AMA Recap Crypto Library with Kava


On 24th March 2022, Kava conducted an AMA in the Crypto Library Community. Our guest is Guillermo Carandini. Lots of questions as usual from the Community about Kava progress. The Kava team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into Kava.

Let’s take a look at the most interesting points of our conversation. 

Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Guillermo (Kava) : To let you know a little bit about me: my name is Guillermo. I'm from Barcelona, Spain, and I work in Kava as marketing manager. I've been involved in Kava since October 2021. Before that, I've worked in different positions in numerous marketing departments across other blockchain and crypto projects for the last two years, in charge primarily of driving social media growth, creating content, and managing marketing processes with the purposes of reaching the crypto community out there. The easiest way to explain Kava is this: Kava is a secure, highly scalable Layer-1 network and ecosystem built using the Cosmos SDK. Kava was made to unlock the value of DeFi for mainstream users by providing a trusted home for best-in-class DeFi services that can scale to meet global demand. Kava differentiates itself from other projects in the space for its institutional-grade security and unique user interface.
Crypto Library Team : Now, KAVA positions itself as a Layer-1 platform. What differentiates Kava from other Layer 1 ecosystems, and how do you plan to continue to separate Kava from the crowd?

Guillermo (Kava) : That means that developers can build and deploy smart contracts with the flexibility and developer support of the EVM while benefiting from the speed and interoperability of the Cosmos SDK. Any dApp or user on the network can then interoperate with both chains, unlocking access to the assets of both the Ethereum and Cosmos ecosystems. 

Crypto Library Team : Project Kava. Who is behind it? Please tell us the background of the team 

Guillermo (Kava) : As for how we plan to continue to differentiate Kava as a Layer-1, our unique on-chain developer incentives will be a big part of that. Kava wants to make it as easy as possible for developers to build for the widest range of users and make it as rewarding as possible by distributing ~50M KAVA per year directly to projects on the network based on their usage. As you have already noticed, Kava is evolving. After establishing itself as a robust and scalable blockchain that powered a suite of top-tier DeFi products, Kava is ready for the next phase. What differentiates Kava Network from other Layer-1 networks is the co-chain architecture we are implementing that features a distinct chain for both the EVM and Cosmos SDK development environments. The two chains can work seamlessly using a translator module, bringing the two most used Web3 ecosystems into a single network. With the upcoming Kava 10 upgrade, Kava is evolving into the Kava Network, a lightning-fast Layer-1 blockchain featuring a unique co-chain architecture that combines the speed and interoperability of the Cosmos SDK with the flexibility and developer support of the Ethereum Virtual Machine (EVM). Yeah, absolutely! We are growing fast, so it's sometimes hard to know exactly how big the team is! So, the CEO of Kava Labs is Scott Stuart. He's one of the co-founders and comes from a professional poker background before starting a successful mobile ad business. In 2018 he and the other co-founders (Brian and Kevin) recognized the emerging potential of DeFi. They decided to leverage their shared entrepreneurial experience and Kevin's technical expertise to build a CDP product using the then-new Cosmos SDK. We've come a long way, but the core founders are still a part of the company. We have ~40 people working full-time for Kava Labs. Several of us are based in the Bay Area, but we have people in China, across North America, and in Europe.

Crypto Library Team :  What’s the main focus of your team for 2022? 

Guillermo (Kava) : So, obviously, our main focus is going to be onboarding developers and users to the Kava Network. We are the first proven Layer-1 to bring EVM support to a Cosmos SDK architecture, and we think there is a huge opportunity there. Our goal is to onboard 100+ projects and drive $10B+ TVL by the end of the year to cement Kava not only as a unique Layer-1 in terms of opportunity but as one that is competitive with the biggest networks in the space. For the details of what we’re going to be rolling out, you can check out our roadmap. Following us on Twitter is the best way to get updates, but we will regularly update the roadmap as we add more goals to Q3 + Q4.

Crypto Library Team : Let's talk about numbers. What is the kind of adoption Kava has seen so far (TVL, Wallets, etc.)? And what is your target by 2022? 

Guillermo (Kava) : Sure. So, we've seen incredible growth over the past year in terms of TVL. The network started 2021 with ~$100M in TVL, which grew to ~$600M by the end of the year with only the addition of Kava Swap. But, we are much more aggressive this year. With EVM support going live and lots of projects deploying to the network, we are aiming for $10B TVL by the end of 2022. It’s aggressive, but we really think that we can. As for users, in the same period, we've seen average daily users climb from the 100s to the multiple thousands. Monthly average users are up 26% just this month, and we've consistently seen that month-over-month growth since I joined. And talking about users, please remember that to be eligible for the prizes of participating in this AMA, you need to follow Kava on social media. If you haven’t done it already, do it now! 
Crypto Library Team : You have a $185 M Ignition Fund running, hoping they might launch on the launchpad. Tell us more about the fund and its vision. 

Guillermo (Kava) : Sure. So, the Ignition Fund is administered by Kava Labs and is essentially a mixture of venture capital and grants for investment in early-stage projects. The grants are for development teams that want to build exciting things on the Kava network, including liquidity grants administered via Launchpad to help new projects launch on Kava.The vision behind the fund is to support the mission of Kava in 2022 as it evolves into an interoperable, thriving layer-1 network and ecosystem. We have already distributed some of the funds to partners launching protocols with the EVM launch. We’ll be sharing some updates on the next round of recipients soon.

Crypto Library Team : Can you tell us more about Kava Rise, $750M Developer Incentive Program? 

Guillermo (Kava) : Kava Rise is a first-of-its-kind programmatic, on-chain incentive mechanism that will bring top-tier developers and their users to the Kava Network by rewarding them with unprecedented levels of distributed ownership. Developers are incentivized through the program to both onboard their projects and bring over a majority of their treasury rewards and users to the Kava Network to maximize their earnings. The developer incentive program will be initiated with the Kava 10 upgrade (in May), launching both the Ethereum and Cosmos Co-Chains on mainnet and enabling developers to deploy live versions of their Ethereum and Cosmos SDK-based dApps on the Kava Network.

Crypto Library Team : Proposal #78 was passed a few weeks ago to fund the developer incentive program and the inflation rate was increased to 100%. There was an outburst with the community. Can you tell us why it was a good move? 

Guillermo (Kava) : 80% of the inflation rate goes directly to the community pool to fund the community-voted developer incentive program. As such, this benefits builders on the Kava Network and the people who secure the network, who together strengthen and grow the network. There’s nothing like this in the industry, a program that progressively transfers network ownership to its builders. The developer incentive program will reward the top projects on Kava’s Ethereum and Cosmos Co-Chains with 200M KAVA over four years (50M per year), split between the two chains. Incentives will be awarded transparently on-chain based on usage. That means adjusting emissions in the short-term is designed to reward users of the projects that build on Kava in the long term. Last chance to get the AMA prizes. Follow both handles on Twitter and earn $100 prizes!
Crypto Library Team : Can you tell us who are the Pioneers that have joined the Kava Network so far? 

Guillermo (Kava) : Over 40 EVM protocols and development teams have submitted entries to be Pioneers and earn their share of the 100K KAVA reward pool. You can read more about the five Pioneers that bring a combined TVL of over $8.71 billion, 1700+ partners and bridges, and 700K+ token holders with them. Article:

Crypto Library Team : We noticed new IBC assets will be listed on Kava Swap next week. Can you tell us more about this?

Guillermo (Kava) : Surge events boost APYs for newly added IBC assets in Kava Lend, and now will also be applied to new liquidity pools in Kava Swap. That means liquidity providers in Kava Swap will also have enhanced yield opportunities with the addition of new IBC asset pairs: $ATOM, $OSMO, $LUNA, $UST, and $AKT. Early liquidity providers can receive reward APYs up to ~2700% during the Surge, especially at the beginning. The reward APYs will reduce with time as more people supply liquidity to the pools. Liquidity providers can receive reward APYs up to ~2700%, with the first $100,000 worth of liquidity being provided to the pool.

Crypto Library Team : How not to miss KAVA updates. How to be the first to know about new opportunities from KAVA?

Guillermo (Kava) : Everyone should definitely subscribe to the Kava Network Twitter channel. You can find all the updates on what’s going on with the project there, Kava: Stuart, the CEO of Kava Labs, is also a great person to follow if you want to get some insider teasers about what’s coming up for Kava and get some insight into his vision for the future of the network. Scott Stuart, CEO of Kava:
Crypto Library Team : Security audits are extremely important for any project, especially that deal with user funds. So, can you explain if it has been audited to convey confidence and security to the crypto community that is interested in investing in your project? 

Guillermo (Kava) : Security is key for us, and we recently signed Certik as our main partner in security. As part of our dedication to user safety, CertiK have received Kava Ignition funding to bring an additional layer of risk mitigation and user protections to the Kava Ecosystem. This involves a combination of continuous risk assessment for ecosystem projects and regular code audits for the Kava Platform. In addition, CertiK will be providing five Kava Ecosystem projects with integrations of their real-time threat monitoring service, Skynet. This will be used to provide risk insights to developers and up-to-the-minute security scores that will be shared with users on the Security Leaderboard. 

Crypto Library Team : What is your mission and vision to build your project? What do you want to achieve through your project in the future? Can you share your future roadmap with us? 

Guillermo (Kava) : Implementing EVM is our top priority right now. In 2022, Kava will be evolving into a fully decentralized, multi-chain Layer-1 that aims to bridge the Binance, Cosmos, and Ethereum ecosystems. We will be releasing some major updates on that point in the next few weeks. Still, I can say that we are targeting a full rollout of EVM compatibility and an ETH bridge at the end of Q2, with a fully-populated ecosystem of cross-chain EVM-compatible dApps. You have the roadmap and all the details on our website:

Crypto Library Team : $USDX is the native stablecoin of the Kava ecosystem. And i read that, $USDX is not directly pegged to a value of $1 by any specific mechanism. So how is this prize of $USDX really maintained/stabilized? Can you give a detailed answer on this? 

Guillermo (Kava) : $USDX is the native stablecoin of the Kava ecosystem. While $USDX is not directly pegged to a value of $1 by any specific mechanism, its stability is derived from market flows and influenced by Kava governance decisions. Over the past six months, the average price of $USDX has floated near 0.98 USD with a low of 0.94 USD and a high of 1.02 USD. 

Crypto Library Team : From your medium article, I read that we can actually earn 35% gains without selling our crypto, but by using $USDX. Can u elaborate on this yield generation system? And also, please add on about the various ways in which users can earn using $USDX. 

Guillermo (Kava) : Because $USDX is a consistent store of value, the stablecoin also presents opportunities for longing or shorting assets and locking in the value of assets that demonstrate fluctuating value. Additionally, $USDX receives extra incentives on Kava Lend — the primary partner for exchanging coins or adding liquidity on Kava Swap — and is tradeable on the Ascendex Exchange.

Crypto Library Team : Among all the characteristics of KAVA Network, which of them can you define as the strongest and with the greatest impact internally and outside its ecosystem? How do you plan to attract innovative and committed developers that strengthen the ecosystem?

Guillermo (Kava) : A major feature of the upcoming Kava Network is the industry-leading on-chain developer incentives aimed at driving rapid growth for the Kava ecosystem and rewarding the best projects and development teams that contribute to it. To kick things off, Kava is launching the Kava Pioneer Program. As part of the build-up to the Kava Network mainnet launch in May, the Kava Pioneer Program is distributing 100,000 KAVA in incentives to attract the most innovative Ethereum developers to deploy on the Kava Network across the DeFi, GameFi, and NFT verticals.


Crypto Library Team : According to the project's roadmap- what are your most important next priorities? 

Guillermo (Kava) : As I’ve mentioned before, implementing EVM is our top priority right now. We will be releasing some major updates on that point in the next few weeks. Still, I can say that we are targeting a full rollout of EVM compatibility and an ETH bridge at the end of Q2, with a fully-populated ecosystem of cross-chain EVM-compatible dApps.

Crypto Library Team : What is the Best way to follow All your Upcoming news and Updates? What are your Plans in Coming FUTURE tell me?? 

Guillermo (Kava) : The best way to stay updated on Kava developments is to follow us on Twitter. Here are the directions. Please, click and follow us on social media.