No, Kava is built on the Cosmos blockchain. It’s one of the few DeFi lending protocols not built on the Ethereum blockchain.
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What Is Kava (KAVA) Crypto?
KAVA is the native token of the Kava Network, a decentralized finance "DeFi" protocol that enables users to lend and borrow various cryptocurrencies. As a decentralized protocol, users lend and borrow coins without going through an intermediary. Holders of the Kava token can vote on system changes related to the Kava network and also stake their currencies to support the network's operation and earn rewards.
How Does Kava Work?
The Kava decentralized protocol allows users to lock their crypto assets in smart contracts and borrow USDX, a stablecoin pegged to the U.S. dollar. When they pay back their USDX tokens plus a lending fee, the protocol burns the tokens and returns the collateral they deposited in the smart contract back into their original wallet.
FAQ
Yes, Kava is a Layer-1 blockchain that blends two popular permissionless protocols, Cosmos and Ethereum, into one network.
Kava is used for borrowing and lending cryptocurrencies without the involvement of traditional financial institutions or intermediaries.
