New Binance-Backed DeFi Site Lets You Earn Yield On Bitcoin, Other Non-Ethereum Assets

Kava Labs has launched its first software: a yield-generating decentralized finance (DeFi) platform for bitcoin (BTC) and different non-Ethereum property.

The product, referred to as Harvest and constructed on the Kava blockchain, permits customers to stake their crypto so it may be lent out to different customers. Harvest will initially help deposits of BTC, BNB, BUSD and XRP. Soon, Kava Labs plans to debut automated market makers (AMMs) like Uniswap and robo-advisors like Yearn.Finance on the blockchain as nicely, stated Kava Labs CEO Brian Kerr.

Similar to DeFi platform MakerDAO, Kava will permit customers to create collateralized debt positions (CDPs) on the Kava protocol in change for a stablecoin, USDX, pegged one-to-one with the U.S. greenback. Unlike Maker, although, Kava works with property outdoors the Ethereum ecosystem which have largely watched the DeFi craze from afar.

Kava Labs is backed by a number of giant exchanges, together with Binance, Huobi and OKEx, which stake kava tokens and take part within the blockchains governance.

Kerr stated that Harvest was impressed by Aave and Compound, however that Harvest will deliver the identical capabilities that these protocols must a bigger array of digital property.

When we were building out Harvest, we saw the design paradigm already working, Kerr stated. What we can bring to the table is unlocking these much larger-market-cap assets and giving them the same type of lending and borrowing functionality.

Harvest customers who borrow or lend on the app can be paid their curiosity and HARD tokens, the governance token of Harvest, which can even be used to incentivize liquidity on the platform.

Kava is constructed on the Tendermint consensus algorithm, which can be employed by the Cosmos blockchain interoperability mission. Kava performed an preliminary change providing (IEO) on Binance in October and counts Arrington XRP Capital as an investor.

New Binance-Backed DeFi Site Lets You Earn Yield On Bitcoin, Other Non-Ethereum Assets

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