Victor Ugochukwu · Dec 14, 2020 . 5min read
KAVA Labs spins off Harvest, a cross-chain DeFi money market
Harvest as a blockchain agnostic platform allows users a cross-chain opportunity of lending, borrowing, and earning with digital assets.
By Victor Ugochukwu · Sep 20, 2020 . 6min read
Kava Labs, a blockchain solution platform providing DeFi services in stablecoins, bonds, and lending to crypto users across many blockchain networks, has announced the launch of Harvest, a cross-chain money market protocol.
In a recent announcement, Kava Labs unveiled Harvest.io, which appears to be the first application build atop of the KAVA blockchain. Harvest as a blockchain agnostic platform allows users a cross-chain opportunity of lending, borrowing, and earning with digital assets. The platform supports the inception of BTC, XRP, BNB, BUSD, KAVA, and USDX as per the launch announcement.
Harvest users can do any of the three – Supply Liquidity, Borrow funds and Earn HARD, the governance token for Harvest. On the other hand, suppliers and borrowers of the platform will earn HARD. The governance token is allotted on the following basis:
- HARD Total Supply – 200M
- Incentives – 80M
- Treasury – 50M
- KAVA Stakers – 40M
- Team – 20M
- IEO Sales – 10M
Harvest Cross-chain Money Market ships first with Supply functionality
For starters, Harvest will start supporting deposits from suppliers and HARD incentives for BTC, XRP, BNB, BUSD, USDX. Subsequently, Borrowers will be able to source funds from the application while also earning incentives in the version that will be released later along with the project roadmap.
As Kava is a blockchain-agnostic platform, Harvest will leverage the Kava-4 “Gateway” mainnet upgrade and the BEP3 bridge to support BTC, XRP, BUSD. The community, through their governance powers, will be able to vote to add other assets. Their powers also extend to platform improvement, especially in areas such as interest rate, reward distribution, platform fees and any other features.
So, Kava Labs will be releasing Harvest v1 on Testnet by September 21st, 2020 to enable it to carry out internal testing and external audit. After a successful testnet launch, HARD distribution and Supply-side deposits for the supported assets commences on October 15th. Lastly, by December 30th, Harvest v2 will be ready.
Kava Labs was established in 2018 and has continually worked to make its mark in the space. With the DeFi industry seeing as much as $9.6 billion as at press time, Harvest cross-chain solutions may just be another spice for continued growth. As of today, Ethereum controls more than 90% of the TVL of the whole DeFi industry. Needless to say, DeFi is Ethereum, but of course, Ethereum is more than DeFi.
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