Kava, a Layer-1 blockchain that combines the developer power of Ethereum with the speed and interoperability of Cosmos, has launched its Kava 14 upgrade. This upgrade introduces ‘internal bridge’ technology that allows for the seamless conversion of native Cosmos assets to and from Ethereum’s ERC20 token standard. One significant milestone in Kava’s development was Tether’s decision to use Kava as the gateway for issuing native USDt on Cosmos. Following the launch of Kava 14, USDt can now be minted and easily converted on Cosmos to other L1 networks, including Bitcoin, Ethereum, TRON, and more.
Scott Stuart, Kava Co-Founder, stated that within the first few days of Kava integrating with Tether, more USDt has been issued on Cosmos than on Polkadot and Near combined. This highlights the demand for USDt on the interchain, and the Kava 14 upgrade provides a native stablecoin and a safe and reliable method for converting it across chains.
Furthermore, Kava has gained momentum with Kucoin now supporting Kava’s Cosmos and EVM networks, providing a reliable centralized exchange for user transactions within the Cosmos ecosystem. Additionally, Curve Finance launched a USDt liquidity pool, offering a decentralized alternative for experienced users. Stargate, a top omnichain liquidity layer, is also preparing to launch on Kava, anticipating increased usage and liquidity. Kava’s Rise incentive fund is also undergoing expansion as part of a governance proposal.
The Kava 14 upgrade is a significant advancement for Cosmos DeFi builders and users, enhancing the safety, security, and reliability of asset conversion within the Cosmos ecosystem.