Startup Kava Ready To Raise $3 Million Through IEO On Binance

Do repost and rate:

A few days ago, the BINANCE cryptocurrency exchange announced the Kava (KAVA) token sale on the Binance Launchpad. This is one of the many projects that conducted an Initial Exchange Offering (IEO) on Binance’s platform. 

What Is Kava?

Kava is a decentralized (DeFi) platform that is currently offering collateralized loans and stablecoins to users of major cryptocurrency assets. 

At the moment, more than 100 businesses around the world are supporting this DeFi platform. As per the company, Ripple and Cosmos are already working with Kava. 

The platform works with two different tokens, one of them is called KAVA that is used for governance and staking. It allows users to secure the network and vote on different issues.

Meanwhile, the USDX stablecoin is backed by crypto asset collateral and algorithmically maintained. 

Kava Features

This DeFi platform has many different features that make it a unique project. One of these key features is related to supporting lending against cryptocurrencies operating on different networks. Some of these assets include Bitcoin (BTC), XRP, Binance Coin (BNB) and ATOM. 

Kava is built on top of the Cosmos platform leveraging its most valuable characteristics. 

Another feature is ‘No Counterparty’ Lending. The platform allows users to self-issue loans and mint new USDX. The user must have collateral backing that loan. The USDX created are then destroyed when the user closes out his debt position. 

It also has en economically incentivized governance in which stakers earn block rewards and fees paid by users. They act as lenders of last resort if the system is not properly maintained. 

Kava explains about their governance mechanism:

“Like MKR, KAVA holders can vote on proposals to change the blockchain or the system parameters including the total amount of USDX that can be issued, the accepted collateral types, the collateral-to-debt ratio, and the price of stability fees for CDPs.”

Kava has already launched a new wallet for non-custodial crypto trading called Switch. This solution solves the problems of traditional DEX platforms by streaming micropayments. 

This would move bits of value piece-by-piece until an entire payment or trade is complete. 

DeFi Growth

Decentralized Finance has been expanding as an industry itself. There are different projects in the market that are working with blockchain technology and cryptocurrencies. 

Maker is perhaps the most popular DeFi platform that is currently operating in the market. However, Compound and Synthetix are also recognized projects that are growing and expanding in the market. 

The three, Maker, Compound and Syntehtix have $457 million locked which is equal to 2.61 million Ether (ETH). 

Kava will certainly play a key role in the expansion of this market with its features and development. 

Kava Co-Founder, Brian Kerr, commented about their plans for the DeFi industry:

“Kava aims to be the de facto DeFi platform for users of all major cryptocurrencies. While most DeFi applications are limited to specific blockchains, our multi-collateral debt position system will provide open access to necessary DeFi services to all the major cryptocurrencies.”

Kava Binance Launchpad IEO

The token is launched on top of the Binance Blockchain as a BEP3 token. The public sale will only release 6.521739% of the tokens to the market. This is equal to 6,521,739 KAVA. The total token supply is capped at 100,000,000 KAVA. 

It is worth pointing out that in order to participate from the Kava token sale, Binance users will have to hold BNB coins according to the exchange requirements. Users will need at least 50 BNB balance over the entire period specified by Binance to be able to participate for a lottery ticket. 

If selected, each lottery ticket would give users the possibility to purchase the KAVA cryptocurrency through the Binance Launchpad platform. 

This is the first DeFi project supported by the Binance Launchpad. Changpeng Zhao, the CEO and Founder of Binance, said that they believe this sphere [DeFi] has a great potential for development considering it facilitates the process of borrowing and lenders without users having to trust an entity. 

At the same time, he added that Binance Coin will be getting a new use case if it is implemented on the Kava platform. 

The Bear Market Report
Our Bear Market guide not only helps you survive this crypto winter, but also guides you through the foundation you'll need to thrive in the next bull run.
Share
Reddit

Regulation and Society adoption

Ждем новостей

Нет новых страниц

Следующая новость