Binance and Cosmos launch Kava DeFi protocol

Binance and Cosmos launch Kava DeFi protocol

The latest buzz in the crypto space is, Kava DeFi protocol now launched and live on the Cosmos (ATOM) mainnet, enabling its users to start placing their Binance Coin (BNB) as collateral, in order to get USDX.

Changpeng Zhao, Binance’s chief executive officer, stated that now Kava is developing for BNB new case use, which ought to provide added value for the users of BNB.

The launch also includes a promotional giveaway and in that lenders of Kava would be rewarded with the token of the project, which could then be utilized for participation in governance.

What is Kava DeFi protocol?

The Kava DeFi protocol operates in the same manner as MakerDAO (MKR, enabling its users to acquire USDX, stablecoin of Kava after depositing crypto assets. The main focus of project Kava: delivering interoperability to Decentralized Finance and is committing to onboarding the collateral from Bitcoin, Ethereum, and other chains.

The opening collateral form is the BNB, which provides the token of Binance, a DeFi use case. It is a well-known fact that the exchange wants to introduce its stablecoin to the DeFi; previously, it was engaged with Equilibrium, an EOS-based DeFi.

Binance Launchpad incubated Kava, which weighed in regarding the decision to receive only BNB at the launch.

Kava project, a unique project that has been launched on the Cosmos, a project that focuses on the feature of interoperability with different blockchains. As Cosmos SDK has also been powering the Binance Chain, this tends to make the incorporation of BNB on the Kava project lot easier.

As Kava is interoperable in terms of accepting assets cross-chain, however, there aren’t any other projects with which it can be composed. Kava’s CEO, Brian Kerr, stated that the vision of Kava is becoming a “DeFi Hub.”

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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