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KAVA $0.0682 0.21% Market cap $73.8M

Abracadabra Joins Kava Ignition

Proposal #160 on Kava

Kava network: Day Nov 3 · Healthy

Typical fee 0.005 KAVA

Overview

Updated

Passed

Voting ended
Sep 6, 2023
Opened Aug 30, 2023
Submitted
Aug 30, 2023
Aug 30, 17:58 UTC
Deposit
1,000 KAVA
Type
Text proposal

Votes

  • Yes 35.3M KAVA
  • No 361K KAVA
  • No with veto 1 KAVA
  • Abstain 27.8M KAVA

Description

Background

Kava Ignition Program provides rewards to onboard best in class protocols onto Kava in order to further network adoption, security, and decentralization. The goal of this community initiated program is to onboard proven and/or highly promising protocols that can bring their security, community, know how, and adoption to the Kava Chain. This proposal outlines Abracadabra’s participation in the Kava Ignition program and incentives to be distributed, as part of and in addition to Kava Rise.

More on Kava Ignition

Why Abracadabra?

Abracadabra.money is a decentralized crypto lending platform that allows users to collateralize digital assets in exchange for stablecoin loans. However, Abracadabra is unique in that it utilizes interest bearing tokens (ibTKNs) — a type of liquidity provider (LP) token — as collateral. These ibTKNs are becoming increasingly common throughout the decentralized finance (DeFi) space. They generate continuous returns, increasing in value the longer one holds them. This innovation helps set Abracadabra and its subsidiary technologies like SPELL token and magic internet money (MIM) apart from the myriad DeFi lending platforms available.

Being a well known and tenured CDP protocol that’s seen upwards of 6 billion in TVL, Abracadabra adds a tremendous amount of value to the Kava Chain in the form of their protocol, token (MIM), community and team.

Visit Abracadabra.money

Proposal

Upon launching the stablecoin MIM and establishing a MIM/USDt liquidity pool on the Kava Chain, Abracadabra will receive 150k KAVA from the community pool to accelerate further integration of the Abracadabra.money protocol on Kava.

Abracadabra will be deploying Cauldrons on the Kava Chain for Curve MIM/USDt LP tokens, Stargate USDt LP tokens and Kinetix KLP tokens so users can leverage their positions on corresponding network protocols. Upon successful deployment of Cauldrons for MIM/USDt LPs, Stargate USDt Lps and Kinetix KLP, Abracadabra will receive a minimum of 75k KAVA per month from Kava Rise for the following 10 months to help further boost adoption Abracadabra.money on the Kava Chain.

Vote Yes

By voting yes, you agree that Kava Ignition participant Abracadabra, will receive the incentives outlined above as they meet certain participation requirements.

Vote No

By voting no, you disagree that Kava Ignition participant Abracadabra, will receive the incentives outlined above as they meet certain participation requirements.

What it does

The message the chain carries out if it passes, as written in the proposal.

  1. Text proposal cosmos.gov.v1beta1 
    {
    "@type": "/cosmos.gov.v1.MsgExecLegacyContent",
    "content": {
        "@type": "/cosmos.gov.v1beta1.TextProposal",
        "title": "Abracadabra Joins Kava Ignition",
        "description": "# Background\nKava Ignition Program provides rewards to onboard best in class protocols onto Kava in order to further net… (2,653 characters)"
    },
    "authority": "kava10d07y265gmmuvt4z0w9aw880jnsr700jxh8cq5"
}

How validators voted

A validator's vote counts for its delegators unless they vote themselves. Largest stake first.

Voting ended before BitBasic started recording Kava votes on Oct 29, 2026, and the chain deletes votes when voting ends.