Highlights
- GameFi partners with Kava Labs to launch Elfin Kingdom.
- The partnership will provide funding for the completion of the game’s development.
What is Kava
Kava is a decentralized lending platform that enables users to borrow USDX stablecoins and deposit several cryptocurrencies to earn a profit.
The Kava DeFi hub functions similarly to a decentralized bank for digital assets, providing users with access to a variety of decentralized financial services, including the native USD-pegged stablecoin USDX, as well as synthetics and derivatives. Users may borrow USDX tokens through Kava in exchange for collateral, essentially leveraging their exposure to crypto-assets.
Kava uses a collateralized debt position (CDP) mechanism built on the Cosmos blockchain to guarantee that stablecoin loans are adequately collateralized. If a borrower’s collateral falls below a certain threshold, the Kava liquidator module will collect collateral from failed CDPs and transfer it to the auction module for sale.
Along with the USDX stablecoin, the Kava blockchain hosts the native KAVA token. This utility token may be used to vote on governance proposals and serve as a reserve currency if the system becomes undercollateralized.
More on the Partnership with Effin Kingdom
Elfin Kingdom, a GameFi project, has partnered with Kava Labs to join the Kava Ecosystem. Elfin Kingdom, originally developed on the Binance Smart Chain, will integrate with the Kava Network to deliver the NFT-based MMORPG to Kava users.
Kava is excited to announce @elfinkingdom as the newest Kava Ecosystem partner!
Elfin Kingdom’s integration with the Kava Network will bring an exciting & rewarding GameFi experience to the Kava Ecosystem, along with two new on-chain assets.
Learn More https://t.co/bXXPWOU2Zi pic.twitter.com/isLTArhCaQ
— The Kava Network (@kava_platform) November 2, 2021
Elfin Kingdom is a forthcoming GameFi and DeFi MMORPG with fantasy, action, and strategy elements. The game pits players against one another in a race to capture, train, and combat Elfins to collect crypto and NFT prizes. Elfins are one-of-a-kind NFTs that players can exchange and sell in-game.
The collaboration with Kava Labs will cover development costs associated with integrating the Kava Network and connecting Elfin Kingdom to the Kava Ecosystem immediately after launch.
This will entail accelerating liquidity for introducing both of Elfin Kingdom’s native currencies on the Kava Network — $ELFIN and $KING. Users who have accumulated assets in Elfin Kingdom will eventually use those assets in Kava Swap, Kava Lend, and other protocols emerging on the Kava Ecosystem.
Kava’s Market Price and Unique Offering
Kava distinguishes itself from other decentralized lending systems by allowing for the use of cross-chain assets.
Kava users will be able to deposit a variety of native assets using Cosmos’ zones technology, including Bitcoin (BTC), XRP, Binance Coin (BNB), and Binance USD (BUSD). However, cross-chain assets must be bundled as Binance Chain (BEP2) assets for the time being.
Today’s live Kava price is $6.10, with a 24-hour trading volume of $102,915,515 in the past 24 hours. Kava has lost 0.97% during the previous 24 hours.
