BiKi lists the world’s first cross-chain DeFi platform token Kava (KAVA)
“We are excited to see BiKi support our efforts and list KAVA the governance and staking token of our DeFi platform. BiKi will help us in our mission reach many key “hodlers” of BTC, XRP, and ATOM so that they can leverage the Kava DeFi platform for staking, lending, and hedging. I’m very happy to see BiKi take a pro-DeFi stance and work with us. I believe they will play a key part in helping expand our DeFi platform’s global reach and footprint in the many months to come.” Says Kava CEO, Brian Kerr.
Kava and BiKi will be forming a closer partnership by BiKi establishing a Node/validator setup, as well as more community growth potentials by combining the reach of both during the exchange listing announcements and launch. Kava is looking forward to provide both access to a staking economy and DeFi products such as our CDP and related USDX stablecoin features to BiKi’s users very soon also.
“As a strong believer in DeFi revolutionizing the blockchain industry myself, I am very pleased to have Kava listed with us and growing with us. Like traditional markets, finance is the core centre that provides the “blood” flood of other industries, DeFi offers better opportunities for mass markets to enter. In my opinion, DeFi has to succeed in order for real progress and KAVA is one of the platforms allowing us to take a closer step to this dream.” Says Ethan Ng, Southeast Asia CEO of BiKi.
Background of Kava
Kava is a cross-chain Decentralized Finance (DeFi) platform offering decentralized leverage and hedging of major digital assets such as BTC, ATOM, and BNB, built by Kava Labs. The first DeFi application built within the Cosmos ecosystem, Kava aims to bridge the crypto economy and traditional collateralization processes through the issuance of USDX, a US dollar-pegged stablecoin loan in proportion to digital assets collateralized. Using a system of smart contracts, Kava enables users an open access to loans and algorithmically managed stablecoins backed by crypto assets — empowering digital asset owners with user-friendly DeFi services, making them more accessible than ever before.
An Accomplished DeFi Platform Token
Most notably, Kava is the first DeFi platform to receive formal backing from Binance Launchpad, having successfully completed its Initial Exchange Offering with a US$3 million token sale on October 24, 2019. The Kava partnership network also includes world-renowned blockchain industry veterans, Ripple, Arrington XRP Capital, and Tendermint, as well as leading staking-as-a-service providers, StakeWith.Us and Dokia Capital, with intentions to support ATOM and XRP as the first few assets on the platform.
Kava CEO and Co-Founder, Brian Kerr is a serial venture-backed entrepreneur who previously founded and led an esports accessory company, Fnatic Gear. Brian grew the company from a team of three staff in 2014 to one of the most prominent forces in the industry. In addition to leading Kava’s strategic direction and growth, Brian also serves as an advisor to several blockchain projects such as Snowball and DMarket.io.
Kava provides solutions to decentralizing loans and leverage by providing the users of major cryptocurrencies with open access to loans, leverage, and stablecoins for hedging. Users can also benefit from interest rates on Kava’s stablecoin USDX through hedging. Thirdly, Kava is capable of growing to support a wide range of new crypto assets and offering new synthetics and derivative products.
By supporting lending against crypto assets from other networks such as BTC, XRP, BNB, and ATOM, Kava platform and its token KAVA have become attractive to many. Coupled with its other features such as “No Counterparty” Lending, where the Kava platform enables users to ‘self-issue’ loans, minting new USDX based on their deposited collateral and destroying USDX when users close out their debt positions; algorithmically maintained stablecoin USDX; as well as economically incentivized governance, where KAVA token holders earn block rewards and fees paid by users. They act as the lender of last resort if the system is not maintained properly.
Token holders can look forward to the upcoming launch of Kava’s CDP on their mainnet. Currently, Kava’s developers and validators are testing the security and robustness of the product. After the launch of Kava’s flagship product, the CDP platform, it will start to accept crypto assets for collateralization and mint USDX.
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