About USDX (Kava)
USDX (Kava) is focused on democratizing financial services and making them openly accessible to anyone, anywhere in the world. They started out by building the Kava blockchain, a foundational platform designed to provide the most safe, secure, and reliable experience for accessing DeFi apps and services. They are a remote-first, globally distributed team that values first principle thinking, experimentation, and learning to ensure long-term success. They are not dogmatic in the approach, but are relentless in pursuit to create impactful technology for the future. They have a diverse set of backgrounds, skills, and culture but we’re all united in the passion about building new open financial infrastructure together, so that the efforts will make a real impact and create lasting change in the world.
USDX (Kava) Kava brings together everything that’s required to do frictionless decentralized finance. Many companies have already integrated with Kava’s DeFi platform to allow their users to lend, invest, and earn with crypto. Reference implementation of Kava, a blockchain for cross-chain DeFi. Built using the cosmos-sdk. The current recommended version of the software for mainnet is v0.14.1. The master branch of this repository often contains considerable development work since the last mainnet release and is not runnable on mainnet. The scheduled mainnet upgrade to kava-7 took place on April 8th, 2021 at 15:00 UTC. The current version of Kava for kava-7 is v0.14.1.
USDX (Kava) team members never message first. Please report at @notoscam and block the account. The scammer might also imitate the account of a team member changing the letters in the username. If you need assistance, find the team member in the chat user list and send them a direct message.
USDX (Kava) Storage Key Points
|Circulating Supply||48,621,062.00 USDX|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Official Project Website||Click Here To Visit Website|
What is a CDP? How do Mint USDX?
A CDP or Collateralized Debt Position is a new kind of automated loan contract, used to create “stablecoins” that are pegged to a fiat currency like the US Dollar. The lender puts up a crypto asset as collateral to ‘mint’, or create new stablecoins. For example, on Kava, users can stake BNB as collateral to mint USDX. The collateral is locked while the position is open. The lender unlocks their collateral once they repay the loan amount plus accumulated interest.
Minting USDX is as simple as supplying your asset to Kava and clicking “Borrow.” The lender can only take out 2/3rds of the collateral amount. Read more here. Lenders should keep in mind that if the price of the collateral asset drops below the liquidation price, their CDP will be liquidated. Therefore, it is advised not to mint more than 1/2 of the value of the collateral. The “Safe Max” button included in the app goes by this recommendation.
Why Use Kava
Kava and Hard protocols let users take out loans in a decentralized fashion. This democratizes finance by removing the barrier to entry, lowering friction, and removing gatekeepers.
The Kava and Hard protocols let users turn their idle cryptocurrencies into interest-producing assets safely and transparently.
As the protocols scale, numerous rewards are available to early adopters.DeFi applications – developers are encouraged to build new apps, integrations, and protocols in the Kava ecosystem for new business use cases.
Please contact our team through Discord, Telegram, or Slack. Describe the problem in full with steps to reproduce. Check the #validator-announcements channel in Discord for information regarding the potential need for an update. Feel free to message us and we will set up a private channel on Telegram or Slack.
Client software for a running an auction bot on the kava blockchain. Currently tested against kava-testnet-8000. Note this is highly experimental software that requires a funded hot wallet to use. Running this software requires advanced technical skills and involves risks which are outside of the control of Kava Labs. Any use of this open source Apache 2.0 licensed software is done at your own risk and on a “AS IS” basis, without warranties or conditions of any kind, and any and all liability of Kava Labs for damages arising in connection to the software is excluded. Please exercise extreme caution!
How Auctions Work
Currently, this bot can be configured to participate in collateral auctions. Collateral auctions occur when a user’s CDP has fallen below the required collateralization ratio and is liquidated. When this occurs, the kava protocol will initiate a collateral auction. An example collateral auction looks like:
In this example auction, a lot of 10 BNB is being sold for a maximum bid of 94.5$ USDX. Collateral auctions have two phases, forward and reverse. In the forward phase, bidders bid increasing amounts of USDX in exchange for the entire lot. Once the max bid is reached, the auction switches to the reverse phase.
In the reverse phase, bidders bid decreasing lots of collateral (BNB in the example) they are willing to receive in exchange for max_bid. In the example, the max_bid is 94.5$ USDX for 10 BNB. At a current price of ~$16/BNB, the max_bid represents a considerable profit opportunity. Thus, a more competitive auction would expect to have max_bid reached and the final lot to be closer to 6 BNB, with the 4 remaining BNB returned to the original CDP holder.
Check the status of the transaction by searching for your kava address on Mintscan.
If you don’t see your funds as expected, these are the most likely reasons:
The deputy is running slowly and the transaction is still in progress Check to be sure that asset is visible in the Tokens tab in Trust Wallet. If the asset is not visible, search for it in the Manage tab and toggle it on. Every cross-chain swap has an auditable record. In times of high network traffic, the deputy might not complete transactions immediately.
If you encounter this issue, please wait patiently. If your transaction has not completed or refunded after 24 hours, please contact the Kava team and send us the transaction ID. To operate cross-chain swaps, must allocate a certain amount of funds for transfers into a hot wallet. As a security measure, the team needs to manually refill the hot wallet from time to time. Otherwise, the rest of the cross-chain swap is completely automated.