Issuance of native USDT and WBTC, the road to large-scale application of Kava

Original source: Kava

The development of the blockchain industry is diverse and complex, and projects develop at different speeds and directions.

Some projects always try to seize every hot spot and opportunity. They try to quickly adapt to market changes and constantly launch new products and services in order to gain huge attention and returns in a short period of time.

Some projects pay more attention to long-term stable development. They are not eager to chase hot spots, but focus on deepening technology and ecosystem construction to build their own industry barriers. Through continuous efforts and accumulation, they have successfully occupied a place in the market.

Compared with the former, the latter can achieve longer-term development in the rapidly changing blockchain industry. Kava Labs, founded in 2019, has a history of 5 years and has experienced many rounds of bulls and bears, but it has still been able to remain among the top 100 in market capitalization, which proves its steady development strategy and strong ecological construction results.

137 ecological projects, Kava EVM is supported by Binance

Since May 2022, Kava Since the successful launch of EVM, Kava has attracted more and more users and excellent developers in less than two years. As they joined, on-chain adoption and usage exploded.

According to DeFiLlama data, among the nearly 260 public chain ecosystems, Kava ranks ninth in total ecological projects, with a number of 137, surpassing Solana’s 133 indivual. The peak total locked value (TVL) reached $638 million in March 2022, once surpassing Solana.

In addition to continuous iteration in technology, Kava’s operational capabilities are also the key to its ability to survive bulls and bears.

Previously, Kava Chain failed to cooperate with multi-party computing hosting technology providers, limiting the ability of top crypto institutions to participate in on-chain dApps. To solve this problem, Kava has partnered with Fireblocks to provide over 1,800 leading digital asset and crypto institutions with access to KAVA custody and access to Kava-native assets.

In June 2023, Tether issued native USDT on the Kava network, and 165 million USDT has been issued on the Kava chain.

Subsequently, Kava cooperated with Stargate, the industry's leading full-chain liquidity layer and native asset cross-chain bridge, to launch a native USDT liquidity pool. Through Stargate, users can now easily access and stake native USDT on the Kava chain, enjoying initial yields of up to 500%.

Binance, which has been working closely with Kava for four years, also announced its support for Kava EVM after Kava completed the deployment of USDT. Now, users can withdraw Kava’s native USDT directly through Binance, providing Binance’s more than 180 million users with convenient access to the Kava ecosystem.

In addition, BitGo Trust has also reached cooperation with Kava to deploy Wrapped Bitcoin to Kava Chain. This will bring a large amount of native BTC liquidity to projects in the Kava ecosystem, which will greatly help increase the activity and attractiveness of the entire ecosystem.

After 15 iterations in 5 years, KAVA has entered the era of zero inflation

Kava has now 15 upgrade iterations, each iteration further enhances the functionality and performance of the Kava network. These continuous improvements have made Kava a stable and high-performance platform, providing an excellent user experience, attracting many projects to join, and promoting the rapid development of the ecosystem.

Among them, the launch of Kava 10 mainnet marks an important turning point in the development of the ecosystem. The Kava 10 mainnet activates the Ethereum Virtual Machine (EVM) of the Kava network and launches the Ethereum and Cosmos common chains. The co-chain architecture combines the flexibility of Ethereum smart contract development with the interoperability of the Cosmos SDK. This allows Kava to easily deploy various mainstream liquidity protocols, revenue aggregators, DEX and other applications.

The launch of Kava 10 provides connections to more than 100 billion US dollars of assets and tens of millions of users in the Ethereum and Cosmos ecosystems, laying the foundation for Kava's future development. a solid foundation. After the launch of the Kava 10 mainnet, Kava launched the Pioneer Program and the $750 million Kava Rise developer incentive program, providing strong support for the continued development of ecological projects.

Subsequently, Kava 11 simplifies the signing process of Cosmos SDK transactions and improves user experience by enhancing interaction with MetaMask. Kava 13 introduces Kava EVM 2.0, optimizing full node software and hosting provider scalability to improve overall performance. At the same time, the Cosmos-ETH bridge function has been added, improving the utility of wallets, dApps and assets on the Cosmos SDK and EVM chains. Kava 14 deploys “internal cross-chain bridge” technology to achieve seamless conversion of native Cosmos assets to ERC-20 assets.

For users, Kava 15 is the most impactful iteration after Kava 10. The launch of Kava 15 mainnet brings an overhaul of Kava’s reward structure. Starting from January 1, 2024, the inflation rate of KAVA will permanently drop to zero, which means that no new KAVA will be generated, and existing KAVA can only be destroyed. At the same time, the original inflation-based system will be transformed into a new model based on accumulated fees, native project emissions, and temporary support from the foundation. The Kava community will have the power to decide what to do with these surpluses, with the option of burning them to promote further adoption and security, or reinvesting them to further the decentralization of the network.

Committed to mass adoption of Kava

In the past 5 years, Kava Labs It has gone through 15 iterations, each one designed to push its blockchain technology and ecosystem forward. From 15 iterations, it is not difficult to see that Kava’s goal is to work on the large-scale adoption of Kava.

Although Kava officials have not yet announced specific information about the next iteration of Kava 16, based on previous development trends, we can foresee that Kava 16 will improve performance, Promote Kava's native USDT, enhance cross-chain functions, and improve community governance and incentive mechanisms to innovate.

Performance optimization is an ongoing process. As the Kava ecosystem continues to expand, it is expected that Kava 16 may introduce more performance improvements to support more High transaction throughput and faster transaction confirmation time.

Kava co-founder and CEO Scott Stuart once said that the introduction of USDT is one of the key factors in the success of the Kava ecosystem. Judging from official activities and layout, promoting Kava’s native USDT will be one of its strategic priorities in the future. Of course, this is also the path that the community believes is right and important. In June 2023, the community passed Proposal No. 148 and decided to extend the Kava Rise developer incentive program to USDT IBC deposits to reward ecological projects that use Kava’s native USDT.

Before the launch of Kava 14 mainnet, Scott disclosed that Kava’s market positioning is to connect Ethereum to the Cosmos ecosystem and the adoption and use of other cross-chain networks in the future. . Kava 16 may further expand its cross-chain bridging capabilities to support more assets and blockchain networks.

The Kava 16 update that investors are most concerned about is KAVA’s incentive and destruction mechanism after launching the zero-inflation policy. Although there is no specific update news yet, it is foreseeable that Kava will closely link these mechanisms with ecological activity to stimulate the continued development of the community.

All in all, Kava Labs’ five-year journey has been a journey of constant adaptation, innovation, and growth. As blockchain technology continues to advance, Kava will continue to play an important role in the blockchain and encryption fields, realizing its vision of providing users with more value and choices, and promoting the development of the entire ecosystem.

This article is from a submission and does not represent the views of BlockBeats.