Kava launches Harvest for cross-chain Yield Farming
Kava Labs has launched its first application, called Harvest, a cross-chain yield farming decentralized finance (DeFi) platform. Users will stake supported crypto assets so that they can be lent out to others, and earn interest. Furthermore, users that borrow or lend via Harvest will also earn rewards in HARD tokens.
Kava launches Harvest
Harvest is a platform that is very similar to Aave or MakerDAO, you can find inspiration from the DeFi craze on Ethereum. However, the key difference is it supports crypto assets not seen in DeFi products before. On launch, users will be able to deposit BTC, BNB, BUSD, XRP, and USDX (Kava’s native stablecoin) – the first cross-chain yield farming platform. Harvest will also feature decentralized governance and liquidity providing incentives, powered by the HARD token.
Native interoperability and oracles… Harvest is built on Kava, which follows Cosmos’ tendermint consensus algorithm – tech that focuses on interoperability between blockchains. As a result, Kava can leverage native existing bridges for cross-chain asset transfers. Chainlink oracles will allow Harvest access to decentralized price-reference data.
- Kava is a little different from other open DeFi blockchains, as KAVA token holders decide by voting if a new application can launch. This way token holders get exposure to every new product launched on the ecosystem. As a result, KAVA stakers will continuously earn HARD tokens.
More products are coming… CEO Brian Kerr confirmed next up will be automated market makers (AMMs) like Uniswap and DeFi vault products such as Yearn Finance. Kava Labs has several major exchanges such as Binance, Huobi, or OKEx in their corner. No doubt, they are all interested in providing accessible DeFi/CeFi solutions to their users. As Kava launches Harvest (not to be confused with Harvest Finance!), we will surely find out more about future CEX integrations. Bullish!