An open-source, EVM and Cosmos IBC compatible, Layer-1 blockchain ecosystem – the Kava Network – has successfully implemented its Kava 11 mainnet upgrade.
The upgrade brings many new features, especially Kava Network’s new state-of-the-art liquid staking “Kava Liquid” which is the first ever fully convertible liquid staking protocol. It should be noted that liquid staking on Kava lays the foundation for unlocking all staked KAVA for use in DeFi protocols on the Kava Network. The latest upgrade will transition a significant portion of staking rewards over to bKAVA rewards.
Scott Stuart, the CEO of Kava Labs, said the goal of liquid bKAVA is to unlock the power of staked KAVA for all DeFi protocols onboarding rapidly to the Kava network. But unlike other forms of liquid staking, Kava Liquid can handle 100% conversion of staked KAVA to bKAVA, and back again while preserving decentralization of voting power. Stuart outlined that its an invention unique to the Kava Network and aligns with the platform’s goal to grow DeFi protocols on Kava. He said converting staked KAVA to bKAVA, and supplying the asset to the brand-new Earn and Boost modules will boost a staking APY. As such, stakers will be able to maintain their voting power in the network. This is regarded as a monumental step for DeFi protocols towards real decentralization.
Moreover, Kava 11 enables interacting with the Kava App and signing Cosmos SDK transactions directly through MetaMask. It also created the Kava Foundation, which is an entity in which KAVA token delegators will control about $200 m in assets to safeguard network growth for the future. The foundation will enhance network security, aid network infrastructure development, and create new avenues of growth and innovation through Community Owned Liquidity.