Binance-backed Kava Labs recently launched its yield-generating DeFi platform, Harvest, which will allow users to stake non-Ethereum tokens, thus bringing DeFi functionalities to much larger projects of the crypto world.
Kava Labs, a company behind the Kava blockchain, has just launched its first dApp. The application in question is a DeFi platform that allows users to earn yields on multiple non-Ethereum assets, leading with Bitcoin itself.
A new yield-generating app aims to conquer DeFi
The app was named Harvest, and it is built on top of the Kava blockchain. Users can use the app to stake the coins that they already possess. Meanwhile, others can borrow those coins, which will allow the lender to earn yield.
Initially, Harvest will only support deposits in four different cryptocurrencies, including Bitcoin (BTC), Binance Coin (BNB), Binance USD (BUSD), and XRP.
However, this is not the end for Kava, as the company plans to bring a Uniswap-like AMM (Automated Market Maker) to the rapidly-developing DeFi market. And, due to a massive success seen by another DeFi project, yearn.finance (YFI), Kava Labs also aims to roll out a Robo-advisor. This was revealed by the company’s CEO, Brian Kerr, himself.
Who is Kava Labs?
Kava was based on a Tendermint consensus algorithm, which is also used by a highly popular project, Cosmos. As for Kava Labs, the company is backed by a number of large exchanges, which gives it legitimacy, as well as other types of support. Some of the exchanges supporting Kava include Huobi, OKEx, and even Binance itself.
All of these trading platforms stake Kava tokens, which allows them to participate in the governance of its entire blockchain. Kava’s ties to Binance are particularly strong since this was the platform where Kava Labs held its IEO last October. Not only that, but one of the project’s investors was even Arrington XRP Capital.
Harvest will be more inclusive than Maker, Compound, or Aave
Speaking further about Harvest, Kerr shared that the platform was actually inspired by other DeFi hits, including Compound and Aave. However, Harvest aims to be more inclusive than these two, which is why it will bring the same capabilities, but for a much greater number of digital assets.
More importantly, the project will bring much larger-market-cap assets to the game and deliver the same lending/borrowing functionality for them.
It is rather similar to MakerDAO, as well, although unlike Maker, Kava will not work with Ethereum-based assets. Instead, it will include all those other coins that had no way of joining the DeFi craze because they were not based on the ETH blockchain.
It will all be very simple for Harvest users, who will be able to borrow or lend their coins via the app. Meanwhile, they will be paid interest and HARD tokens, which is Harvest’s governance token.
The token will have another purpose, which is to incentivize liquidity within the platform.
