Injective integrates Kava for stable asset interoperability

Injective has announced integrating Kava to boost access to stable assets like USDt. The development comes against the backdrop of Injective securing an association with the Tether Foundation.

The integration entails two aspects:

  • Direct IBC bridging of USDt into the ecosystem of Injective, with Kava being the primary source.
  • The Kava community incentivizes the utility of the said stable asset on Injective with Kava token rewards.

Injective gains immense strength to fortify its position in the industry as the leading L1 chain when it comes to interoperability. DeFi, at a macro level, is looking at this integration as a significant step forward. Needless to say, both platforms gain respective advantages from this integration. For instance, the Injective community sees an increase in channels for growth while Kava serves new use cases to the members.

The mission of Injective is to fully democratize the financial future with the assistance of decentralization.

Potential use cases for Injective are:

  • Exchange decentralized applications
  • Integration of USDt on dApps
  • Reward for the participants in the Open Liquidity Program

For exchange decentralized applications (dApps) that have been developed on Injective, Kava will initially be accessible across borders. By utilizing the Injective network, users will have the capability to engage in Kava trading. With respect to its reputation for quick speeds, market-leading returns, and the absence of gas fees, the Injective ecosystem is now receptive to a broader assortment of assets.

Following that, USDt will be integrated into every decentralized application based on Injective. This relates to USDt quote assets on perpetual markets. Users shall be granted instantaneous access to USDTkv for leverage, hedging, and other objectives. Underlying the USDt by Kava will be an underlying asset.

Participants in the Open Liquidity Program by Injective will earn rewards in KAVA for actively trading on two new perpetual markets with USDTkv. The announcement by Injective has highlighted that they are bringing 100,000 KAVA as a reward.

The community has responded positively to this development, with most of them stating that they are now optimistic about the native token setting a new benchmark. Most of them have also said that the integration guarantees success for Kava and Injective alike.

However, these sentiments are yet to be reflected in the trading value of INJ and KAVA. KAVA was last seen exchanging hands at $0.6646, a slip of 4.08% in the last 24 hours. INJ is down by 8.10% for an approximate value of $14.20, again in the last 24 hours. Interestingly, the values are on the higher side when compared with the values from the previous week. KAVA, for one, is up by 5.69%, while INJ has jumped by 14.06% in the last 7 days.

Injective integrating Kava is indeed a significant milestone. Communities on both sides gain from this integration, with stable assets being the top gainers on the list. It will see a direct IBC bridging of USDt from Kava to Injective, plus incentives for using USDt on Injective.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button
Bitcoin (BTC) $ 65,762.62
Ethereum (ETH) $ 3,417.60
Tether (USDT) $ 1.00
BNB (BNB) $ 597.34
Solana (SOL) $ 142.25
XRP (XRP) $ 0.470058
Dogecoin (DOGE) $ 0.133947
Cardano (ADA) $ 0.405118