Every project in the crypto space has the dream to build a decentralized ecosystem. Kava is one of the emerging blockchain projects that has caught the attention of mainstream media. Started from only a small lending project, today Kava is an entire ecosystem.
Therefore, in this article, we will walk you through all the products of Kava.
Kava is a blockchain running on Cosmos that is desired to build a DeFi ecosystem. The Kava platform brings Lending, AMM, and stablecoin together in one place.
Initially started with Kava Mint, it is a lending product that allows users to collateralize ETH tokens to borrow Kava’s crypto-backed stablecoin, USDX. Minting USDX stablecoins helps users to earn KAVA tokens as weekly rewards.
Kava Lend (formerly Hard Protocol) and Kava Swap make the Kava blockchain a complete DeFi hub with various crypto assets. Users can now borrow different types of cryptos apart from USDX and trade many token pairs.
Preparation for trading on Kava
What are the prerequisites for trading on Kava?
Since the Kava platform hasn’t supported Coin98 Wallet yet. So in this article, Trust Wallet will be used as an example to illustrate the step-by-step tutorial on how to use the Kava platform.
Download the Trust Wallet mobile application from either the App Store or Play Store:
Set up your Trust wallet by following the prompts. Make sure to write down your mnemonic and keep it in a safe place
Preparing BNB for the gas fee
Kava uses BNB for gas fees. Therefore, in order to trade on the Kava platform, users must have BNB in their wallets.
How to use Kava with the Trust Wallet
Connecting the Trust Wallet to Kava
Step 1: Go to Kava: https://app.kava.io/balances
Step 2: Click Trust Wallet to connect to the Trust Wallet, or other types of wallets if preferred.
Use your mobile device to scan the QR code.
Click Connect on your mobile device.
On your mobile device, click the settings button at the top right corner of the screen. Then switch on Kava (KAVA).
If your Wallet Address is displayed on the browser, you’re ready to use Kava’s products.
Kava Mint is a lending platform that allows users to deposit tokens as collateral to borrow the USDX stablecoin.
Step 1: Click Mint at the top menu panel.
Step 2: Choose the token you want to deposit, for example, BNB-A
- Lock: Click to lock your tokens. Enter the locked amount then click LOCK to finish.
- Withdraw: Click to withdraw your tokens. Remember to Repay first
- Repay: Click to repay your USDX debts.
- Borrow: Click to borrow USDX based on your Locked Balance.
Step 3: Double-check the information and click Confirm on your Trust Wallet to conduct the transaction.
To start borrowing, follow these steps:
Step 1: Click Lend.
Step 2: Select the preferred token to Supply / Withdraw.
Step 3: Enter the supplying amount, as you can see it displays the rewards APY. The network fee is adjusted for your convenience.
Step 4: Once you supply tokens, you can Borrow / Repay tokens at any time.
To start trading, follow these steps:
Step 1: Click Swap.
Step 2: Select a pair of tokens you want to trade, for example, USDX - KAVA.
Step 3: Enter the trading amount and adjust the Network Fee for your convenience.
Step 4 (optional): Click Liquidity to provide/remove liquidity.
Step 5 (optional): Click View Pools and you can see a long list of Kava’s liquidity pools.
FAQ about Kave
How much is the USDX supply?
How to track cross-chain assets?
As shown above, over $250M in value has immigrated through bridges from BSC to the Kava blockchain. It indicates the cash flow running into the Kava ecosystem.
Is the Kava platform safe?
In Feb 2021, the Kava platform was fully audited by Certik security company.
Where is the official documentation of Kava?
All related documents can be found here: https://docs.kava.io/
And the public code can be found here: https://github.com/kava-labs
Where to buy tokens?
Users can buy Kava (KAVA) tokens on Coin98 Exchange.
Besides Coin98 Exchange, KAVA tokens can be bought on CEXs like Binance, Kraken, Huobi, Gate.io.
Congratulations! You have walked through the tutorial on how to use the Kava platform. I hope it’s helped you know how to use all the Kava products and explore its further features easily.
If there are any questions, please feel free to comment here or join Coin98 Community for further discussions about Crypto.