Kava Labs intends to boost Binance Coin (BNB) to DeFi: a step will soon be taken with the launch of Harvest (HARD). Cryptophiles now have one more app to invest in DeFi with non-Ethereum (ETH) based cryptos, such as Bitcoin (BTC).
Kava reaps the fruits of its IEO
After being the subject of an IEO on Binance Launchpad in October 2019, Kava Labs is ready to launch its first DeFi application, Harvest.
This application is a yield-generating platform for Bitcoin (BTC) and non-based assets Ethereum.
Harvest was designed on the native blockchain of Kava Labs and deposits made on the platform are currently limited to Bitcoin, Binance Coin, Binance USD (BUSD), and Ripple (XRP).
The application allows a user to stack their funds for loan to other users.
The operation of Harvest is similar to that of MakerDAO (DAI) since it allows users to create secured debt positions in exchange for a stablecoin, theUSDX, pegged to the US dollar at a 1: 1 ratio.
The CEO of Kava Labs, Brian kerr, indicated that the company plans to create an Automated Market Makers (AMM) -type application similar to Uniswap (UNITED) and a robo-advisor like Yearn.Finance (YFI).
Behind every great app, there are great models
Kava Labs benefits from the support of the most important exchanges on the market, namely Binance, Huobi and OKEx.
Kerr explained that Harvest was inspired by models of Compound (COMP) and D’Aave (LEND) and, brought the functionality offered by them to a wider range of assets.
Users ofHarvest will be paid in tokens HARD, the platform’s governance token.
This token is also used as afinancial incentive to promote liquidity deposit.
Kava is based on the consensus algorithm Tendermint which is also used by the project Cosmos, a blockchain designed for network interoperability.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
Harvest benefits from the multi-blockchain character for Kava’s DeFi, an asset that allows it to extend the game of decentralized finance to a wide range of cryptos. The game starts with 4 players for Harvest, but the number of supported cryptos should normally increase. Harvest is an alternative, a complement to DeFi on Ethereum; it allows for a slight departure from the “classic” framework even if it draws inspiration from the success of well-known models. We are now waiting to see whether Harvest’s features will allow it to easily or hard increase the price of its DeFi HARD crypto.
Litecoin, welcome in the Silver Age