$KAVA It is a decentralized lending platform co-founded in 2018 by Brian Kerr, Ruaridh O’Donnell, and Scott Stuart. It allows users to deposit cryptocurrencies as collateral to obtain loans in USDX, a cryptocurrency pegged to the US dollar.
The process works as follows:
- You deposit a cryptocurrency into a Kava smart contract.
- Kava creates a "collateralized debt position" (CDP), which locks your cryptocurrency.
You receive a loan in USDX, which is over-collateralized.
- By repaying the loan and paying a fee, your original cryptocurrency is released.
What is the purpose of the KAVA cryptocurrency?
The KAVA cryptocurrency is used for governance of the network. By holding and staking KAVA, users can vote on important platform decisions and delegate their KAVA to validators to participate in network security and earn rewards.
KAVA Price Information
- Launch price: In 2019, the token sale on Binance raised 3 million USD at a price of 0.46 USD per token.
- All-time high (ATH): The highest price KAVA has reached was 9.12 USD, recorded on August 30, 2021.
Historical minimum: The lowest price it has had was 0.2474 USD.
Current price: The current price of KAVA is approximately 0.37 USD.
