Kava Labs, creators of a cross-chain decentralized finance (DeFi) platform, was set to launch its mainnet today. This came following the successful final testing of the Kava testnet-3000.
However, problems occurred during the mainnet launch process. The Kava team had an issue with the genesis file while starting the chain. Mainnet will now advance on Tuesday, November 12th at 14:00 UTC.
Notably, Kava will be the first DeFi application to go live within the Cosmos ecosystem. When the mainnet activates, it lays the foundation for the upcoming launch of the Kava CDP module. The CDP module allows users to collateralize loans against a collection of major cryptocurrencies.
KAVA
Kava’s mainnet enables real trading and staking of KAVA, the native governance token of the Kava blockchain. KAVA holders receive voting rights on the direction of the platform. Governance votes may include expansion decisions, new service offerings, and what crypto assets will be supported.
The Kava mainnet launched with more than 100 active validators. These include notable organizations within the staking-as-a-service ecosystem, Dokia Capital, Infinity Stones, Cosmostation and StakeWith.Us.
Kava CDP System
The Kava CDP system is a decentralized lending platform. It’s designed to offer value for digital asset owners and financial market participants.
The Kava CDP will offer decentralized leverage and hedging of major cryptocurrencies beyond Ethereum & ERC20 tokens including BTC, Ripple (XRP), Cosmos (ATOM) and Binance Coin (BNB).
Post-IEO
This breakthrough mainnet launch comes just two weeks after the successful completion of a $3 million USD Initial Exchange Offering (IEO), which took place on Binance Launchpad.