Kava Brings Sushi Aboard With $14 Million in Developer Incentive Funding

The connection would provide Sushi users and developers access to the whole $300 billion market capitalization of Ethereum and Cosmos from a single network.

Kava incorporates Sushi into its developer incentive scheme by offering a total of $14 million in daily prizes for Sushi and Kava, split evenly.

• “Sushi deploying on the Kava Network unlocks for DeFi users a new suite of DeFi products that provide high-yield farming with maximum efficiency and speed,” according to a blog post by decentralized finance (DeFi) firm Kava Labs.

• As part of the agreement, Sushi and the Kava Ignition Fund will commit up to $7 million over 90 days for a total of $14 million.

• Last year, Kava established its $185 million Ignition Fund to promote DeFi initiatives and onboard new initiatives.

• According to the blog, "The $750M Kava Rise incentive programme is empowering developers on Sushi to create exciting new DeFi products and possibilities for users."

• For the first time, Sushi users and developers will have access to the whole $300 billion market capitalization of Ethereum and Cosmos via a single network.

• The Kava Rise fund was established in March. It is anticipated that 62,5% of all block rewards would be distributed to developers on the Kava Ethereum and Cosmos co-chains to foster the creation of DeFi, play-to-earn blockchain games (GameFi), and non-fungible tokens (NFTs).

• According to the blog article, the Kava Network will be one of the first networks to offer Sushi rewards outside the Ethereum mainnet and into the Cosmos ecosystem.

• Kava is based on the Cosmos SDK — a platform for constructing public proof-of-stake (PoS) blockchains — and intends to merge the Ethereum and Cosmos chains into a single network. This enables developers to design and deploy apps on a single chain accessible to both Ethereum and Cosmos users and assets.

• Sushi is a multichain decentralised finance platform that began as a fork of the Ethereum-based decentralised exchange Uniswap, but became one of the few "blue chip" DeFi assets by the middle of 2020.

• Kava introduced support for Ethereum Virtual Machine (EVM) smart contracts to its Ethereum Co-Chain on March 9, enabling Ethereum developers to deploy decentralised applications (dapps) to Cosmos.

By fLEXI tEAM