Kava 10 Upgrade Launch

Kava is an open sourced, cross-chain, decentralised lending platform that runs on the Cosmos blockchain. The Cosmos ecosystem, referred to as the internet of blockchains, is a decentralised network of scalable and interoperable blockchains each with an independent governance structure. Interoperability is achieved through inter blockchain communications protocol (IBC) and is the key to simplify the access and interaction of a wide range of blockchain-enabled products and services. The ecosystem has and is still growing at a remarkable rate - attracting an impressive amount of attention in the crypto space. However, it still has some distance to cover in order to catch up with Ethereum in terms of attracting developers and the amount of applications it supports.

The Kava 10 upgrade brings a unique co-chain architecture that combines Ethereum and Cosmos into a single, scalable network.

Ethereum is massive. It is the 2nd blockchain in terms of market cap and has arguably the largest user and developer community and the most applications of all networks, but such popularity has also led to congestion. The resulting high transaction fees became an issue that could stall the growth of the ecosystem leading to the rise of layer 2 solutions to solve these inherent scalability issues. Ethereum also certainly loses the comparison with the Cosmos ecosystem in terms of interoperability, requiring cross-chain bridges to achieve this feature. Nevertheless, the utility of EVM smart contracts and a vast and established community of Solidity developers bring great value to Ethereum.

Kava 10 brings together the best of both worlds (representing a combined market cap of 300B USD and a large user base), serving as a IBC-compatible EVM-based chain where users will now have all the desired utility and features of Ethereum while benefiting from the fast finality and high-throughput of Tendermint PoS implementation. What's more, Cosmos and Ethereum users will soon be able to transfer this value amongst and between both ecosystems using IBC and emerging bridge projects.

This is provided by the new co-chain architecture of Kava 10. The existing Kava chain was transformed into the Cosmos co-chain, while a new Ethereum co-chain was introduced. They are linked by a translator module and are secured by a common Tendermint consensus engine. Such architecture enables users to work seamlessly with both environments at the same time.  

What features does KAVA 10 bring?

The ability to use Ethereum Dapps on alternative blockchains is on the rise. Moonbeam, Evmos, and others have already created their EVM to take advantage of the opportunity. Now comes Kava.

With the Kava 10 launch, the opportunities for both developers and users have just expanded massively. The main feature allows users to wrap and unwrap $KAVA as an ERC-20 token on metamask, making it usable across multiple apps on the ETH ecosystem. This is a huge step in bridging the Cosmos and Ethereum ecosystems together. Kava 10 turns on the Kava Network’s Ethereum Virtual Machine (EVM), which brings a big boost to DeFi protocols through access to various Automated Market Maker (AMM) smart contracts, oracles, subgraph indexing powered by The Graph and more.

With the launch of the Ethereum Bridge, projected to be released in Q4 2022 users and developers will be able to wrap IBC assets as ERC-20 tokens on the Ethereum chain while Ethereum and ERC-20 tokens can be wrapped on the Cosmos chain to be used across both DeFi ecosystems. This expands the opportunities and amount of incentives that can be provided which benefits both users and the protocols.

This upgrade comes in the wake of the Kava Pioneer Program, which has recently concluded with the goal of developing the Kava ecosystem, rewarding both projects and developers that contributed to it. With KAVA now available on the Ethereum network, the goal is to make KAVA adoption more mainstream. The Pioneer program is now followed by Kava Rise - a $750M developers rewards program. It is funded by 80% out of a 100% inflation which has been turned on for a year’s period in March 2022 - a great sign of the project’s commitment to support growth and development based on the new co-chain architecture. Coupled with the launch of the Ethereum bridge later this year, the growth instigated by the Pioneer & Rise programs is expected to continue for the Kava ecosystem.

Conclusion

What Ethereum lacks Cosmos delivers. With Kava 10, developers can easily build on a network where its users will not suffer from high fees and slow throughput. In the end, this upgrade is a step forward towards a multi-chain future where multiple networks can coexist and benefit each other serving various needs.

KAVA special offer - free staking for 3 months!

To celebrate the Kava 10 launch we have decided to create a special offer for KAVA holders! Stake 50 000+ KAVA to receive 100% cashback on our commission for three months as well as individual client support with custom reporting! To get started - fill in our special form or get in touch with our business development manager on Telegram directly. We will provide you with everything you need to get started!

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