Dear Kava Community and everyone else that is reading,
On behalf of all of the Kava Labs team, I wanted to address the full Kava community and our many ecosystem partners, validators, and project contributors following the successful launch of the Kava mainnet on November 14th. The launch of Kava serves as the culmination of many months of hard work, dedicated to achieving incredible things together.
I am proud to share that the Kava mainnet has been operational since 14:00 UTC, November 14, and that our much anticipated mainnet launch was a success.
With this launch, we are taking a fundamental step towards realizing our vision of making Kava the go-to DeFi platform for crypto. Kava is now the first operational DeFi platform on the Cosmos network and will serve to empower digital asset holders not only within the Cosmos ecosystem but throughout the blockchain sector.
The successful mainnet launch comes after some initial complications. Originally scheduled for November 5th, the initial launch attempt was unsuccessful due to the publishing of an updated genesis file roughly 6 hours prior to the scheduled launch time. As a result, not all validators were given the opportunity to implement the update and restart their nodes. As the mainnet began to come online on November 5, the first block was signed by that quorum of validators. However, the presence of differing genesis files resulted in a deadlock on block 2, and we soon heard from several validators that nodes were reporting attempted doublesigns.
As we dealt with this issue, we chose to delay the launch until November 14th, so that we could conduct a proper analysis of the issues and establish the precise cause of the issues. We are dedicated to providing the utmost security and stability to our network, and used this time to fix any outstanding security risks and to coordinate a smoother launch process with the updated genesis file. With the lessons gleaned from our first attempted launch, we have not only launched the mainnet successfully, but in fact it was the smoothest tendermint launch we have seen — with the blockchain starting fully operational in just 5 seconds following the scheduled 14:00 UTC launch time. Since then Kava has already produced 8,500+ blocks and seen over $25,000,000 in Kava bonded for staking. Seeing this I can safely say that the hurdles we’ve experienced thus far have strengthened our project and ecosystem for the better.
We would not have been able to reach this landmark milestone in the Kava journey had it not been for the hard work, long hours, and energy of our team, our community, our partners, and our validators dedicated to seeing our platform go live. This support has been instrumental in helping us to deliver a secure, stable, and sophisticated platform for the growing DeFi space.
With more than 60 active validators now running on the mainnet, we can confidently say that the maintenance and stability of the network is in safe hands. Block production has continued steadily since the mainnet went live, the result of our validators’ hard work and commitment to Kava’s success.
We have also received assistance and kind words from all in our partnership network — who have been steadfast in their support throughout the launch process and recent IEO on Binance Launchpad. We are extremely lucky to call such a diverse range of kind, intelligent, and visionary leaders, including Jae Kwon from Tendermint and Binance’s CZ, now happy members of the Kava community. We certainly couldn’t have done all of the great work accomplished so far alone, and we are excited to continue our collaborations.
Looking To The Future
Far from the end of our journey, the successful launch of the Kava mainnet paves the way for the roll out of our CDP system, which will unlock previously untapped value for digital asset owners and market participants. Soon, the Kava CDP system will be providing the cryptocurrency market with collateralized lending, decentralized leverage, and hedging which goes far beyond Ethereum and ERC20 tokens including BTC, Ripple (XRP), Cosmos (ATOM), and Binance Coin (BNB).
To those in our community who have supported us throughout development, today is your day as much as ours. With the launch of the mainnet our token holders can now us KAVA to stake, delegate, and participate in the governance process of the network. Soon, with the launch of our CDP module enabling the first USDX, Kava’s USD-pegged stablecoin to be minted — you will be the first of many to enter into a whole new DeFi era.
To community members, old and new, thank you for sharing this journey with us. The process of bringing a new product to market is not always straightforward. Your patience and support has helped motivate us in our mission to develop a user-minded product, backed by robust and secure technology — moving forward, we will continue to prioritize the security of our users and the stability of the Kava platform above all else. We are excited for everything the future has in store as we enter into a new stage of Kava’s story.
Kava CEO and Co-Founder