Kava will release a cross-chain money market that is based on the Cosmos-blockchain to capitalize on DeFi opportunities as we are reading in today’s Cosmos news.
Kava said in a statement on the website that it wants to build an application named Harvest that will enable users to borrow or lend digital assets such as BNB, CRP, BTC, BUSD, KAVA, and USDX as the customers will be paid interest and in harvest token HARD.
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— Kava Labs (@kava_labs) September 19, 2020
Harvest will integrate Kava price-reference data from Chainlink and will facilitate cross-chain transfers. The company also said that the platform will be accessed by anyone in the world and it is opened and permissionless. Harvest will help integrate Financial markets stakeholders in niches that are not limited to only crypto, fintech, exchanges, and finances. Kava will release the new market will more applications leveraging its blockchain for DeFi products. Harvest will also take advantage of Kava’s mainnet upgrade.
The CEO of Kava and co-founder Brian Kerr said that it was extremely important for the company to offer governance tokens. HARD will harmonize the decentralized activities in the lending and borrowing ecosystem:
“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 that hold the HARD native token will be able to manage reward distribution in the network and will choose which assets will get featured. Kava said 20% of the total amount of HARD tokens for KAVA stakes over the next few years. Kava was chosen by Binance as one of the integration partners when the exchange was making baby steps in the DeFi space.
As recently reported in the crypto news, Kava labs will collaborate with BNB48 Club according to the latest announcement, in order to boost BNB DeFi awareness. Kava Labs announced the partnership in a press release adding that along with BNB48, they will act as technical advisors for the community and will provide services such as professional product reviews and technical consulting services for the Chinese validators, staking users and the regular lending platform users.
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