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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.
By Aoyon Ashraf
Updated May 11, 2023, 5:39 p.m. Published May 30, 2022, 7:03 p.m.
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.
Read more: Kava Deploys Ethereum Developer Support on Testnet
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