DeFi Platform Kava Labs Launched On The Cosmos Network

The Cosmos news crypto recently showed that a couple of projects are preparing and underway. One of them was the DeFi platform Kava Labs which recently launched and went live on the Cosmos network. As a reminder, this is the first DeFi platform to go live on the Cosmos cross-chain network.

For those of you who don’t know, cross-chain and decentralized finance (DeFi) platforms are viral right now. Kava Labs is one of them – and a platform which launched its mainnet at the same day when it went live in the Cosmos ecosystem.

All of this means that the DeFi platform Kava Labs and its native KAVA token are now live ahead of the launch of the upcoming Kava CDP module which is expected in the future. When a CDP module like this launches, users can collateralize loans against a range of cryptocurrencies including Bitcoin (BTC), Ripple (XRP), Cosmos (ATOM) and Binance Coin (BNB).

Kava will use oracles to automatically auction “at-risk” collateralized debt positions and maintain the peg of its upcoming stablecoin, USDX, to the US dollar. The DeFi platform Kava Labs right now operates as a decentralized autonomous organization (DAO) and KAVA Tokens are used as transaction fees – rewarded to validators maintaining the network.

Staking the KAVA tokens entitles entitles holders to voting rights – voters will determine the expansion decisions, new features and support for new cryptocurrency assets. The DeFi platform raised $3 million in an IEO (Initial Exchange Offering) on Binance Launchpad two weeks before its mainnet launch and was the first DeFi project to receive backing from Binance Launchpad.

The CEO and founder of Binance, Changpeng Zhao, talked about the DeFi platform Kava Labs and said:

“We believe Kava can become the leading DeFi platform offering lending and stable coins to a wide array of major crypto assets including BNB and offer new trustless leverage and hedging options for users of the Binance DEX.”

Meanwhile, the current price of Cosmos (ATOM) is $3,96 with a 1% on the day. A potential increase is also coming soon. ATOM ranks on the 19th position on the market cap – which is at $242 billion right now.