Hackernoon logoWorld's First Cross-Chain Money Market Launches On Binance by@Kava

World's First Cross-Chain Money Market Launches On Binance

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@KavaKava

The multi-chain Decentralized Finance Lending platform for crypto.

Kava Labs is proud to confirm that HARD Protocol is now being hosted on Binance’s Launchpool platform. Launchpool is a new initiative designed to bring the decentralized finance (DeFi) experience to Binance users.

As such, users will receive the benefits of DeFi Staking including KAVA, BNB, BUSD, and others in return for rewards in the form of HARD tokens. Previously called Harvest.io, the HARD Protocol is a cross-chain money market application powered by the HARD governance token. 

As seen in all decentralized money market applications today, the HARD governance token is necessary for proper decentralization and to ensure the ongoing evolution of the application. To compete in the current environment it’s also critical to have incentives to bootstrap liquidity and incentivize user participation.

The Launchpool, starting Nov 2nd, 2020 at 7 am EST a BNB pool of 3,600,000 HARD tokens will be allocated as 60% of the total rewards. A BUSD pool of 600,000 HARD tokens will be allocated at 10% of the total rewards.

Finally, a KAVA pool of 1,800,000 HARD tokens will be allocated for 30% of the total rewards. Rewards are set to be distributed linearly over the farming period of 30 days following the pool start time of Nov 2nd, 2020 at 7 am.

Then on November 6th, the listing will take place at 1 am EST. Binance users can stake their BNB, BUSD, or KAVA tokens in separate pools. Over the next 30 days, they’ll be eligible to receive a share of 80 million HARD tokens, 7.5% of the total supply.

Rewards are calculated based on the proportion of a user’s staked tokens compared to the total number of tokens staked in the pool. Anyone with an eligible Binance account can participate in yield farming HARD tokens on Binance Launchpool. There is no upper limit.

The HARD Protocol is the world’s first cross-chain money market that enables you to earn more with your digital assets. With HARD you will now be able to lend, borrow, and earn with assets like BTC, XRP, BNB, BUSD, KAVA, and USDX.

The project changed its name from Harvest.io as a result of Harvest.finance launching at the same time followed by an economic hack due to poor design, created confusion in the market.

The HARD Protocol is the first of what will be many applications that utilize the Kava blockchain’s security, price feed module, and cross-chain functionality to provide open and decentralized financial services to the world.

The HARD Protocol is an application that was voted on by the community and then incubated by KAVA, the renowned layer one foundational blockchain technology that is purpose-built for DeFi applications.

The Kava blockchain is built with the Cosmos SDK enabling cross-chain interoperability and asset custody. The HARD Protocol is a strategic move in KAVA’s visionary roadmap to becoming the de facto hub for all things DeFi.

The Kava blockchain offers the foundation on which the HARD Protocol was built with the core concept of product design centered around enabling app developers to deploy safe and secure interoperable DeFi products and services.

"It took us years and millions of dollars to build, but we finally laid the foundation for a wide range of novel cross-chain DeFi apps to be built on Kava. Thanks to this work, HARD Protocol, the world's first cross-chain money market is made possible and will usher in a new wave of digital asset lending, borrowing, and earning." - Brian Kerr, CEO of Kava Labs

About Kava

Kava is a multi-asset DeFi platform that offers stablecoins, loans, and other financial services for users of major cryptocurrency assets including BTC, XRP, BNB and ATOM to name a few.

The Kava platform has two types of tokens, the KAVA token and the USDX stablecoin where the KAVA token is the native token of the Kava blockchain integral in the security, governance, and mechanical functions of the platform.

Users can collateralize their crypto assets in exchange for Kava’s stablecoin, USDX. Kava’s stablecoin provides a high interest yield earning users more than they would with a traditional cash or savings account at a bank, but unlike traditional savings accounts.

About HARD Protocol

The HARD Protocol is the world’s first cross-chain money market that enables you to earn more with your digital assets. With HARD you will now be able to lend, borrow, and earn with assets like BTC, XRP, BNB, BUSD, KAVA, and USDX.

It is the first of what will be many applications that utilize the Kava blockchain’s security, price feed module, and cross-chain functionality to provide open and decentralized financial services to the world. The HARD token primary role is to give holders a voice in the platform.

Collectively, HARD holders are responsible for managing key parameters of the protocol such as what assets are to be offered, how rewards are distributed amongst assets, as well as set any platform fees, etc. HARD tokens will also be used to incentivize early participants giving them a voice in the ongoing evolution and management of the application.

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