AMA with Kava
Welcome to the recap of our AMA with Kava!!
Our vibrant and enthusiastic community had a lot of questions to ask. To those who want to know quickly what Kava is about, we are sure this recap is gonna help you. So without further ado, continue reading
Introduction with Kava
Keymer:
Q1. Can you provide some details on the founding team of KAVA LABS?
Aaron Choi | Kava:
Sure, the founders of KAVA consist of Scott, Brian, and Rauridh. Scott is our product chief and leads the strategy for all the technology and products that we build. Brian is our CEO and he runs our business and marketing. Rauridh is our blockchain architect and he basically makes sure all our technology runs smoothly.
Keymer:
great! and surely they also have a great team of specialists in the field, right?
Aaron Choi | Kava:
Scott has a background in app development and marketing. Brian has an e-gaming and marketing background. Rauridh is our hardcore engineer!
Yup, our team has a bunch of specialists that we have built out on top of our founding team as well! Marketing and technology have been a big focus recently
Keymer:
Q2. Can you tell us what exciting things KAVA LABS is going to familiarize us with?
Aaron Choi | Kava:
Kava Labs builds DeFi products on top of our Kava blockchain as well as linking cross-chains for cross-compatibility. Chains such as BSC, Heco, ETH, among others that we’re researching and in discussions currently.
Kava primarily is focusing on Borrowing and Lending at the moment, as these are fundamental services for DeFi. In the near future, we will look into other products and services as well. These will be more apparent once our main services mature, after our next blockchain upgrade.
On top of that, I think Kava is also helping people understand liquidity farming and how to use DeFi services to earn money on their crypto assets.
Keymer:
Q3. Could you tell us a bit about your recent KAVA mainnet update?
I really wanted to ask you this question😅
Aaron Choi | Kava:
Well actually, this is a good time to bring it up with the recent launches and relaunches.
We originally had a mainnet launch scheduled earlier in March. And had actually launched it with no issues, but shortly after going live, our team actually caught a fairly critical bug that caused our Security Committee to do an emergency procedure that shutdown our chain to avoid issues with distribution of HARD token
Then we rescheduled our relaunch of the mainnet to a few weeks afterwards, as we fixed the bug, and retested the code in testnet.
That comes to March 31st, which we were scheduled to do our mainnet launch again, but this time, we failed to launch to not having enough votes to pass quorum.
Even though we had an overwhelming number of votes for passing the proposal to upgrade the network, we did not have enough votes out of the total number of token holders which did not satisfy quorum requirements.
I believe we had over 98% voting yes to pass the proposal, but we did not have 40% of all holders voting to pass quorum.
We hope that many more of our Kava token holders will vote in the upcoming proposal of our mainnet so that we can pass quorum and get this up and running. If users are unsure of how to vote, we have tweets and materials to read up on for how to vote!
Keymer:
It is unfortunate for everyone to know that, but when do you plan to take the next vote to approve the launch?
It would be great that you provide the DC Community with all the links of the content necessary to vote
Aaron Choi | Kava:
For sure, I’ll find the links and will provide later on!
Our next proposal is already up for voting here. https://www.mintscan.io/kava/proposals/41
I’ll find some tutorials and share with you guys tho!
would love if you guys voted, for those that are KAVA holders
Keymer:
Q4. What are KAVA LABS’s plans for this year?
Aaron Choi | Kava:
For this year, most importantly is to get our upcoming upgrade out! And with the help of the wider community, I’m confident we’ll be able to do that very soon.
After that, we have other many things planned.
HARD v2 will be out after that update, which completes our HARD Protocol with Lending and Borrowing both activated.
We also have a Swap product that we will be launching later this year. This will allow for onchain trading of all the assets/tokens that are supported on Kava’s blockchain.
We will also be integrating IBC which will open possibilities for interoperability across the Cosmos ecosystem.
Next we have a SAFU fund planned for launch shortly. This will be an insurance fund that will cover any fund losses through our chain operations. This will make it easier for us to work with institutions that require these types of protections.
And then, later on in the year, we have a Robo-advisory product in the works! Can’t wait to roll these all out. We have quite an aggressive plan and will be working extra hard to get it all out
Also, here is our tweet that links to a tutorial on how to vote for Proposal 41 : https://twitter.com/kava_labs/status/1377741369989472256
Keymer:
I was going to tell you, we are experiencing this Robo Advisor, will it be the same as the one we see in other projects?
Great, if you have the Road Map at hand, it would be great if you shared it! please!! 😅
Aaron Choi | Kava:
https://medium.com/kava-labs/kava-2021-roadmap-91f839a0907b
Community ask Questions by Twitter
Keymer:
Twitter question no 1.
From : @AugustK95
You mention that “Kava brings together everything you need to realize frictionless decentralized finance”, but could you really tell us what are the features that really solve the problem of friction in DeFi?
Aaron Choi | Kava:
Kava brings all the building blocks of DeFi onto our own Layer 1 Kava Blockchain which has been built with DeFi as its priority. High throughput of the chain with thousands of transactions per sec, and low fees is a defining factor of this priority.
Another defining factor is that the security on our chain is way higher than something to Ethereum. With finance, security should be something that is much higher priority as user funds could be at risk. We have never had a hack on our chain, and with over $350M in funds on our blockchain, we want to keep it that way. We don’t have random dapps running on our chain, as all dapps need to be vetted through our core group of developers as well as voted on via our community via governance proposals. We think this is a much better way to ensure safety of our chain.
Keymer:
Twitter question no 2.
From : @GarciaLeixa
The DeFi ecosystem thinking about the non-crypto native community is taking care to develop some projects to automate this whole process. Are you one of them? Can any old school person with good money saved up quietly invest in KAVA?
Aaron Choi | Kava:
I think our product is actually quite friendly to non-crypto natives. The stuff on Ethereum is actually quite complex and fees of course turn off the mass users quite a lot.
We do rely on our good partners such as wallets like Cosmostation and trust wallet to ensure good user experiences, as well as exchanges who also integrate with our services.
I absolutely believe that old school users can earn returns using Kava’s products!
Keymer:
Twitter question no 3.
From : @MaxiVV05
I read in a medium’s article published in March that Kava Labs completed acquisition of Crank Studio. What does it mean for the platform? How will this be the impact in your growing ecosystem?
Aaron Choi | Kava:
The main reason for acquiring Crank Studio is exactly to the question above. We really like working with Crank and their team is by far one of the best in designing great UX and UI. As crypto is quite a complex and difficult field for new users to understand, you really need a great UX/UI to get usage.
Crank understands not just Crypto, but also DeFi as well, so this acquisition really made sense for both of us. We’re looking forward to help push Crank forward and thus pushing the experiences that we will have within our Kava ecosystem.
Community ask question by Website
Keymer:
Website question no 1.
From : Xiao Hong
You mentioned that all liquidity providers will be incentivized with very high APY. But have you considered the effect of the inflation rate for #KAVA? Is the #KAVA usecase balanced with this high APY?
Aaron Choi | Kava:
I think our inflation rate for KAVA is quite balanced. We actually increased the inflation of KAVA recently. This was not for rewards, but to actually get more users staking KAVA to maintain the security of our blockchain.
When you have a higher inflation rate, you need more economic activity to sustain this type of growth. And I think as you look at the type of growth our network has had, in going from our Kava CDP, to HARD, and soon to V2. And then soon after, Swap to IBC and then Robo advisory, I think the proposed inflation rate is reasonable.
Keymer:
Website question no 2.
From : @TheShadowJK_1
We are in the rise of many blockchains that are trying to solve the problems of the ERC20 network, one of them, which is a partner of KAVA is Binance. My question is, what differentiates KAVA from the other emerging blockchains? What are the innovative solutions it offers that other blockchains do not have?
Aaron Choi | Kava:
The major difference of Kava is that Kava isn’t built on an EVM chain. We like to think we’re taking a different approach to the issue of launching our “Ethereum Killer”. The other chains are all building a different version of EVM (forks of Ethereum), but we are building a robust chain with a different ecosystem focused on DeFi for DeFi users.
We are also very focused on building cross-chain interoperability with many other chains as a primary function on our blockchain. We’re crossed with Binance Chain, and now Heco Chain as well. We are actively looking at BSC too.
By linking up with other chains, we aren’t so focused on “killing” our competition but growing with them and trying to expand our reach to other chains.
Keymer:
Website question no 3.
From : @Bernardetth
Can you briefly describe your top accomplishments? and what is your next target achievement? could you please provide the KavaLabs road map for this year too?
Aaron Choi | Kava:
Sure, at Kava, I think our top accomplishments so far is our growth to over $350M in TVL. That is an amazing achievement for an independent blockchain that requires to cross-chain assets from other chains, and that is not connected to Ethereum.
Our next target is to keep on growing that TVL number. And also another tangible target is to start to get more dapps onto the Kava chain!
Telegram live Questions answered by Kava
Q1 from Simala Hom:
No project can survive on its own. Can you tell us some of your partners and who you plan to collaborate with, in the nearest future?
Aaron Choi | Kava:
We just announced a new collaboration with one of our existing partners recently. Finnexus are supporting a HARD single side pool on BSC for a few days at a fairly high APY (around 80% now). options.finnexus.io if anyone is interested.
In the near future, we’re looking to work with public blockchains as well as other defi projects (mostly around Identity and Insurance which are also very interesting to us)
Q2 from Femi Oyinloye:
Is Kava a reliable and secure platform who we can trust with our funds?
Aaron Choi | Kava:
As I said earlier, Kava has over $350M in stored funds on our blockchain. We have never been hacked and don’t ever intend to have user funds at risk. We want to make sure that our chain has the best experience for DeFi users, which includes and prioritises Safety and Security for all our users.
Q3 from Bachtiar Rachman:
How long have you been preparing for the new feature KAVA 5 & HARD 2, program Incentive supply and borrow?
Aaron Choi | Kava:
We have been preparing for quite some time. This upgrade has been in development for at least 4 months and over the past month, has definitely been scrutinized and inspected extremely thoroughly in order to launch it as soon as possible now.
Q4 from Crypto Flower:
$KAVA, $HARD and $USDX are the native tokens of Kava, can you explain what are the utilities of each one, which one should I buy to participate in governance? If I want to invest which one should I hold?
Aaron Choi | Kava:
Sure, KAVA is the original blockchain token, and is the governance token for our blockchain. KAVA is also a staking token that can earn interest for participating in staking which secures our blockchain.