Kava announces $185 million DeFi fund following similar moves by Fantom, Algorand

Eager to scale decentralized finance (DeCi) for mainstream adoption, the three protocols are ready to expand to the cross-chain platform Kava, which counts $ 2.1 billion in assets on the chain and over 280 thousand users.

The platform's developers, Kava Labs, recently announced the launch of the Kava Ecosystem, launching the next stage of growth.

The announcement revealed that the expansion will be accelerated by a phased array of funds, starting with the $ 185 million Ignition Fund.

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” Kava encourages top-level projects and developers with funds that will be available in three stages, “Kava Labs said, explaining that " the funds will offset the development costs and provide liquidity at launch to ensure the launch of products.it rushed to the sunday at the expense of the safety and experience of users.”

The first stage of financing began with the Ignition Fund, which will expand the existing services on the platform.

“The projects selected as part of the ecosystem will benefit from Kava's highly scalable Layer-1 architecture and enterprise-class security and will be written by the Kava SAFU fund,” read the announcement.

The initial $ 185 million injection will boost growth by making it easier for high-end projects to get on board quickly and by increasing the platform's appetite for mainstream users to tap into its untapped sunday.

“Right now, there is dec great opportunity to be the first to bridge the gap between early adopters and the untapped mainstream. The Ignition Fund is about getting Kava there first, " said Scott Stuart, CEO of Kava Labs, about the platform's agenda to simplify user experiences.

Source : cryptoslate.com