Kava brings on Sushi to its developer incentive program by allocating a total $14 million in funds that will take the form of Sushi and Kava daily rewards, split equally.
“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.
Sushi and the Kava Ignition Fund will allocate up to $7 million over 90 days for a combined $14 million as part of the partnership.
Kava launched its $185 million Ignition Fund last year to support DeFi projects and onboard new projects.
“The $750M Kava Rise incentives program is empowering developers on Sushi to build exciting new DeFi applications and opportunities for users,” according to the blog.
Through this partnership, Sushi users and developers will have seamless access to the entire $300 billion market value of Ethereum and Cosmos from a single network, for the first time.
The Kava Rise fund launched in early March. It is expected to distribute 62.5% of all block rewards to developers building on the Kava Ethereum and Cosmos co-chains to support the growth of DeFi, play-to-earn blockchain games (GameFi) and non-fungible tokens (NFTs).
The Kava Network will be one of the first chains to provide Sushi incentives beyond the Ethereum mainnet and into the Cosmos ecosystem, according to the blog post.
Kava is built on Cosmos SDK – a framework for building public proof-of-stake (PoS) blockchains – and aims to combine the Ethereum and Cosmos chains into a single network. This allows developers to build and deploy applications on a single chain that is accessible to users and assets of both Ethereum and Cosmos.
Sushi is a multichain decentralized finance platform, which started out as a fork of Ethereum-based decentralized exchange Uniswap but quickly became one of the few “blue chip” DeFi assets in mid-2020.
On March 9, Kava added Ethereum Virtual Machine (EVM) smart contract support of its Ethereum Co-Chain, which allows Ethereum developers to deploy decentralized applications (dapps) to Cosmos.
Read more about
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.