Kava is much more than just a blockchain lending platform. It integrates the world’s first cross-chain money market, as well as several open and decentralized financial services.
To do justice to the true potential of the decentralized finance platform (DeFi), Kava Blockchain, the developers announced the launch of the world's first cross-chain marketplace, known as Harvest, which has the function of allowing the application and issuance of loans in cryptocurrencies, and digital assets and will reward users with its governance token HARD.
Likewise, the platform announced the launch of Kava-4 “Gateway”, a network that integrates special features for the use of BTCB, BUSD, and more, will be launched on Kava on October 15. With these launches, the platform developers claim that they will be able to reveal a much broader vision of what the Kava platform actually is, and what it means for its Kava community and for the holders of its native token KAVA.
Kava developers claim that the decentralized marketplace and new network will help expand the asset classes that are available on the platform for users, and will allow for new collateralized assets to make the protocol much more resilient by diversifying the sources of locked value. Kava developers also claim that the protocol has much more potential and use cases than initially thought. However, they initially let the platform be compared to services like MarkerDAO to position Kava within the lending platforms, but now, with the new products, they will be able to offer a broader view of the true functionalities of Kava, which they have been working on in recent months.
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Explaining Harvest, the first cross-chain marketplace
As the platform's announcement indicates, Harvest will allow users of the blockchain Kava’s platform is to further capitalize on the financial opportunities presented within DeFi markets, thanks to the lending and borrowing functions offered by the new marketplace. The main objective of this marketplace is to decentralize the financial services offered by Kava without abandoning the security of its blockchain.
Harvest is a decentralized and open marketplace that anyone anywhere can access. It is a platform that will facilitate lending income opportunities directly with its customers, without limitations from apps, exchanges, and financial institutions. The platform will also allow anyone to lend and borrow digital assets, including Bitcoin (BTC), Ripple (XRP), Binance (BNB), Binance USD (BUSD), COFFEE y USDX for an interest in return.
“Harvest users who borrow or lend on the app will be paid their interest plus the app’s governance token ‘HARD.’”
As a reward for participating within Harvest, users will receive HARD governance tokens. Digital assets traded within Harvest will be backed within its money market, alongside the platform’s native assets such as USDX KAVA and HARD.
Similarly, Harvest, being built on the Kava blockchain, allows for the integration of other utility functions, such as reference data for oracles Chainlink's KAVA price and underlying bridges that facilitate digital asset transactions between different chains.
Harmonizing the development of decentralized applications
Brian Kerr, CEO and co-founder of Kava, stated that having a governance token on Harvest is very important, as it allows decentralized applications to develop harmoniously and efficiently within the lending and decentralized finance ecosystems.
The CEO stated that governance tokens in DeFi ecosystems have proven to facilitate the growth of projects within this industry, so it is important to have one that encourages the development of new applications on Kava. At the same time, the governance token will allow taking advantage of all the potential of the network, such as its security, cross-chain bridges and other infrastructures that would cost millions of dollars and several years to develop independently.
“HARD tokens will incentivize user participation and active governance on the Harvest app. Providers and borrowers will benefit by having more say in the management of this DeFi application built by Kava.”
The difference between Harvest and MakerDAO is that the first market allows working with other tokens and assets outside the chain of Ethereum, so Kava has the potential to offer the same capabilities of decentralized protocols across a much wider range of digital assets. The team also reported that Kava is a Cosmos SDK blockchain, just like Binance, OKChain, and Cosmos Hub, and that Kava's true value proposition lies in the fact that all of these chains can connect and interoperate using the IBC cross-chain communication protocol. (Inter-Blockhain Communication Protocol).
About Kava
Kava is more than just a decentralized finance (DeFi) platform that offers multiple financial services for users, using several of the major cryptocurrencies and digital assets that exist in the market. Now, with the integration of Harvest y GatewayKava is moving from being a DeFi platform to becoming an application platform, enabling the implementation of innovations and new ideas within the blockchain space.
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