Kava #11 Governance proposal failed to vote due to numerical error, new proposal will be submitted tomorrow night

The cross-chain DeFi project Kava said that the Kava #11 governance proposal failed to pass the vote due to numerical errors, and will compensate USDX miners. The new proposal will be submitted at around 22pm on July 15th, Beijing time. Once approved, Kava will start accumulating rewards for users who mortgage USDBX on the Kava platform starting from July 29th at 22:00pm. In addition, Kava Labs will refund all minted users’ USDX net borrowing rate in July (USDX net borrowing rate = USDX borrowing annual interest rate-USDX savings rate), and the refund form will be paid in USDX tokens. Mint users will have 5 days to claim the corresponding compensation before the end of the month. The net rate of each net loan is not less than RMB 100. The chain heard that Kava is a mortgage lending platform, and USDX is a stable currency unique to the Kava platform (anchored 1:1 with the US dollar).