Kava Launches Kava 14 Upgrade, Introducing Seamless Conversion of Native Cosmos Assets to Ethereum’s ERC20 Tokens July 13, 2023 July 13, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJuly 13, 2023 by Kelly Cromley

Kava Launches Kava 14 Upgrade, Introducing Seamless Conversion of Native Cosmos Assets to Ethereum’s ERC20 Tokens

Kava, a Layer-1 blockchain renowned for integrating Ethereum’s developer capabilities with the speed and interoperability of Cosmos, has recently unveiled the introduction of the Kava 14 upgrade. The most recent upgrade incorporates a cutting-edge feature known as ‘internal bridge’ technology, which facilitates seamless and effortless conversion of native Cosmos assets to Ethereum’s ERC20 token standard. The Kava 14 upgrade represents a noteworthy achievement for the Kava blockchain ecosystem, as it strengthens the platform’s ability to work seamlessly with other systems and introduces fresh possibilities for both users and developers. The incorporation of the ‘internal bridge’ technology enables Kava users to effortlessly transfer their native assets between the Cosmos ecosystem and Ethereum’s ERC20 tokens, facilitating seamless interoperability.

The implementation of this bridge technology offers a multitude of advantages to its users. The asset conversion process is streamlined, eliminating the requirement for intricate and time-consuming manual procedures. Furthermore, it enhances the scope of financial applications and services accessible to users by utilizing the extensive Ethereum ecosystem. The Kava 14 upgrade strengthens Kava’s position as a resilient and adaptable blockchain platform, leveraging the advantages of both Ethereum and Cosmos. Kava presents a distinctive value proposition to its users by capitalizing on Ethereum’s extensive developer network and the rapid transaction capabilities of Cosmos.

This upgrade is in line with Kava’s overarching goal of establishing a cohesive and interconnected blockchain ecosystem. It aims to enhance the user experience by offering increased versatility and expanded availability of various financial instruments. The incorporation of ‘internal bridge’ technology streamlines asset transfers and introduces fresh opportunities for cross-chain transactions and decentralized finance (DeFi) activities on the Kava platform.

The successful implementation of the Kava 14 upgrade exemplifies the unwavering dedication of the Kava development team toward the progression of blockchain technology and the provision of state-of-the-art solutions. Kava is consistently advancing and pioneering new developments, establishing itself as a prominent participant in the blockchain sector. With the continuous enhancement of its capabilities and the reinforcement of interoperability, Kava aims to provide users with a smoother and more user-friendly experience while utilizing native Cosmos assets within the Ethereum ecosystem, and vice versa. The Kava 14 upgrade lays the foundation for future expansion and acceptance of Kava’s blockchain platform, providing users with improved opportunities to utilize decentralized applications and financial services.

Upgrade integrates ‘internal bridge’ technology for enhanced interoperability

Kava 14 represents a significant milestone within a series of ongoing developments. Tether recently made an announcement in early July regarding its decision to designate Kava as the official gateway for issuing native USDt on the Cosmos network. The introduction of Kava 14 enables the seamless minting and conversion of USDt on the Cosmos network, as well as on other Layer 1 (L1) platforms that support native USDt. These platforms include Bitcoin (Omni & Liquid protocol), Ethereum, TRON networks, and several others.

Scott Stuart, co-founder of Kava, stated that shortly after the official tether integration was launched, a significant amount of USDT has been issued on the Cosmos network, surpassing the combined issuance on Polkadot and NEAR. It is evident that there is a demand for USDT to be available on the interchain network. I am confident that the integration of a native stablecoin and a secure, trustworthy method for cross-chain conversion through the Kava 14 upgrade will ultimately unleash the remarkable technological potential that the Cosmos ecosystem has developed.

Kucoin has recently announced its support for Kava’s Cosmos and EVM networks, in response to Tether’s announcement in July. This development offers users a dependable centralized exchange (CEX) platform for conducting transactions within the Cosmos ecosystem. In the meantime, Curve Finance has introduced a USDt liquidity pool, providing experienced users with a decentralized alternative. Stargate, a prominent omnichain liquidity layer, is preparing to launch on Kava in a simultaneous manner. This strategic move is driven by the expectation of heightened usage and improved liquidity. The expansion is a result of a governance proposal aimed at broadening the scope of the Kava Rise incentive fund.

The Kava 14 upgrade is a leap forward for Cosmos DeFi builders and users providing a safer, more secure, and more reliable method for converting assets to and from the Cosmos ecosystem.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.