DeFi platform Kava launches $185 million, Ignition Fund
Kava, the decentralized finance (DeFi) platform, is investing a huge amount of funding into its ecosystem expansion to make DeFi suitable for the general public.
The multi-channel DeFi platform announced on September 22 that it is embarking on the next phase of growth with the launch of the Kava ecosystem.
Kava is launching the $ 185 million Ignition Fund Using roundtable funding. It aims to integrate high-quality DeFi projects with this funding and adapt them to what they describe as the “coming wave of large DeFi users public”. Only three protocols are running on Kava. The hard protocol has a total value of $ 2.1 billion locked down with over 280,000 users and $ 1.8 billion in cross-chain transactions.
Kava allows its users to take loans by locking in collateral in exchange for USDX, a soft peg USD stablecoin. Running on the Cosmos blockchain, it processes transactions from other blockchains such as Bitcoin and Ethereum.
Kava claims to have a fundamentally different approach to scale than any other DeFi protocols and network. Kava offers up to 10,000 transactions per second. CEO Scott Stuart explains that Kava aims to bridge the gap and enable mainstream adoption, “DeFi currently offers a huge opportunity to be the first to bridge the gap between early adopters and the untapped mainstream. The Ignition Fund aims to get the Kava out there first.”
Kava Labs launched a cross-chain liquidity hub for DeFi in late August called Kava Swap. The automated market maker aggregates collateral from different chains and provides incentives for liquidity farming. Kava Swap has been audited by the blockchain security company CertiK.
Currently, there are 91 million tokens in circulation, which gives Kava a market cap of $ 441 million, which ranks the token outside of the top 100.
CBW - External Analyst