IRISnet is happy to announce its collaboration with Kava Labs. Kava Labs is the originator of the Kava DeFi platforms. The collaboration will bring Kava’s DeFi services to the IRISnet’s internet of blockchain and further provide a foundation for accelerating the formation of assigned business applications.
Please check out more details below:https://t.co/5ZLWUWaJdE
— IRIS Network (@irisnetwork) June 5, 2020
IRISnet will be completely integrating Kava’s DeFi stablecoin and lending platform in the IRISnet. With the help of the cross-chain DeFi platform, IRISnet is aiming to make use of Kava to issue a secure, stable, and high-performance DeFi application for IRISnet’s ecosystem. To improve liquidity, IRISnet will provide Kava with iService and Coinswap applications.
Talking about the integration of the Head of Business Development at Kava labs, Aron Choi, stated,
Since Kava and IRISnet both are built on the Cosmos-SDK they have a very similar technical structure. The similarity enables both the blockchain platforms to easily integrate together through IBC. The integration will allow Kava and IRISnet to exchange data, services, on/off-chain computing resources from each other. This will allow further promotion of DeFi application development on IRISnet, Kava, and many other blockchain networks in the Cosmos ecosystem.
Making use of cross-chain service technology that is implemented by IRIS Hub the users can not only use Kava’s DeFi services but along with that, they can also use IRISnet’s business services, precisely the ones related to DeFi. This will help Kava to scale up its DeFi platform.
Kava has been a leading name in the market in providing DeFi, along with financial price data services. Kava has established the partnership with IRISnet on the basis of:
- Interoperable Technology
- Decentralization Security
Talking about the partnership, Jeffery Hu, the Director of IRISnet quoted,
The assets on the IRISnet’s blockchain, like IRIS, can be used by the Kava’s DeFi platform as security for USDX stablecoin loans. Kava’s lending services, market data accuracy, stablecoin, etc can be of great help for improving IRISnet’s public chain infrastructure.