HARD Price Rallies More Than 100% in a Week, a Cross-Chain Money Market dApp on Kava Will Be Fully Functional on Dec 30
The Borrow-side functionality and incentives of the Hard money market app will go live in less than a month. It comes roughly 45 days after the Supply-Side and Version 1 of the Hard Protocol was activated on Oct 15, releasing the Kava-4 “Gateway”, and a rebranding on Oct 30.
Hard Protocol Rides on Kava’s Core Features
Different from “restricted” DeFi on ethereum, the Hard Protocol launched from the interoperable and high throughput Kava blockchain.
Bearing features of the underlying Kava blockchain, the Hard Protocol is a cross-chain money market that enables users to earn more from their digital assets. It leverages the Kava’s validators for security, bridges for cross-asset transfer, and partner services such as Chainlink’s oracles for reliable, off-chain price-feeds.
Version 1 of the Hard Protocol supports the supply-side deposits and incentives of BTC, XRP, BNB, BUSD, USDX, KAVA, and HARD.
Earlier, in June 2020, Kava had set the foundation by extending what was offered on Ethereum by releasing Kava-3. It signaled the success of Kava of bringing cross-chain DeFi for leading coins like BTC, XRP, and BNB.
However, the icing of the cake will be in Version 2 of HARD where the borrow-side will go live on Dec 30 supporting BTC, XRP, BNB, BUSD, USDX, and potentially LINK along with rewards in HARD tokens for each asset
In addition, the protocol will expand the functionality of the HARD governance token in the upgrade moving most governance on-chain.
A Cross-chain Money Market is What DeFi Needs
Although it is successful, the limitation in Ethereum enabling only ERC-20 tokens to benefit from high lending rates or borrow assets is an obstacle for further adoption of DeFi to the wider cryptocurrency ecosystem.
There are over 5,000 cryptocurrencies each with a unique value proposition. Kava-3 set the base by introducing a cross-chain bridge for moving assets used as collateral, a CDP module for escrowing collateral, an auction module for liquidating collateral, and more.
The Kava-4 release added more functionality including the introduction of a mint/burn module enabling crypto issuers to mint or burn tokens like USDC and USDT directly on the Kava blockchain, the support of more protocols, and a new optimized bridge technology further securing the bridge connecting other networks to the Kava blockchain.
Already, BitMax is integrating with the Hard Protocol, choosing the platform because of the cross-chain asset support, different from other DeFi projects. The ecosystem is also being built. Hard Protocol has been integrated by other enterprise partners and exchanges who offer their services to a wide range of traders.
Ahead of the Dec 30 activation, the KAVA price is up 8.5 percent in the last week, bottoming up from early November lows. Meanwhile, the HARD price has more than doubled. It is trading at $1.15 and is up 111% percent in the last week.
In the current bull market, HARD’s current price is definitely a bargain, especially compared to some of the higher market cap DeFi protocols such as Aave and Compound.