Kava Onboards Sushi With $14M in Developer Incentive Funding

The integration will allow Sushi users and developers to have seamless access to the entire $300 billion market value of Ethereum and Cosmos from a single network.

AccessTimeIconMay 30, 2022 at 7:03 p.m. UTC
Updated May 31, 2022 at 2:31 p.m. UTC

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

The Kava network has added the Sushi protocol to its developer incentive program by allocating a total $14 million in funds, which will take the form of sushi and kava currency daily rewards split equally.

  • “Sushi deploying on the Kava Network unlocks for DeFi users a new suite of DeFi products that provide high-yield farming with maximum efficiency and speed,” according to a blog post by decentralized finance (DeFi) firm Kava Labs.
  • Sushi and the Kava Ignition Fund will allocate up to $7 million over 90 days for a combined $14 million as part of the partnership.
  • Kava launched its $185 million Ignition Fund last year to support DeFi projects and onboard new projects.
  • “The $750M Kava Rise incentives program is empowering developers on Sushi to build exciting new DeFi applications and opportunities for users,” according to the blog.
  • Through this partnership, Sushi users and developers will have seamless access to the entire $300 billion market value of the Ethereum and Cosmos blockchains from a single network, which Kava says is for the first time.
  • The Kava Rise fund launched in early March. It is expected to distribute 62.5% of all block rewards to developers building on the Kava Ethereum and Cosmos co-chains to support the growth of DeFi, play-to-earn blockchain games (GameFi) and non-fungible tokens (NFT).
  • The Kava Network will be one of the first chains to provide Sushi incentives beyond the Ethereum mainnet and into the Cosmos ecosystem, according to the blog post.
  • Kava is built on Cosmos SDK – a framework for building public proof-of-stake (PoS) blockchains – and aims to combine the Ethereum and Cosmos chains into a single network. This allows developers to build and deploy applications on a single chain that is accessible to users and assets of both Ethereum and Cosmos.
  • Sushi is a multichain decentralized finance platform that started out as a fork of Ethereum-based decentralized exchange Uniswap but quickly became one of the few “blue chip” DeFi assets in mid-2020.
  • On March 9, Kava added Ethereum Virtual Machine (EVM) smart contract support of its Ethereum Co-Chain, which allows Ethereum developers to deploy decentralized applications (dapps) to Cosmos.

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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

CoinDesk - Unknown

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

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