Kava is a platform for decentralized finance, better known as DeFi. The platform, powered by Cosmos features two tokens: KAVA, a governance and staking token responsible for securing the network and voting on key parameters; and USDX, an algorithmically maintained stablecoin backed by crypto asset collateral. Kava enables users to lend funds. The collateral is provided by the user in the form of either BTC, XRP or ATOM and the loan is issued in USDX. The goal of Kava is to bring DeFi to assets that otherwise would not have access and become the number 1 DeFi application by capturing users of major cryptocurrencies. In the situation where the network is becoming under-collateralized, for example due to a price decrease of Bitcoin, additional Kava will be minted and sold for USDX on the market. This will continue until collateralization ratio has been restored. The development of the framework for locking collateral in multiple assets and issuing loans in USDX has been completed. The next step is to start working with validators in order to secure the Kava blockchain and build a community willing to participate in its governance.
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