The Kava Network announced on Monday via Twitter that Ruby Protocol has now deployed on its blockchain. According to Kava Network, Ruby Protocol offers the first algorithmic stablecoin on Kava’s Ethereum Virtual Machine (EVM), pegged to the price of 1 KAVA.
Kava aims to become the default DeFi platform by providing stablecoins and decentralized lending against all major crypto assets. KAVA is up by less than 2% in the last 24 hours and is trading at $4.558 at press time.