tl;dr Deploy the Abracadabra infrastructure, MIM and cauldrons suite natively on Kava Network!
The Kava Network is a Layer-1 blockchain that combines the speed and scalability of the Cosmos SDK with the developer support of Ethereum. The Kava Network will empower developers to build for Web3 and next-gen blockchain technologies through its unique co-chain architecture. KAVA is the native governance and staking token of the Kava Network which enables its decentralization and security.
Kava network allows for seamless interoperability between the Ethereum and Cosmos Co-Chains empowering developers to build in whichever environment they want without sacrificing access to the users and assets of the other. Kava’s lightning-fast Tendermint Core consensus engine enables the free flow of users, assets, and projects between Kava and the industry’s most relevant ecosystems at scale. The Kava network also stands as the only blockchain with a native issuance of USDT that seamlessly connects to the Cosmos ecosystem.
Kava network also features an innovative and transparent on-chain incentive program, Kava Rise, to ensure that the best builders in the Ethereum and Cosmos ecosystems are properly rewarded for driving growth to the Kava Network.
Now that there is a LayerZero endpoint on Kava mainnet, the Kava Origin Foundation proposes that Abracadabra launch their lending protocol on Kava.
To incentivize this launch and campaign, the Kava Origin Foundation proposes the following incentive structure for Abracadabra:
• Guaranteed total amount of 900,000 KAVA to be distributed over a 10 month timespan
• 150,000 KAVA of the total amount will be provided upfront upon deployment as a kickoff grant which can be used discretionarily
• A guaranteed minimum of 75,000 KAVA per month based on Kava Rise reward distributions. Kava Rise is an innovative and transparent on-chain incentive program for developers driving adoption to the Kava Network. For example, if Abracadabra’s TVL and usage earned the protocol a total amount of 50,000 KAVA in rewards for the month of August, the Kava Origin Foundation would provide an additional 25,000 KAVA to meet the 75,000 KAVA minimum. This would be applicable for 10 months.
If Abracadabra’s TVL earned it more than 75,000 KAVA for the month, the protocol would be allowed to keep the entire reward amount in excess of 75,000 KAVA. In other words, there is no upper limit to the amount of rewards Abracadabra can receive, but for 10 months, the protocol will receive a minimum of 75,000 KAVA per month.
These KAVA rewards will be deposited into the Abracadabra protocol treasury and used to boost Abracadabra’s adoption on Kava and bootstrap MIM liquidity. These rewards would also be used to cover deployment and development costs.
Kava aims to conduct a robust marketing campaign to maximize the benefits of Abracadabra’s successful track record in DeFi. By highlighting Abracadabra’s capabilities, we aim to showcase the immense value it brings to Kava and the entire blockchain ecosystem. By leveraging Abracadabra’s powerful features, Kava enables its cauldrons and leveraged farms to be available on the Kava EVM, empowering users to thrive in a dynamic and interconnected digital economy.
Through the integration of Kava into Abracadabra, a number of new revenue streams and gateways are unlocked for the Abracadabra DAO. A notable area of interest is our esteemed Kava Rise program, which rewards builders with transparent on-chain incentives for their invaluable contributions in driving activity and generating value. The prospect of building with Abracadabra has sparked great enthusiasm among Kava users and developers, promising to amplify value, utilization, and synergy within the two ecosystems. Ultimately, this integration will help foster a thriving ecosystem, channeling an increased number of users and value back to the DAO.
Following the native deployment of USDT, many protocols will be looking to launch directly onto Kava. This will present several interesting cauldron opportunities for Abracadabra. A few notable launches:
- KFI, a GMX fork on the Kava network, would be an ideal candidate for a new magic autocompounder, much like magicGLP
- Curve Finance’s stableswap is also live and will be offering incentivized liquidity pools for LP farming
- Stargate Deployment will unlock stable farm cauldrons, much like those on mainnet!
The proposal will remain as AIP currently for the next 3 days, as AIP #23 and will then be moved to snapshot voting for 72 hours.
If the proposal was to pass, Abracadabra would deploy both Degenbox infrastructure and the MIM token on Kava, and start integration for Kava Native Collaterals.
The Kava Origin Foundation initiates a comprehensive marketing campaign aimed at showcasing the significance of Abracadabra on the Kava network.
Voting is now live and will last 72 hours: Snapshot
Voting has passed, Abracadabra infrastructure is being deployed!