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.