A new DeFi Platform, Harvest, built on Kava blockchain, has said at the end of the year, it will introduce services that will give users the privilege to earn more profit on BTC, XRP and a host of many other cryptocurrencies.
Harvest world’s leading cross-chain coinage market is a novel application launched by Kava Labs. It intends granting users the liberty to offer or make available their digital assets for the purpose of lending and acquiring interest on them. Also, users can use their digital assets as collateral when borrowing.
Supply, Borrow and Earn are the major activities, which sum up Harvest.
Brian Kerr, CEO and co-founder of Kava, reported that traders are at will to use their cryptocurrencies as surety for borrowing.
In a bid to emphasize his point, Brian says, lenders and borrowers will earn HARD token, the official governance token of Harvest.
Bitcoin, the oldest cryptocurrency, shall be one of the assets which Harvest supports. Other digital assets include; Ripple’s XRP, BUSD (the Binance USD stablecoin), BNB (Binance Coin), KAVA and USDX; Kava’s digital currencies and Chainlink (LINK).
According to Kava Lab’s CEO, the proposed supply and borrow services by Harvest shall be effective before December 31st, 2020.
The proposed plan of action, however, will make use of Kava’s HARD governance token, which will give users a say in the governance of the DeFi platform.
Kerr says, as a joint effort, HARD users will be in charge of managing key parameters of Harvest, consisting of digital assets which are to be supported, any charges on the platform and how recompenses will be dispersed amongst assets.
Furthering, he revealed that HARD tokens will be awarded as incentives to early birds participants, thus, giving them a voice in the ongoing advancement and management of Harvest.
CEO Kerr said Aave and Compound projects prompted and gave inspiration for the creation of Harvest. However, while Harvest will be offering almost the same services as the two protocols, it will offer support for a larger array of digital assets.
The CEO added that Harvest will be giving larger-market-cap crypto assets the same borrowing and lending functionality on its platform.
Kava Labs is supported by exchanges like OKEx, Houbi and Binance where it conducted the initial exchange offering (IEO) of KAVA token.