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HARD Protocol, the first ever cross-chain money market where users have open access to a lending, borrowing and earning system.
Kava Lend is a loan, borrow and earn application
In Kava Lend, Kava Labs has its own money market across chains that offers lending and borrowing services. Powered by the $HARD token, Kava Lend can leverage Kava’s blockchain technology to create more functional services that allow users to open access to the world of DeFi.
Kava’s cross-chain marketplace, originally known as Harvest, then HARD Protocol – and rebranded as Kava Lend, gives users easy access to the decentralized finance (DeFi) space.
This is a huge step for DeFi as it gives users more DeFi applications (Dapps) to choose from. Many users will prefer to use Kava Lend’s cross-chain market instead of having to battle on the Ethereum network to get their transactions sent during high volume periods. Users can expect to pay gas fees over $50 on similar lending and borrowing services during high volume days, such as CREAM, AAVE and COMP.
How was the Kava Lend application built?
Kava Lend is built on the Kava blockchain, allowing it to use Kava’s cross-chain bridges, Chainlink oracles for price reference, and also leverages Kava’s security system.
Currently, the project is in the V2 stage of the roadmap. This update was pushed at the turn of 2021 and allowed users to deliver and borrow assets. The first V1 meant that users could deposit on the offer page to earn HARD governance tokens. Currently, users can deliver USDX, KAVA, HARD and BNB. At the time of writing, the return varies from 20% (Supply BNB) and up to 1,800% (Supply HARD).
Important benefits of Kava Lend
- Kava Lend is an open and permission-free DeFi application that provides access to anyone and everyone. This includes integrating the LEND money markets into Fintech apps and even financial institutions.
- The $HARD governance token allows users to develop the platform as they see fit
- Allows users to easily lend, borrow and earn without incurring high transaction fees
Tokenomics and distribution
Token: Kava Native HARD Token
Total Value Locked (TVL) $170,572,270
Circulating supply 91,666,667
Total Supply 200,000,000
Max Supply 200,000,000
Source: CoinGecko
The Kava team has not conducted any private or seed HARD token sales to achieve a fair distribution.
Liquidity Mining Rewards (Yield Farming)
Kava Lend allows users to earn by lending and delivering assets, by rewarding users in its native governance token, HARD. The HARD governance token aims to enable users to control which assets will be offered, reward distribution structure and have access to set platform fees or other important parameters. As previously mentioned, in HARD v1, users were given the option to supply USDX, KAVA, HARD and BNB to receive HARD governance tokens. At the time of writing, the TVL is $29,035,019, which can be seen in Table 1. With the release of HARD v2, the HARD protocol will accept more assets and enable loans and loan rewards.
Kava Land’s future
Currently, Kava Lend is focusing on building on the rollout of V2 at the beginning of the year. The previous upgrade consisted of management extensions and invectives on the lending side, which will complete the platform’s goal of a cross-chain lending market. Supply and loan incentives for the following digital assets have since been supported with the release of HARD v2:
Kava Lend will only continue to expand as KAVA continues to build out its DeFi ecosystem.
Overarching thoughts
Kava Lend provides alternatives to “blue-chip” DeFi lending platforms such as AAVE, SNX and COMP. Its cross-chain technology built using KAVA provides minimal fees and secure transactions. Kava Lend lends, borrows and earns in an accessible way. The V2 update opened up opportunities for users with the introduction of borrowing to the platform. And the goal is to propel it into the same class as the Ethereum DeFi giants.
