TheCryptoBlade x Kava Network AMA Recap
INTRODUCTION: Hey Guys, Another AMA took place in TheCryptoBlade telegram group on 23rd August 2022 and we would like to introduce to you the AMA session with our guest Cameron Russ, the community manager of Kava Network. Here’s a Recap of the AMA in-case you missed it…
Joe (Host): 1. Alright, so welcome once again Cameron, can you tell us a few things about yourself and Kava?
Please write “done” once you complete your answer!
Cameron(Guest): Well, obviously everyone knows my name now.
I’m based in the USA. I work for Kava as a Community Manager. I have been involved in Kava for a year. Before that, I worked in community management positions for blockchain and cryptocurrency projects.
The easiest way to explain Kava is this: Kava is a secure, highly scalable Layer-1 network and ecosystem built using the Cosmos SDK. Kava was made to unblock the value of DeFi for mainstream users by providing a trusted home for best-in-class DeFi services that can scale to meet global demand. In addition, kava differentiates itself from other projects in the space for its institutional-grade security and unique user interface.
Joe: 2. KAVA positions itself as a Layer-1 platform. What differentiates Kava from other Layer-1 ecosystems, and how do you plan to continue to separate Kava from the crowd?
Cameron: It is a great question to start with. I don’t know if anyone follows Kava, but as you might have noticed, Kava has been evolving for a while.
When the mainnet was upgraded to Kava 10 a few months ago, Kava evolved into the Kava Network, a lightning-fast layer-1 blockchain featuring a unique co-chain architecture that combines the speed and interoperability of the Cosmos SDK with the flexibility and developer support of the Ethereum Virtual Machine (EVM).
What differentiates the Kava Network from other Layer-1 networks is the co-chain architecture we implemented that features a distinct chain for both the EVM and Cosmos SDK development environments. Furthermore, the two chains can work seamlessly using a translator module, bringing the two most used Web 3 ecosystem into a single network.
As far how we plan to continue to differentiate Kava as a Layer-1, our unique on-chain developer incentives will be a big part of that. Kava wants to make it as easy as possible for developers to build for the broadest range of users and make it as rewarding as possible by distributing ~50 million KAVA tokens per year directly to projects on the network based on their usage.
Joe: 3. So tell us, What would you say is the main focus of your team for 2022?
Cameron: Our primary focus will be onboarding developers and users to the Kava Network. We are the proven Layer-1 to bring an EVM bridge into a Cosmos SDK architecture, and we think there is a huge opportunity.
Our goal is to onboard 100+ projects and drives $10 billion + in TVL by the end of this year to cement Kava not only as a unique layer-1 in terms of opportunity but as one that is competitive with the most extensive networks in the space.
Our EVM bridge is all about the new flow of assets. Thanks to this bridge, a new set of Ethereum assets will flow into our ecosystem and protocols. Users will have an opportunity to get their assets into Mint, creating a collateralized debt position, borrowing USDX, lending USDX to Kava Lend to earn rewards, etc. USDC will be the first Ethereum asset to be added to the Kava Mint.
Joe: 4. Now please, tell us, What are the top protocols in the DeFi space built on Kava? Is there anything specific that you like or seem promising?
Cameron: That’s an excellent question. We have 25+ protocols deployed on the Kava Network. You can track the protocols deployed on the Kava Network on the DeFi Llama website. https://defillama.com/chain/Kava
But we want to highlight one protocol that will deploy on the Kava Network soon.
The Kava Network is joining forces with Sushi, one of the leading Blue Chip DeFi application ecosystems, by Total Value Locked (TVL), total users, and trading volume.
Sushi deploying on the Kava Network unlocks for DeFi users a new suite of DeFi products that provide high-yield farming with maximum efficiency and speed.
Users will be given the opportunity to earn SUSHI and KAVA daily rewards, split evenly. The incentives will begin shortly, with an exact date announced soon. Please follow us on Twitter for the Sushi announcement date — https://twitter.com/kava_platform
Joe: 5. A while ago, we noticed you shared a tweet about Kava 11 that is set to go live on September 8th. Can you tell us more about Kava 11?
Cameron: We don’t have much to share. Still, we can tell you today that Kava 11 will feature a few key components: liquid staking, Kava Earn — yield aggregator, enable MetaMask support for all Kava transactions, and Kava Foundation. In addition, we have been publishing articles on Medium that users can expect from the Kava 11 Mainnet Upgrade. Here’s the most recent article about Kava Foundation — https://medium.com/kava-labs/kava-foundation-c018376c698a
We will also have the AMA related to Kava 11 with Scott Stuart, the CEO of Kava Labs, very soon via Twitter Spaces.
1. DAO is part of every platform and this is what KAVA brings. How exactly will KAVA DAO work? What requirements must users meet in order to participate in your governance system and what benefits will there be as a community and for each $KAVA holder?
Question by @Tamanna35556738
Cameron: The Kava DAO is a fully decentralized autonomous organization (DAO) governing the Kava Network and is governed by the $KAVA token. KAVA stakers and validators that help to secure and run the network will be able to table and vote on proposals that affect the Kava Network.
It is recommended users delegate their KAVA tokens to various small validators to make the network more decentralized and help validators to express their voices on governance proposals.
2. Teams experience matter alot for the success of any project, so can you tell us about KAVA Team members and their experience, how experienced are they and why are you confident in the success of KAVA.
Question by @PeezySholly
That’s an excellent question. We are proud to have the engineering team full of brilliant minds with years and years of experience under the belt.
We have 40+ employees from the USA to Europe to Asia.
Also, we recently hired the Head of Marketing, who worked for different cryptocurrency projects, including Chainlink and Cardano. We are so thrilled to have her leading the marketing efforts. You can always look the team members up on LinkedIn for further inquiries.
3. The Kava ecosystem’s native stablecoin is $USDX. And, according to what I’ve read, $USDX is not directly tied to the value of $1 by any mechanism. So, how is the value of $USDX maintained and stabilized? Is it possible for you to provide a more extensive response to this?
Question by @SaraTaLor77
Cameron: Nothing is inherent to the USDX digital asset design which guarantees it trades in markets around 1 USD or even that it will trade in a stable range.
Market price and volatility are a function of an asset’s supply and demand flow rate in that market. USDX asset design has features that can be tuned to potentially impact the rate of supply/demand of the asset and thereby the price in markets, but only indirectly.
You can read more about the USDX Stability Mechanics here:
Q1. Tell us about your Kava Rise Incentive Program, how does it work? What are the steps to sign up? How can we contribute to the growth of the Kava ecosystem? What other incentive programs do you plan to implement?
Question by @Hnffsnnf
Cameron: This is a good question.
Kava Rise is a first-of-its-kind programmatic, on-chain incentive mechanism that will bring top-tier developers and their users to the Kava Network by rewarding them with unprecedented levels of distributed ownership. Developers are incentivized through the program to onboard their projects and bring over most of their treasury rewards and users to the Kava Network to maximize their earnings. The first round of payouts is happening at the end of this month.
The program will reward the top projects on Kava’s Ethereum and Cosmos Co-Chains with 200M KAVA over four years. Incentives will be awarded transparently on-chain based on usage.
Everyone is welcome to apply for this program. You can submit your submission through this website, https://www.kava.io/rise
OK. I think that wraps up for today!
Please be sure to follow Kava on Twitter!
Scott Stuart, the CEO of Kava Labs, is also a great person to follow if you want to get some insider teasers about what’s coming up for Kava and get some insight into his vision for the future of the network.
👉 Scott Stuart, CEO of Kava Labs: https://twitter.com/Scott_Stuart_
Also, you can always join us on Telegram or Discord and lean into the community for further questions.
Take care! Thank you for having me here again.
Joe: AMA is concluded!