<p>Kava Labs, a decentralized finance (DeFi) project that offers collateralized loans and a stablecoin, is looking to raise $3 million via an initial exchange offering (IEO) on Binance Launchpad, the exchange’s token sale platform.<br /> <br /> The IEO opens on Oct. 23, at an issue price of $0.46 per KAVA token, according to <a href="https://launchpad.binance.com/en/lottery/775054cbce554a379a26a66fc6787f0c#lpd2">information</a> on the Binance Launchpad website. Kava is looking to offload 6.52% of its total token supply for the IEO.<br /> <br /> Previously, Kava Labs has <a href="https://info.binance.com/en/research/KAVA-2019-10-16.html">raised</a> a total of $5.48 million in three private token sales. It is backed by notable <a href="https://www.kava.io/">investors</a>, including Ripple and Arrington XRP Capital, among others.<br /> <br /> Kava's IEO is the tenth token sale on Binance Launchpad, according to The Block's research, and the previous nine IEOs have raised a total of $49 million.<br /> <br /> <img class="alignnone size-full wp-image-43453" src="https://www.tbstat.com/wp/uploads/2019/10/image-21.png" alt="" width="1904" height="624" /><span style="font-size: 8pt;">Source: The Block Research </span><br /> <br /> IEOs have become a theme of 2019, with around 270 blockchain projects raising funds via the method so far, according to <a href="https://www.theblockresearch.com/ieos-are-finished-nearly-90-have-lost-more-than-half-of-value-since-their-all-time-high-43347">The Block’s research</a>. And out of the 35 IEOs launched on legitimate exchanges, nearly 90% of them have lost more than half of their value compared to their all-time highs. <br /> <br /> Binance, which popularized the concept of IEOs, by far has had the highest average USD return, while Bittrex the lowest, per The Block’s research.</p>