IRISnet and Kava Plan to Integrate to Enable Greater DeFi Services for Interchain Ecosystem
IRISnet is pleased to announce that we have established a partnership with Kava Labs, the creators of the Kava DeFi platform, to bring Kava’s DeFi services to IRISnet’s internet of blockchains to provide a technology foundation for facilitating the construction of distributed business applications.
IRISnet will fully integrate Kava’s DeFi lending platform and stablecoin into IRISnet. With the cross-chain DeFi platform, IRISnet plans to use Kava to provide its ecosystem with stable, secure, high-performance, and sustainably scalable DeFi applications. IRISnet plans to provide Kava with iService and Coinswap applications to improve liquidity. Additionally, through the IBC protocol (Interblockchain Communication Protocol), Kava and IRISnet hope to further promote DeFi application development on each other’s networks as well as the whole ecosystem of Cosmos.
“IRISnet is one the longest standing Tendermint-based blockchains and has a very knowledgeable core-team working on its protocol. I’m excited at the opportunity to expand Kava to another network within the Cosmos ecosystem and further open-up access to DeFi services. — Aaron Choi, Head of Business Development at Kava Labs
Both built on the Cosmos-SDK, Kava and IRISnet are highly similar in their technical architecture.. This similarity enables both blockchains to seamlessly integrate with each other via IBC. The partners plan to implement IBC to enable blockchain interoperability between IRIS Hub and Kava’s DeFi platform.
Interoperability between the two blockchains will enable Kava’s assets, KAVA and USDX, to be used on IRISnet’s Coinswap module to provide users with a more efficient cross-chain stablecoin flash swap service to increase the liquidity of assets between different blockchains. Assets on the IRISnet blockchain, such as IRIS, can be used in Kava’s DeFi platform as collateral for USDX stablecoin loans.
Moreover, by integration, Kava and IRISnet will exchange each other’s data, services, on-chain/off-chain computing resources, further promoting DeFi application development on Kava, IRISnet and other blockchain networks in the Cosmos ecosystem.
What can IRISnet bring to Kava?
IRISnet (a.k.a IRIS Hub) is designed to be the foundation for the next-generation distributed applications. Built with Cosmos-SDK, IRIS Hub enables cross-chain interoperability through a unified service model, while providing a variety of modules to support DeFi applications.
Using the technology of cross-chain services implemented by IRIS Hub, not only Kava’s DeFi services can be used in IRISnet’s ecosystem, but also the business services of IRISnet, especially those related to DeFi, can help Kava to scale up its DeFi platform.
1. The IRIS Hub service module iService provides an easy way to integrate off-chain/cross-chain resources such as data and computing. iService can also support centralized systems to interact with heterogeneous blockchain systems (even those not Tendermint-based). The functions integrated can bring more computing resources to Kava through interchain services, e.g privacy computing services provided by a blockchain such as PlatON in IRISnet ecosystem, data mining services running off chain to calculate certain risk factors.
2. Using the Coinswap functions on IRIS Hub, similar to Uniswap, users can exchange tokens of different chains. After connecting, IRISnet will provide coinswap service to the assets of the Kava ecosystem, KAVA and USDX, supporting them exchange with IRIS and other assets on the IRIS Hub(both native tokens and cross-chain tokens) for better liquidity.
What can Kava bring to IRISnet
Kava is the first cross-chain DeFi platform in the Cosmos ecosystem, and IRISnet, as a cross-blockchain protocol are synergistic for enabling DeFi applications. Kava’s lending services, stablecoin, accurate market data, etc. can further improve IRISnet’s public-chain infrastructure, realize data and asset interconnection in different applications, and jointly realize support for the entire Cosmos ecosystem.
Kava, as a market leader in providing DeFi, stablecoin and financial price data services simultaneously, is able to establish a partnership with IRISnet for the following values:
1. Interoperable Technology — Kava and IRISnet are both based on the same consensus and infrastructure, and can easily interconnect and share services through IBC. IRISnet’s Coinswap supports Token to IRIS, Token to Token exchange, and Kava’s scalability and interoperability can help stablecoin USDX achieve a more smooth experience in Coinswap on-chain swap.
2. Decentralization and Security — Other DeFi solutions claim to be decentralized and trustless, but under the hood they have private keys that control most of the code. It’s verifiable that Kava’s DeFi platform is not controlled by one party and the network is actively secured by a global network of leading institutions and exchanges already.
“Connecting with the Kava DeFi hub is the obvious choice for our progress as a network. IRISnet will be the home to many distributed business applications that can leverage Kava’s stablecoin, loans, and security for their own use. Enabled with Kava, IRISnet can fuel even better DeFi applications going forward.” — Jeffrey Hu, Director of Research at IRISnet
IRISnet is an Interchain Service Hub for NextGen Distributed Applications — A BPoS Blockchain that is Self-evolutionary. IRIS Hub is designed to support not only token transfers across the internet of blockchains but also to allow the consumption of data and computing resources across heterogeneous systems. IRIS Hub is the first Hub that lives in the Cosmos ecosystem. IRIS Hub enables cross-chain interoperability through a unified service model while providing a variety of modules to support DeFi applications.
IRISnet dev teams include Bianjie, a national award-winning blockchain technology team based in Shanghai, and Tendermint, the world-famous team that created the Tendermint consensus engine and the Cosmos project.
Kava is a multi-asset DeFi platform that offers stablecoins, loans, and other financial services for users of major cryptocurrency assets including BTC, XRP, BNB and ATOM to name a few. The Kava platform has two types of tokens, the KAVA token and the USDX stablecoin where the KAVA token is the native token of the Kava blockchain integral in the security, governance, and mechanical functions of the platform. Users can collateralize their crypto assets in exchange for Kava’s stablecoin, USDX. USDX is the highest earning USD denominated account available for modern investors, offering superior yields without additional risk, compared to traditional alternatives like checking and savings accounts that only deliver miniscule returns.
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