Kava DeFi on Cosmostation Mobile
Explaining Kava DeFi on Cosmostation mobile: Kava Swap, Mint and Lend
Kava Labs is one of the most sophisticated protocols on Cosmos ecosystem, visualizing a truly scalable decentralized finance(DeFi) network. In today’s article, Cosmostation will introduce Kava DeFi on our mobile wallets and explain the brilliant designs behind the Kava DeFi products. Let’s un-Kava the veil!
The Kava Platform
About Kava
Kava is one of the biggest networks on the Cosmos ecosystem with its utility token($KAVA) listed on several huge centralized exchanges such as Binance and FTX — Cryptocurrency Derivatives Exchange etc. However, Kava is more than just another blockchain. Kava is one whole ecosystem that provides a scalable platform for decentralized finance with a suite of three decent DeFi products: Kava Swap, Kava Mint and Kava Lend. Kava aims to build an openly accessible, democratized next generation DeFi platform. To learn more about the art of Kava DeFi, visit Kava’s official website from the link.
With constant major updates (Kava-9 is coming soon, with IBC!) and audits on Kava Mainnet, Kava has been creating a truly scalable, secure ecosystem & platform for users. The effort for scalability goes on: Kava recently launched a incentivization program called the Ignition Fund, supporting various projects with different specialities to fuel further expansion of the Kava ecosystem. Cosmostation as well, is partnering up with Kava to extend the edge of DeFi in Kava ecosystem as the first recipient of the Ignition Fund.
Tokens
In order to seamlessly explore through DeFi, it is essential to know about the tokens. Since Kava is a platform for multiple different DeFi derivatives, there are several kinds of tokens as well. On a high level view, as a platform for scalable DeFi, there are native tokens and foreign tokens in the Kava ecosystem. Don’t worry, they’re not so complicated.
For the native tokens, there are $KAVA, $SWP, $USDX and $HARD. $KAVA is the governance token for the Kava platform itself, $SWP for KavaSwap, $HARD for Kava Lend. $USDX is a stable coin on Kava network that can be minted by Kava Mint protocol.
Currently there are 4 foreign tokens which are integrated from outside the Kava ecosystem: $XRPB, $BUSD, $BTCB and $BNB to be used in Kava DeFi.
Kava Community
Don’t forget to follow Kava Labs on Twitter and join the Kava communities for the latest updates & news from the team:
Before explaining Cosmostation mobile, Kava Labs is operating Kava’s own web application for the DeFi too, so if you’re interested, go check out their app!
Kava DeFi on Cosmostation Mobile
When supporting a partnered network, Cosmostation not only operates as a validator node but also plays a role of end-user infrastructures provider: Mintscan block explorer and mobile & web wallets. With this package that comes in as a whole, users are able to enjoy a seamless, comprehensive crypto experience at the Station. On Cosmostation mobile wallet, you can seamlessly operate with the full functionalities of Kava DeFi product line anytime, anywhere you want, in the palms of your hand! We will show you how to fully utilize the Kava DeFi features on our mobile wallet for iOS & Android from now, so get your Cosmostation mobile app ready in your hand!
Kava DeFi
The first thing you have to do would be entering the DeFi interface. Go to your Kava wallet on Cosmostation, click “KAVA DeFi” button in the middle of the page, and you’ll be directed into the Kava DeFi world.
Kava Mint
As the name suggests, Kava Mint is simply for minting a new, fresh type of token: $USDX, which is a type of stable coin on Kava network. You can deposit your assets as collateral in order to mint $USDX, as long as the value of collateral exceeds 150%(in most cases) of the minted $USDX.
For depositable assets, there are $BNB, $BTCB, $BUSD, $XRPB, $UKAVA, $HARD, $SWP and $HBTC. Go to “Mint” tab and choose the asset you want to provide as collateral, then press Open Mint(CDP, Collateral Debt Position, is the previous name of Kava Mint). Even though $USDX looks stable, but the collateralized asset might not be. In case the value of your collateral falls below the tolerable ratio, there will be a liquidation, then an auction for the liquidated assets. Cosmostation offers visible distinction for safe, stable and dangerous ratio: so when minting, choose wisely with the amount! After choosing the minting amount of $USDX, generate the mint transaction to receive your $USDX!
Kava Lend
Kava Lend is a rebranded program of the Hard Protocol(this is why the governance token is called $HARD and the incentives are given in $HARD), and the Lend features are pretty straight forward. You can supply/deposit assets to earn rewards, and borrow assets according to the amount of your supply. The more you supply, the more you can borrow. To supply, choose the asset type you intend to supply, click “Supply”, type in your supply amount then make the transaction. The mechanism is the same for Withdraw, Borrow and Repay, so feel free to explore around in the colorful selection of assets on Kava Lend!
Kava Swap
Last but not least, Kava Swap is a cross-chain AMM(Automated Market Maker) protocol on Kava network. You can use the swap feature to swap the tokens you hold into any other type of tokens that you wish to have that are on Kava ecosystem. Here’s how you make a swap: go to Kava DeF i, and the first screen you see gives you information about the fee, slippage and swap rate between tokens for the swap function. Choose the original token type on Input and the target token type on Output, then press Start Swap to commence. Type in your amount, put the memo in or leave it blank, then set the transaction fee, and press “Confirm” to swap. Done!
Kava Pool
On Cosmostation app, we separated a tab to show the paired-token pools on Kava Swap. Browse through the pools to choose where you wish to jump in, and supply/withdraw your assets in pair to the swap pools and earn rewards for the liquidity provision.
DeFi World Visualized on Cosmostation Mobile
When exploring in the DeFi land of Kava, you’ll realize that Kava has created a whole ecosystem on the network for DeFi. Each protocols react to each other, making a sovereign platform with vast amount of liquidity. Imagine Kava gets connected to other huge ecosystems such as ethereum! As one of the biggest supporters of the network, Cosmostation offers a seamless, smooth experience on Kava DeFi interface for everyday users. Get your Kava game on your phone now!
Kava DeFi on Mintscan
Need a dashboard for Kava DeFi? Mintscan got it all covered. On top of the mobile wallet support, your friendly block explorer Mintscan exclusively has a Kava DeFi section, providing in-depth details for accounts on Kava DeFi protocols & transactions. Just like this: https://www.mintscan.io/kava/account/kava1wjgzwwrdelmz6t6dglhx84e96vkwptt2cf7mx7
Aaaaand even more!
As mentioned earlier on this article, Kava 9 upgrade is coming soon, bringing IBC functionality to Kava ecosystem. As a preparation for the launch of IBC, Kava will host a 2-week testnet competition event, The Loan Wars, with $150K of fund as rewards. The registration is currently open until the 15th of December, so register now to join the competition. After the Kava 9 upgrade, you will be able to join the IBC gang via Cosmostation Wallet apps & Mintscan!
Kava announced a launch of the Ignition Fund to fuel the development on Kava ecosystem few months ago. Cosmostation was selected to be the first recipient of the fund for developing a stable coin swap program! Can’t say much about it right now, but one thing’s for sure: it’s going to be a deluxe-edition game! Stay tuned for more exciting news & further announcements, thank you!
https://finance.yahoo.com/news/kava-labs-selects-cosmostation-first-124400266.html
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About Cosmostation
Cosmostation is an enterprise-level validator node infrastructure & end-user application provider based in Seoul, South Korea. Cosmostation runs validator nodes across several networks, specifically focused on networks built with PoS(Proof of Stake) consensus. Along with node operation, Cosmostation develops and maintains Mintscan Block Explorer and Cosmostation iOS, Android, Web Wallets to support in-depth features for modules specific to each network.
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