The Kava Network has successfully launched the Kava 11 in an effort to significantly widen avenues for an increase in the growth of Total value locked (TVL) in the Network through liquid staking and by supporting Kava Ethereum Virtual Machine (EVM) assets in Mint and Lend.
Today, October 13, 2022, the Network took to its official Twitter platform to announce the deployment of KAVA 11 Testnet.
SUCCESSFUL LAUNCH: Kava 11 Testnet is LIVE! pic.twitter.com/vcKItJ63Ty
— Kava (@KAVA_CHAIN) October 13, 2022
Kava is a cross-chain decentralized money market and the launch of the Kava 11 on testnet is a major update. The public testnet is ahead of the highly anticipated Kava 11 mainnet launch in late October.
Once on mainnet, Kava stakers will earn additional rewards on top of their normal staking rewards by liquid staking their KAVA to create a staking derivative. KAVA 11 features a “Kava Earn Yield Optimizer” that automatically optimizes the yields of its users by taking a specific asset and supplying it to high-yield generating protocols.
KAVA 11 also has “GameFi + NFT Incentive Program” that delivers huge incentives to Web3 builders in the gaming and decentralized finance (GameFi) and NFT verticals. These incentives are expected to be shared among the top 100 projects based on transaction volume and monthly active users.
With the launch of KAVA 11, the platform can bridge to the BNB Chain, thereby unlocking over 300 BNB Chain assets for use in the Kava ecosystem.
Earlier, Sushi went live on the Kava Network on September 28, giving platform users access to the entire Ethereum-based dApps. Sushi’s BentoBox and Trident AMM are currently accessible on Kava, meaning users can spin up their customized pools and utilize Onsen farms on the Kava blockchain while still using the Sushi user interface.
Speaking on the development, Sushi said:
Kava is a veteran project in the DeFi space that pivoted to a Layer-1 blockchain at the end of 2021 and has already begun to generate hype, and we’re hyped ourselves to play a role in the early, important stages of the chain. Read on to learn about why we’re really stoked for this one!