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, known 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 assist deposits of BTC, BNB, BUSD and XRP. Quickly, 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.

Much like DeFi platform MakerDAO, Kava will enable customers to create collateralized debt positions (CDPs) on the Kava protocol in trade for a stablecoin, USDX, pegged one-to-one with the U.S. greenback. Not like Maker, although, Kava works with property exterior the Ethereum ecosystem which have largely watched the DeFi craze from afar.

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

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

“After we have been constructing out Harvest, we noticed the design paradigm already working,” Kerr stated. “What we will carry to the desk is unlocking these a lot larger-market-cap property and giving them the identical sort of lending and borrowing performance.” 

Harvest customers who borrow or lend on the app will probably be paid their curiosity and HARD tokens, the governance token of Harvest, which may also 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 undertaking. Kava carried out an preliminary trade providing (IEO) on Binance in October and counts Arrington XRP Capital as an investor.

Source link Coin Desk


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