both the EVM and Cosmos SDK development environments. Furthermore, the two chains can work seamlessly using a translator module, bringing the two most used Web3 ecosystems into a single network.
As for how we plan to continue to differentiate Kava as a Layer 1, our unique on-chain developer incentives will be a big part of that. Kava wants to make it as easy as possible for developers to build for the broadest range of users and make it as rewarding as possible by distributing 50 million KAVA per year directly to projects on the network based on their usage.
Q – What would you say is the focus of your team for 2022?
Our primary focus will be onboarding developers and users to the Kava Network as much as we can. We are the first proven Layer 1 to bring an EVM bridge into a Cosmos SDK architecture, and we think there is a huge opportunity.
Our goal is to onboard 100+ projects and drive $10 billion+ in TVL by the end of this year to cement Kava not only as a unique Layer 1 in terms of opportunity but as one that is competitive with the most extensive networks in the space.
Our EVM Bridge is all about the new flow of assets. Thanks to the bridge, a new set of Ethereum assets will flow into our ecosystem and protocols. Users will have an opportunity to get their assets into Kava Mint, creating a collateralized debt position, borrowing USDX, lending USDX to Kava Lend to earn rewards, etc. USDC will be the first Ethereum asset to be added to the Kava Ecosystem.
Q – To become the blockchain of DeFi, I presume that you need to have a strong stablecoin adoption. As more dApps join your ecosystem, how do you see the future of USDX?
We have 15+ protocols deployed on the Kava Network. You can track the protocols deployed on the Kava Network on the DeFi Llama website.
But we want to highlight one protocol that will deploy on the Kava Network soon. The Kava Network will join forces with Sushi, one of the leading Blue Chip DeFi application ecosystems, by Total Value Locked (TVL), total users, and trading volume.
Sushi deploying on the Kava Network unlocks for DeFi users a new suite of DeFi products that provide high-yield farming with maximum efficiency and speed.
Users will be given the opportunity to earn SUSHI and KAVA daily rewards, split evenly. The incentives will begin shortly, with an exact date announced soon.
Q – A while ago, we noticed you shared a tweet about Kava 11 that is set to go live on August 31st. Can you tell us more about Kava 11?
We don’t have much to share as of right now. Still, we can tell you today that Kava 11 will feature a few key components: liquid staking, Kava Earn – yield aggregator, enabling of MetaMask support for all Kava transactions, and Protocol Owned Liquidity.
In addition, we will publish an article detailing what users can expect from the Kava 11 Mainnet Upgrade.
We will also have a community call with Scott Stuart, the CEO of Kava Labs, in the upcoming weeks. Please keep an eye out for the announcement on our Twitter account for the community call date.
Q – Can you give us more details about Kava Earn?
We added this feature to the Kava app about a month ago. Everyone seems to be loving it so far.
Kava Earn is DeFi made easy. We combined the functionality of Kava Mint, Kava Lend, and Kava Swap to provide pre-made DeFi strategies.
Like Yearn Finance and Instadapp Lite, the goal of Kava Earn is to take complex DeFi features and boil them down to a simple supply-and-withdraw user experience.
You can also compare this to two birds, one stone. Users can supply BUSD to Kava Earn in one click to start earning rewards, and users can wish to withdraw their assets anytime.
You can read more about Kava Earn here.
A teaser: Another stablecoin will be added to Kava Earn in Kava 11.
Segment 3: Community Questions and Answers
Notably, for this segment, the five best questions shared $500 worth of $KAVA. One of the questions is as follows:
Q.Twitter – Can you explain more about platform development to get incentives? And how to start building development on the Kava platform? Is there a way or explanation via video and other information so I can learn?
Kava Rise is a first-of-its-kind programmatic, on-chain incentive mechanism that will bring top-tier developers and their users to the Kava Network by rewarding them with unprecedented levels of distributed ownership. Besides, developers are incentivized through the program to onboard their projects and bring over most of their treasury rewards and users to the Kava Network to maximize their earnings.
The program will also reward the top projects on Kava’s Ethereum and Cosmos Co-Chains with 200 million KAVA over four years. Incentives will be awarded transparently on-chain based on usage.
Everyone is welcome to apply for this program. You can submit your submission through this website.
⬆️Moreover, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
⬆️Above all, if you want to find the most undervalued gems, up-to-date research, and NFT buys with Altcoin Buzz Access. Join us for $99 per month now.