Simple and secure DeFi solutions are the focus of a $ 185 million financing round
Although decentralized finance (DeFi) is becoming increasingly popular, a cohesive user experience must be at its core to achieve mainstream adoption. As crypto assets are used in different ways, they are also spread across more chains and protocols. In addition, the added complexity of the latest industry developments, including new tokens, emerging income farming opportunities, and various projects, makes it difficult for DeFi users to understand the state of the country. The result is that users need several different apps, software, and other tools to keep track of their portfolio. The comparison can be made to Instagram, which started out as a simple user interface for posting photos, but has evolved since then and has lots of features and tabs, adding complexity for new users.
Despite this sprawling landscape, developers are constantly improving the user experience to make it easier to interact with DeFi by eliminating fragmentation. The resulting user interfaces use multiple functions and make them accessible through a consolidated ecosystem. Fields can also be simplified to guide the user through otherwise complicated processes. By leveraging several of these new design concepts, developers are quickly trying to break down the barriers to mainstream adoption.
Kava Labs, an organization focused on the democratization of financial services, aims to further improve the user experience by curating the highest quality best-in-class projects and launching them on the most secure DeFi platform. The development of their ecosystem will merge layer-one architecture and institutional security to create a new home for DeFi.
Scott Stuart, CEO of Kava Labs, said, “DeFi is a tremendous opportunity right now to be the first to bridge the gap between early adopters and the untapped mainstream. The Ignition Fund is about getting kava there first. The untapped market for which we are building consists of completely different people than the first-generation DeFi participants. They need to be confident that their savings are safe. They need product experiences that are familiar to them. ”He believes that Kava may be able to do this.
Building an ecosystem
The Ignition Fund’s progress was accelerated by a series of financings that began with an initial round of $ 185 million. With this round of funding, the Kava ecosystem is now expanding the services available on the platform, all of which offer the same quality and security that users already associate with Kava. Therefore, a deep understanding of the current DeFi marketplace is required to further sift through the active projects and determine which offer the greatest user benefits.
Kava will guarantee these projects through incentives for world class projects and developers, with funding being provided in three phases. These funds will help offset some of the development costs and increase launch liquidity to ensure products are not brought to market at the expense of users.
The ecosystem offers simplicity with a streamlined user experience, cross-chain composability, dedicated developer support, and multiple on-ramps. On the security side, Kava leverages a SAFU fund to guarantee unforeseen losses, achieve TPS throughput in excess of 10,000, and provide a robust, Golang (GO) -based architecture.
Taken together, Kava Labs believes they can really make the experience easier for all users. Looking at the team’s past 12 months, this isn’t the only initiative that has improved usability.
A better cared for community
In April, the team completed the Kava platform, which, among other things, merged Kava and hard web apps into a single application so that users can interact with both protocols without having to reconnect.
Now that the team is looking to the future, efforts have been made to expand its ability to serve the Ethereum (ETH) community, which includes the launch of an Ethereum bridge in the fourth quarter of this year.
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