Kava to release cross-chain money market on blockchain

Published at: Sept. 19, 2020

Decentralized finance, or DeFi, platform Kava announced its intention to host a cross-chain money market on its Cosmos blockchain to capitalize on DeFi opportunities. 

Kava said in a statement on its website that it wants to build an application called Harvest that will enable users to borrow or lend digital assets, including BTC, CRP, BNB, BUSD, KAVA, and USDX. Customers will be paid interest and in Harvest’s governance token HARD. 

Harvest will integrate Kava price-reference data from Chainlink to facilitate cross-chain transfers. The firm said the platform could be accessed “by anyone anywhere” as it’s open and permissionless. Harvest ideally will help integrate “financial market stakeholders in niches not limited to fintech apps, exchanges, and financial institutions.” 

Eventually, Kava said, it will releases more applications leveraging its blockchain for DeFi products. Harvest takes advantage of Kava’s mainnet upgrade.

Kava CEO and co-founder Brian Kerr said it was important that the company offer a governance token. It’s governance token, HARD, “will harmonize decentralized activities within [the] lending and borrowing ecosystem.” He said: 

“Importantly, this foundation provides developers with the ability to quickly build applications on Kava’s open decentralized network while being able to leverage its security, cross-chain bridges, and other infrastructure that would otherwise cost millions and take years to develop independently.”

Harvest users holding HARD will also be able to manage reward distribution in the network and choose which digital assets can be featured. Kava said 20% of the total amount of HARD tokens to Kava stakers over the next few years.

Cointelegraph previously reported that Kava was chosen by Binance as one of its integration partners when the exchange was making its first steps in the DeFi space.

Tags
Technology
Blockchain
Business
Defi
Related Posts
The DeFi revolution is like cooking a recipe
In the last two months, the decentralized finance industry has seen a dramatic surge of interest, as new platforms promising to disrupt the way people manage their money, transact, earn and entertain themselves have launched in rapid succession in recent months. Much of this growth has been catalyzed by the meteoric rise of DeFi lending platforms like MakerDAO and Aave, which together now compose more than 40% of the DeFi market. But a wave of new DeFi products that are targeting practically every traditional and digital industry is now making the rounds, expanding the benefits of DeFi to casual consumers …
Decentralization / Sept. 5, 2020
Digital decentralization is just the beginning. The real world will follow
Decentralization is not a luxury; it is a necessity. In a prescient article in The Atlantic back in 2012, science fiction writer Bruce Sterling referred to the likes of Amazon, Facebook and Google as “The Stacks,” predicting the insidious power grab that has happened in the last decade. As the giant tech companies consume more and more of our lives, the fact that technologies that enable us to push back against them are being developed is not only encouraging: it is essential. Since Bitcoin (BTC) began the process of decentralizing payments in 2010, we have seen the process of disintermediation …
Decentralization / Dec. 20, 2020
Traditional finance has much to learn from new entrant DeFi
Incumbents in traditional capital markets, as well as new entrants looking to capture market share, should heed the innovations within the crypto ecosystem collectively known as decentralized finance, or DeFi. These innovations present a model for the direction that traditional capital markets are likely to take in the coming years as regulation catches up with the capabilities of distributed ledger technology, or DLT, and as the technology itself is refined through “in-the-wild” usage. Decentralized exchange protocols, also known as automated market makers, or AMMs, are one of these innovations that has been widely adopted in the crypto space. Real-time settlement …
Decentralization / May 15, 2021
KuCoin Labs Launches $100 Million Venture Capital Fund To Empower Early-Stage Metaverse Projects
KuCoin Labs, the company behind the world's sixth-largest cryptocurrency exchange by trading volume with more than 500 crypto assets listed, announced on Wednesday that it would be launching a $100 million metaverse fund for early-stage projects. The money is also available for entities that develop blockchain-based games, nonfungible tokens, and decentralized applications. In addition, Kucoin will also provide business incubation services, branding, incentives, and business partnerships for developers selected into the fund. Johnny Lyu, CEO of Kucoin, said the following in a prepared statement obtained by Cointelegraph: "KuCoin Metaverse Fund will be launched to accelerate the evolution of the Internet …
Adoption / Nov. 17, 2021
Demystifying the business imperatives of the Metaverse
In a previous article, I discussed the evolution of Web3 economies and current volatility, focusing on the participatory nature of Web3, which is the foundational technology enabling the creator economy. The term “metaverse” — meta and universe — often describes the anticipated future iteration or evolution of the internet powered by Web3 technologies like blockchain and decentralized resource distribution and consumption principles. Although the focus has often been on metaverse modalities such as augmented reality (AR), virtual reality (VR), gaming, Second Life, avatars and so forth, in my view, these modalities represent an interesting evolution or shift from the digital …
Adoption / April 30, 2022