On April 28th, the "Vitality 2021-Blockchain Ecological Industry Cloud Summit" hosted by Odaily was successfully held. In the second speech in the morning, Aaron Choi, vice president of global development of Kava, an old cross-chain DeFi project, talked about Kava's current development. status, as well as future development plans were shared.
Aaron Choi said that Kava has completed the fifth major version upgrade of the main network at the beginning of this month, equipped with a new Hard Protocol V2 version. Later this year, Kava will also carry out the sixth major version upgrade of the main network. An AMM-type DEX product to facilitate the free circulation of assets within the Kava ecosystem. In the longer-term upgrade plan, Kava will also launch more new products, including Robo Advisor and so on.
The following is the full text of Aaron Choi's speech, organized by Odaily.
Hello everyone, I am Aaron Choi, Kava's vice president of global development. I am very happy to participate in today's summit. Below I will briefly share Kava's development status and some of our future plans.
DeFi is in the period of explosion. According to Defi Pulse data, the total value of assets locked in the DeFi protocol on the Ethereum chain has exceeded 60 billion U.S. dollars. Last year, this figure was only a few hundred million U.S. dollars. We can see this amazing speed of development , looking forward to the future, DeFi will continue to develop, and the growth rate will be faster and faster.
Kava is a Layer 1 DeFi Hub. At present, Kava's total lock-up volume (TVL) has exceeded 500 million US dollars. If the market value of Kava ecological tokens (KAVA + HARD) is included, the market value of the entire market can reach 1.3 billion USD, in terms of locked-up funds, Kava CDP has more than 400 million US dollars, and Hard Protocol has nearly 100 million US dollars.
In early April, our team completed the fifth major version upgrade of the mainnet. The upgrade content includes optimization of Binance cross-chain bridge, optimization of Chainlink oracle integration, scalability and performance optimization, etc. The most important thing is that Kava 5 is equipped with a new version of Hard Protocol V2, which has developed a borrowing function. In the past, users could only deposit but not borrow in Hard Protocol. Lend the assets you need.
If you are interested, you can visit our official website」Kava.ioCheck the specific details on Kava. Currently, the Tokens supported by Kava include BNB, BTCB (the BTC-anchored currency on the Binance chain), BUSD, XRPB (the XRP-anchored currency on the Binance chain), KAVA, and HARD. We are also studying Support more tokens, especially the most commonly used ERC-20 tokens after getting compatibility with the Ethereum network.
Kava's current products can provide a relatively high level of floating yield (APY) in the industry, which is about 25%. Let me briefly introduce how this income comes from. Users can first own assets on Kava CDP, and then deposit the stable currency USDX generated by it into Hard Protocol, so that double mining can be achieved and KAVA can be earned at the same time. And HARD, achieving a composite APY of about 25%.
Just recently, the Kava community put forward a governance proposal to add KAVA rewards to the HARD Protocol. At present, the proposal has been voted by the community. All users who supply USDX on Hard Protocol will not only receive HARD rewards, but also receive an additional 10,000 KAVA rewards per week.
Kava is also actively cooperating with major platforms. For example, we have recently reached a cooperation with Huobi to support HBTC. Last month, we launched the HBTC Staking activity together, and reached the lock-up limit of 500 HBTC within 5 minutes In the future, we will further increase this upper limit, such as 1000 HBTC or higher, so that more users can participate together, enjoy our high yield, and earn KAVA tokens.
We have also realized product docking with Binance very early, and have carried out multiple DeFi Staking product integrations. Just this month, Hard Protocol and Binance completed a new integration. After users deposit funds at the Staking port of the exchange, the funds will be automatically placed in our Hard Protocol, and an annualized rate of about 10% can be obtained.
Kava started from the Cosmos ecosystem, and has maintained good cooperation with many project parties in the ecosystem, such as the decentralized cloud server project Akash Network, the decentralized derivatives exchange Injective Protocol, and so on.
Kava is considered a relatively old DeFi project. Although the entire platform has carried a billion-dollar level of funds, no security incidents have occurred so far.
Finally, please take a look at our roadmap. Kava has completed the fifth major version upgrade of the main network at the beginning of this month, equipped with a brand new Hard Protocol V2 version. Later this year, Kava will also carry out the sixth major version upgrade of the main network. In the version upgrade, an AMM-type DEX product will be launched at that time to facilitate the free circulation of assets in the Kava ecosystem. In the longer-term upgrade plan, Kava will also launch more new products, including Robo Advisor ) and so on, please continue to pay attention.
That's all for my sharing today, thank you all.
