Kava is a DeFi platform that offers collaterized loans and stablecoins built with the Cosmos SDK. It aims to be cross-chain enabled bringing stablecoins to major crypto ecosystems such as BTC, BNB, ATOM and more.
KAVA token will act as a governance and staking token to secure the network and vote on key upgrades.
USDX token will be issued as a stablecoin backed by crypto asset collateral.
Some calls it the MakerDAO on Cosmos.
While USDX will be have similar to DAI, the USD stablecoin on Ethereum.