Kava, a Layer 1 blockchain that combines the power of Ethereum developers with the speed and interoperability of Cosmos, has launched the Kava 14 upgrade. This upgrade implements ‘internal bridge’ technology to seamlessly migrate native Cosmos assets to and from Ethereum’s ERC-20 token standard.
SUCCESSFUL LAUNCH! #KAVA 14 is now live! 🔴 pic.twitter.com/mZ5kSB7SJ0
— Kava (@KAVA_CHAIN) July 12, 2023
This is a big step forward for Cosmos DeFi builders and users to provide a safer, more secure, and more reliable method for transferring assets to and from the Cosmos ecosystem.
In July of Tether, Kucoin now supports Kava’s Cosmos network and EVM, providing reliable CEX for user transactions in the Cosmos ecosystem. Meanwhile, Curve Finance’s launch of the USDt liquidity pool offers a decentralized alternative for experienced users. At the same time, Stargate, the top liquidity layer of the multi-chain, is set to launch on Kava, anticipating increased usage and liquidity. This expansion follows a governance proposal that plans to expand the reach of the Kava Rise incentive fund.
Unlike third-party external bridging solutions that create fragmented pools of wrapped assets, with the launch of Kava 14, USDt issued natively on Kava is portable between chains blocks IBC and EVM through an ‘internal bridge’ with strict access controls and restrictions that significantly mitigate vector attacks. Kava makes moving assets across chains fast and highly secure, providing users with an efficient mechanism for stablecoin liquidity provision and transfer.
This integration thus has the potential to catalyze a significant expansion of the DeFi economy on Cosmos, providing an attractive solution to the liquidity problem that has been challenging since Terra’s UST collapsed. dumped in Q1 2022. Deploying Tether, a stablecoin with a strong market reputation and ~65% dominance, will also increase security and reliability for users and developers alike.
Kava is a secure, lightning-fast Layer 1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos in a single, scalable network. Kava is the trusted choice for developers and users worldwide and is committed to driving innovation and growth.
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