Kava Labs Releases the World’s First Cross-Chain Money Market, HARD
HARD, the world’s first cross-chain money market, is now live on the interoperable Kava blockchain. The open-source application could not have launched at a more perfect time as the user demand is very high. The app built on Kava will eventually support lending and borrowing functions.
Raising the Bar for DeFi Applications
The all-encompassing application is freely accessible and can be integrated into any individual wallet, FinTech application, or the operating system of any financial institution.
It has been a work in progress since Kava Labs initially proposed the project back in September 2020. Anchoring on Kava’s Cosmos SDK modular and interoperable framework, HARD is compatible with Tendermint-powered ledgers as well as non-Cosmos SDK blockchains.
HARD will draw various benefits including security, decentralization, and reliable price feeds from Chainlink—an oracle service and a provider of vetted and trusted third-party data.
Being the first of multiple applications set to launch on the secure, scalable, and interoperable Kava network, HARD aims to raise the bar for DeFi applications.
Notably, the support of mainstream and highly liquid coins like BTC and XRP, for instance, drives a different narrative to the DeFi sector. Before this, users were only limited to earning from siloed ecosystems and mostly from ETH and Ethereum tokens.
Supply Assets and Earn Interest and HARD Governance Tokens
There are three sides to HARD. Suppliers of BTC, XRP, BNB, BUSD, and USDX to the lending pools where borrowers can tap, earn interest. Borrowers can use their digital assets as collateral to borrow more.
All suppliers and borrowers receive HARD token, the governance token of the cross-chain money market. Kava Stakers, who ensure the network remains decentralized and secure for all Kava applications including HARD, will also receive 20 percent of the total supply of HARD tokens.
HARD holders can partake in Harvest.io activities and determine the parameters of the system including which asset to support and how to distribute rewards.
The current version of HARD supports the supply-side deposits and HARD incentives for BTC, XRP, BNB, BUSD, and USDX.
Finally, today’s launch saw the activation of the Kava-4 “Gateway” mainnet upgrade, extending the BEP-3 bridge to support BTC, XRP, and BUSD—tokens that aren’t native to the Kava blockchain.
The second version, scheduled for December, introduces and activates borrow functionality and borrow-side incentives, and expands the functionality of the HARD governance token.