News22 September 2021

DeFi Platform, Kava, Has Launched A $185M Ecosystem Fund

Kava Has Launched A $185M Ecosystem Fund

Summary

  • Kava plans to scale DeFi for mainstream users.
  • The ecosystem fund to be used to onboard more projects
  • KAVA prices continue to decline, down 47% from ATH

On September 22, Kava, the cross-chain decentralized finance platform, announced its plans to start on its next growth phase by launching the Kava ecosystem. This comes after the platform raises $185 million through a seed funding round. The funds will go towards supporting high-quality decentralized finance projects that will be scaled for the ‘coming wave of mainstream users.’

Kava also stated that the projects set to benefit from the funds will also benefit from its scalable layer-1 platform institutional-grade security and architecture.

Currently, there are only three protocols on the Kava ecosystem, with the Hard protocol leading with a $2.1B TVL with $1.8B in cross-chain transactions and more than 280,000 users.

Even with this news, the native token, KAVA, has not responded to the news as the price continues to decline. The token experienced a 6.3% decline following a general market slump. At the time of this news, KAVA was trading at $4.82.

Kibet Elikana
Write a comment