|Initial Circ. Supply||13,691,632 KAVA (13.69%)|
|Total Supply||100,000,000 KAVA|
Kava is a cross-chain DeFi platform offering collateralized loans and stablecoins to users of major crypto assets, including BTC, XRP, BNB, ATOM, etc. Users can collateralize their crypto assets in exchange of USDX, Kava's stablecoin. KAVA is the governance and staking token responsible for securing the network and voting on key parameters.
Kava aims to be the de facto DeFi platform by providing a decentralized lending platform and stablecoins compatible with major crypto assets.
The Kava platform has two types of tokens, the KAVA token and the USDX stablecoin. The KAVA token is the native token of the KAVA blockchain integral in the security, governance and the mechanical functions of the platform.
There are three main use cases for the KAVA token:
There are three main use cases for the USDX token :
|Private Sale 1 Allocation||30.05% of tokens|
|Private Sale 1 Token Price||$0.075 / KAVA|
|Private Sale 1 Amount Raised||$2.25MM|
|Private Sale 2 Allocation||5.02% of tokens|
|Private Sale 2 Token Price||$0.25 / KAVA|
|Private Sale 2 Amount Raised||$1.26MM|
|Private Sale 3 Allocation||4.93% of tokens|
|Private Sale 3 Token Price||$0.40 / KAVA|
|Private Sale 3 Amount Raised||$1.97MM|
|Binance Launchpad Sale Allocation||6.52% of Tokens|
|Binance Launchpad Sale Price||$0.46 / KAVA|
|Amount to be Raised in Binance Launchpad Sale||$3,000,000|
The Private Sale 1 was conducted from June 15th to June 30th 2019.
The Private Sale 2 was conducted from July 15th to July 31st 2019.
The Private Sale 3 was conducted from August 15th to August 31st 2019.
Sale will be conducted on Oct 2019 for a total raise of ~$3MM worth of BNB at ~$0.46 per token for 6.52% of total token supply. KAVA/BNB exchange rate will be determined prior to day of sale.
All funds raised in crypto are either self-custodied and stored in multi-sig wallets, requiring at least 2 out of 3 signatures from the management team or are stored with a qualified custodian. Funds raised in fiat currency are stored in USD bank accounts. Spending of the funds needs the approval of the Kava Labs' board of directors.
As of October 2019, Kava Labs has used approximately 15% of TGE funds according to the allocations below:
The following chart represents the number and breakdown of all KAVA that are to be released into circulation on a monthly basis. In addition, block rewards are distributed to validators according to how many tokens are staked by the current set of validators. If the overall staked token amount is low, the APR for a KAVA validator will rise to a maximum of 20.00%; if the overall staked token amount is high, the APR for a KAVA validator will drop to a minimum of 3.00%.
|2019:Q2||Release of working MVP of Kava CDP system||Medium|
|2019: Q2||Release of public testnet 1.1||Medium|
|2019: Q2||Kava Founder Rewards Program to incentivize users to run validator nodes||Github|
|2019: Q2||Release of public testnet 2000||Github|
|2019: Q4||Release of public testnet 3000||The final public testnet before mainnet|
|2019: Q4||Mainnet launch||N/A|
|2019: Q4||Release of Beta CDP System||Available for developers to use at HackAtom DeFi in San Francisco|
|2019: Q4||Implement on-chain vesting for validators||Github Pull Request|
|2020: Q1||Public testnet 4000 with Beta CDP system and Bug Bounty Program||First cross-chain assets integrated into CDP system on testnet|
|2020: Q2||Cross-chain assets in CDP system on mainnet||N/A|
|2020: Q2||Integrate custodial BTC Peg into CDP system testnet||N/A|
|2020: Q3||Integrate both custodial and non-custodial BTC Peg into CDP system mainnet||N/A|
KAVA token is not actively traded on any exchanges as of the published date of this report. The token will be available through the Binance Launchpad portal.
The Kava Blockchain
Research and Technical Specification for the Kava Blockchain
Repository for Kava Public Testnets
The main product for Kava is the Kava CDP Platform, where users can collateralize their crypto assets to take a loan in USDX, the stablecoin unit in the Kava ecosystem. The following diagram shows how the system will function once Kava's mainnet goes live.
For each testnet, several block explorers were built by community members. The following screenshot shows the MINTSCAN explorer built by Cosmostation from the Kava community.
Kava is built using Cosmos-SDK, an open-source framework for building public Proof-of-Stake blockchains. Core features of Cosmos-SDK include:
The following table shows the performance benchmarks of Tendermint Core:
There are 4 modules that make up the Kava platform's core architecture, namely, Price-feed, Auction, CDP, and Liquidator.
The Price-feed module implements a simple price oracle where a group of white-listed oracles post prices for various assets in the system. Standard oracle software will be operated by Kava validators. The median price of all valid oracle prices is taken as the current price in the system and any validator found reporting prices outside of two standard deviations from the median price can be slashed. Addition and removal of assets and oracles is controlled by governance proposals.
The Auction module implements three distinct auction types that control the supply of bad debt and surplus in the CDP system.
The CDP module is a factory for creating CDPs and storing the global state of the debt system. It allows users to create, modify, and close CDPs for any collateral type in the Price-feed module. It also sets the global parameters of the system, which can be altered by governance proposals. These parameters include the global debt limit (the total amount of stablecoins that can be in circulation), the debt limit for each collateral type, and the collateralization ratio for each collateral type.
The Liquidator module tracks the status of CDPs based on prices in the Price-feed module. It is responsible for seizing collateral from CDPs whose collateralization ratio is below the threshold set for that collateral type. Collateral seized will then be sent to the Auction module.
In the event of a CDP falling below the required collateral ratio, that CDP will be seized by the Liquidator module. When a lot of collateral has been seized due to liquidations, that collateral is auctioned by the Auction module for stablecoins using a forward reverse auction. In normal times, this auction is expected to raise sufficient stablecoins to wipe out the debt originally held by the CDP owners, along with a small liquidation penalty.
In the event where collateral auctions fail to raise the requisite amount of stablecoins, KAVA tokens are auctioned by the Auction module for stablecoins using a reverse auction until the global collateral ratio is reached. In this way, the KAVA token serves as a lender of last resort in times of under-collateralization.
Kava's community mainly consists of:
Currently Kava's community growth strategies will mainly be focused on China, Asia Pacific, and the global English-speaking audience. Current community strategies include:
Future community growth strategies of Kava include:
Kava community and social channels stats as of Oct 16, 2019