Kava Rise: USDT Deposit Incentive Program For Cosmos DApps Developers
- The Kava Rise: Cosmos USDt program was introduced to accelerate Cosmos’ goal of integrating speed and interoperability with the power of Ethereum developers.
- Proposition 148 requires a vote to create a new USDt IBC deposit incentive.
- The program will allow Cosmos chains with the top 10 IBC USDt deposits to receive proportional incentives if approved.
Kava introduced the Kava Rise: Cosmos USDt, which uses a unique programmatic funding model designed to onboard innovative developers.
Kava, a Layer 1 blockchain that combines the power of Ethereum developers with the speed and interoperability of Cosmos, is submitting Proposal #148 requesting a vote to create a new USDt IBC deposit incentive program. If approved, the Kava Rise: Cosmos Incentive USDt Program will commence on August 1, 2023, allowing Cosmos chains with the top 10 IBC USDt deposits to receive a proportional incentive.
The program extension maintains the vision of the original initiative. It creates an exciting opportunity for top Cosmos chains to kickstart stablecoin liquidity in their ecosystem and earn a portion of the monthly KAVA rewards.
- Monthly rewards start at 100k KAVA for the first month. Then will increase to 200k KAVA per month pending governance approval.
- A monthly assessment will be conducted on Tether USDt deposits across eligible chains and appchains.
- Deposited amounts will be tracked regularly for consideration in the payout calculations.
- Distributions will be sent to the verified addresses of participating chains and appchains as liquid KAVA tokens.
In March 2022, the Kava DAO set an ambitious goal: allocating $750 million in on-chain developer incentives, marking an unprecedented commitment for those who build your network.
Following Tether’s July 3 decision to make Kava a gateway for native USDt on Cosmos. Kava’s mission is to combine the speed and interoperability of Cosmos with the developer power of Ethereum, creating a decentralized layer 1 blockchain. Tether’s decision advances this goal, spurring growth and empowering new and existing astronauts.
On July 12, Kava 14 successfully launched USDt can now be minted and easily converted on Cosmos, to – and from – USDt on every other L1 with native USDt, including the: Bitcoin (Omni & Liquid protocol), Ethereum, TRON networks, and more.
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