The ability to wrap and unwrap Kava is a key feature of the Network’s latest mainnet release. This is a massive step forward for the network as it continues to build and move forward in 2022.
The Kava 10 mainnet launch in late May debuted Kava’s EVM, a major step towards multichain compatibility.
It links the biggest ecosystems in the Web3 to one network through Kava’s Ethereum-compatible Virtual Machine (EVM).
Kava’s EVM provides users with the opportunity to wrap and unwrap $KAVA easily and efficiently via Metamask at minimal cost, thus enabling them to participate in the DeFi ecosystem.
Wrap and Unwrap KAVA Using Metamask
The key feature of the Kava 10 mainnet is the ability for users to wrap and unwrap $KAVA as an ERC-20 on MetaMask, one of the most important tools of the DeFi industry and one of the most-used applications for connecting to the Ethereum ecosystem.
The wrapping feature represents the first drop in an ocean of opportunity for users and developers. The successful implementation of wrapping Kava assets on MetaMask sets the stage for what’s to come, such as the Ethereum Bridge.
For perspective, between the Ethereum and Cosmos ecosystems, combined assets on-chain cross $300B with a total DeFi Total Value Locked (TVL) of over $80B. (source: DeFiLlama)
The Kava Network now directly links all these resources and the thousands of active developers, dApps, and blockchain projects on these networks.
The Kava Ethereum Virtual Machine
The Kava 10 mainnet activates the Kava Network’s Ethereum Virtual Machine (EVM), a critical milestone in the network’s mission to become the best hub for builders with the power of Ethereum and the speed and interoperability of Cosmos.
With full EVM functionality, DeFi protocols can access oracles powered by ChainLink, subgraph indexing supported by The Graph, and various backend Decentralized Exchange (DEX) and Automated Market Maker (AMM) smart contracts.
These upgrades will allow various liquidity protocols, yield aggregators, and decentralized exchange protocols to deploy to the Kava 10 mainnet, as described below.
Deploying 35+ Protocols to Kava 10 Mainnet
The successful completion of the Ethereum Co-Chain Alpha and Beta testnet paved the way for $8.71B+ TVL and 700K+ users to have direct access to the Kava Network, closing the distance between dozens of Kava’s Web3 partners.
The Kava Pioneer program brought more than 35 Web3 protocols to the Kava Network ahead of the Kava 10 mainnet launch. Protocols prepared to deploy after the mainnet launch include Beefy Finance, Multichain, Ren Protocol, and Autofarm.
After a successful Pioneer program and the Kava 10 mainnet launch, the $750M Kava Rise incentive program begins. This new program rewards developers for building on the Kava Network, launching Kava toward its goal of $10B+ TVL, and deploying 100 protocols by the end of 2022.
These protocols plan to take full advantage of Kava’s EVM and all of the key features the EVM will unlock for the Kava Network:
- Users will be able to wrap other IBC assets as ERC-20s and bridge them to Ethereum for use in a wide variety of Ethereum dApps.
- Users will be able to move and wrap $ETH and other ERC-20 assets for use on the Cosmos Co-Chain, where those assets will become usable across the Cosmos ecosystem.
- It will become possible to mint ERC-20 tokens on the Kava Network, bringing about limitless new ways for developers to incentivize users.
- An Ethereum Bridge that will unlock ERC-20 tokens and ERC-1155 assets on the Kava Network, becoming the primary means of activating several of the abilities for the network as listed above.
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