Over the last few months, there has been significant progress in Kava’s ecosystem. The Kava 9 upgrade has been eagerly anticipated by everyone on the platform. New features will be added to the platform with the upgrade.
The upgrade took place on January 19th. As a result, the open-source Layer 1 blockchain and DeFi ecosystem integrated Cosmos’ IBC protocol in its Kava 9 mainnet upgrade. Furthermore, the upgrade will change how new projects and users launch their assets on the platform.
The upgrade will prepare the ecosystem for massive growth in 2022. In addition, Kava 9 will make a number of key infrastructure modifications to prepare for the development and integration of an Ethereum bridge and EVM support in H1 of 2022. Furthermore, the mainnet upgrade will include launchpad features to help new tokens on the platform gain liquidity. Furthermore, it would lead to an improved set of developer tools. Here’s a look at what the upgrade would bring.
The mainnet launch will provide several crucial elements of developer capability to Kava’s ecosystem. This follows the platform’s quest for interoperability and usability changes. The developer tools will make it easier for new projects to join the system, as well as increase the usability of existing validators and subscribers. In addition, the upgrade would enhance integration with third-party apps. Furthermore, it would bring about an improved upgrade module.
The network debuted in March as a Layer 1 blockchain developed with the Cosmos SDK. Since then, Kava’s network has aimed to embrace IBC and make Kava’s capabilities available to a wider community. The stability and security of major upgrades is a top objective for the platform, as it is for everything else. One key feature of the upgrade is a solid infrastructure for users to safely integrate and begin interacting with the Cosmos ecosystem.
This feature is a significant step forward for Kava’s community. It means a lot to the network. Users would not only be able to put assets from IBC-enabled chains into Kava, but also be able to quickly move $KAVA, $HARD, and $SWP off Kava and onto other chains. This will open up new pathways into the Kava ecosystem, as well as new revenue potential for the Layer 1 platform users.
The Kava Launchpad plays a huge role in the platform’s future. It serves as a base for allowing new projects to join the Kava system. The launchpad will let projects collect funding and boost market presence before launch by rewarding $KAVA stakers with tokens. Users will set a vesting term in the web app and receive prizes in the same manner as $KAVA rewards do currently.
Furthermore, tokens launched on the Kava chain through Kava Launchpad will be uploaded to Swap. This would allow traders to exchange and stake them like any other Kava chain asset.
Generating Income With IBC Assets
Transferring IBC assets into the Kava Network is a huge advantage of the upgrade. Users can now earn with these assets in Mint, Lend, and Swap. $ATOM, $LUNA, $UST, $OSMO, and plenty of others are among them. Also, following the upgrade, new users will be able to join Kava’s community in innovative ways. In addition, Kava will now provide a wider range of generating income, lending, and borrowing to its users.
ETH Bridge Core Infrastructure
Although the primary focus is on completely implementing IBC, the upgrade will include core structural modifications. The changes will aid the activation of the Kava-Ethereum Network bridge. These addons will allow users to mint and burn wrapped ERC-20 tokens, set deposit restrictions, and whitelist specific coins.
However, upon the launch, the bridge will be inactive. Nevertheless, users can later activate the bridge without requiring a chain upgrade. Following the upgrade, this will be the primary priority. According to the network, efforts will go towards linking $ETH and $USDC.
Yesterday, the platform issued a tweet to announce the successful launch of the Kava 9 mainnet. Users can now anticipate several upgrades and changes. In addition, the upgrade positions Kava as a key player in the new year.
The Kava network is a secure, highly scalable Layer 1 network and ecosystem created by the Cosmos SDK. Kava aims to unlock the benefits of DeFi for mainstream users by offering a trustworthy base for perfect DeFi services that can expand to meet global demand. Furthermore, it possesses institutional-grade security and a distinctive user interface.
As of writing, Kava’s price is $4.41. Furthermore, it has a 24-hour trading volume of $86,244,724. Kava is down 9.3% in the last 24 hours.
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