DeFi and Kava digital asset platform announce release of version 9: IBC and more features
The Kava 9 Mainnet Upgrade is coming up, and it makes several key changes aimed at further expanding the Kava ecosystem adding more ways for users and projects to bring their assets to Kava.
As mentioned in a blog post from the Kava Labs team:
“The main one is the upgrade to version 44 of the Cosmos SDK, which will implement the Inter-Block Communication Protocol (IBC).”
This will allow holders of all IBC compatible assets to easily bring their assets to Kava and “earn with them on the best Kava products”.
Existing Kava users will also have “access to a range of new in-demand assets for use in the Kava ecosystem,” the announcement noted while adding that the targeted launch schedule for the Kava 9 upgrade. ” is from the end of the fourth quarter 2021 to the first quarter 2022 “.
The Kava 9 mainnet upgrade includes a number of useful features that should help prepare the Kava ecosystem “for massive growth in 2022 and improve the quality of life for Kava users at launch.”
The full list of features is:
- IBC integration
- Earn with IBC assets
- Kava Launchpad
- Basic ETH bridge infrastructure
- Priority Mempool
- Support for the Keplr wallet
- Various development tools
- IBC integration
As a Layer 1 blockchain developed using the Cosmos SDK, the goal was to “integrate IBC and unlock the benefits of Kava for a wider audience since its launch in March,” noted the developers of the platform.
As with everything Kava does, “ensuring the security and stability of any major change is the top priority.” With Kava 9, the infrastructure will be “in place to integrate securely and start connecting to the Cosmos ecosystem without putting users at risk,” the developers confirmed.
“This is a big step for Kava, as it will mean unlocking the ability to not only import assets from IBC-enabled channels to Kava, but also easily move $ KAVA, $ HARD, and $ SWP from Kava for use on d ‘other Channels. This will provide a number of new ramps to the Kava ecosystem, new revenue opportunities for Kava platform users, and a new utility for existing native Kava assets.
Earn with IBC Assets
One of the main benefits of integrating IBC will be “the ability to bring IBC assets into the Kava ecosystem and earn with them in Mint, Lend and Swap”. The developers further noted that this includes $ ATOM, $ OSMO, $ AKT, etc. This will “create new ways for users to integrate into the Kava ecosystem and offer a more diverse set of income, lending and borrowing options on the platform,” the development team explained. .
“At launch, no new assets will be activated on the Kava platform. Shortly after launch, multiple proposals will be submitted to platform governance and individual protocols to determine which IBC assets will be incorporated into each protocol. “
The potential uses of IBS assets will be:
- Provide IBC assets as collateral and cash in USDX
- Providing and borrowing IBC assets on Kava Lend
- Providing IBC Assets in Kava Swap Liquidity Pools
- Trade IBC assets with any other token in the Kava chain with Kava Swap
Kava Launchpad would be among the first major steps to “open up the Kava ecosystem to new projects to integrate”.
This will allow projects to raise funds and improve brand awareness prior to launch by “handing out tokens as rewards to $ KAVA players”. These will work the same way $ KAVA rewards do now, “users selecting a vesting period in the web app and claiming rewards like they do with $ HARD and $ SWP,” notes the bet. up to date.
Any tokens launched on the Kava Channel via Kava Launchpad “will also be added to Swap so that users can redeem and stake them just like any asset in the Kava Channel.” Going forward, Kava could also “induce certain swap or loan pools in the same way to distribute new assets and accelerate liquidity for new projects,” the announcement revealed.
For more details on this update, click here.