Decentralized finance project Kava launches cross-chain money market Harvest.io. The media is calling Kava, the “Apple App Store of DeFi” because the platform enables app developers to quickly deploy DeFi apps using its cross-chain infrastructure and framework. Harvest.io is the first app launching on Kava. It enables users to explore different money-making methods by using assets including Bitcoin, XRP, USDX, and others.
Similarities between Apple and Kava are not hard to find. Akin to the technology giant, the team behind Kava Labs focuses on quality, security, and accessibility. A mentality of “it just works as advertised” will prove beneficial to the DeFi industry, which many people still believe to be in its early stages of development.
Kava’s automated money market Harvest.io raises the bar for DeFi applications while introducing support for cross-chain assets. Support for Bitcoin, XRP, and other assets provides a different narrative for decentralized finance which until now has been limited to only a handful of ethereum ecosystem assets. This is the first time a reputable DeFi project is trying to tap into the major marketcap crypto assets.
Initially proposed back in September, Kava Labs has worked tirelessly to make Harvest.io an all-encompassing product. It leverages the Cosmos SDK modular and interoperable framework to offer cross-chain asset support with other similarly designed blockchains. In addition, Kava has custom bridges built for non-Cosmos SDK blockchains such as Bitcoin and XRP.
Current and future holders of BTC, XRP, BNB, BUSD, KAVA, and USDX can earn interest plus native ‘HARD’ governance tokens for supplying assets to the lending pool which borrowers can tap into.]. In phase 1 of Harvest, the supply side of the money market will be enabled allowing users to participate and supply assets to the lending pool. In phase 2 scheduled for December 2020, the borrow side of the money market will be enabled along with additional governance capabilities for the HARD token.
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At its core, Harvest is the first of multiple applications to be built on the Kava blockchain which can tap into many of the major crypto assets currently underserved by DeFi due to limited cross-chain infrastructure As all applications on Kava derive fundamentals from this infrastructure, they also benefit from any existing and future core integrations with the Kava blockchain. This includes decentralized and reliable price-reference data provided through Chainlink oracles and future applications to come.
In future iterations, the cross-chain support coming to Harvest will be explored further. Capitalizing on the Kava-4 mainnet upgrade – which will expand the BEP3 Bridge to feature BTC, BUSD, and XRP, among others – is a commitment to further push the boundaries of this ecosystem.
Anyone in the world gains access to the Harvest money market platform. It is an open and permissionless platform that can be integrated into any wallet, FinTech application, or financial institution. Any party integrating this platform can offer the borrowing and lending functionality of Harvest to its clients providing them with new ways to earn on their capital.
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