new-binance-backed-defi-site-lets-you-earn-yield-on-bitcoin,-other-non-ethereum-assets

New Binance-Backed DeFi Site Lets You Earn Yield on Bitcoin, Other Non-Ethereum Assets

Harvest time (Robert Wiedemann/Unsplash)

Recent Binance-Backed DeFi Build Lets You Manufacture Yield on Bitcoin, Varied Non-Ethereum Sources

Kava Labs has launched its first software program: a yield-generating decentralized finance (DeFi) platform for bitcoin (BTC) and other non-Ethereum resources.

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The product, called Harvest and constructed on the Kava blockchain, permits users to stake their crypto so it will almost definitely be lent out to other users. Harvest will in the starting up improve deposits of BTC, BNB, BUSD and XRP. Quickly, Kava Labs plans to debut computerized market makers (AMMs) adore Uniswap and robo-advisors adore Yearn.Finance on the blockchain as neatly, talked about Kava Labs CEO Brian Kerr.

Related to DeFi platform MakerDAO, Kava will enable users to procedure collateralized debt positions (CDPs) on the Kava protocol in exchange for a stablecoin, USDX, pegged one-to-one with the U.S. greenback. Now not like Maker, though, Kava works with resources begin air the Ethereum ecosystem which accept as true with largely watched the DeFi craze from afar.

Kava Labs is backed by several giant exchanges, at the side of Binance, Huobi and OKEx, which stake kava tokens and rob half within the blockchain’s governance.

Yield farming, meet Harvest

Kerr talked about that Harvest used to be impressed by Aave and Compound, but that Harvest will speak the identical capabilities that these protocols must a closer array of digital resources. 

“When we were constructing out Harvest, we saw the produce paradigm already working,” Kerr talked about. “What we are in a position to speak to the desk is unlocking these unparalleled better-market-cap resources and giving them the identical sort of lending and borrowing performance.” 

Harvest users who borrow or lend on the app will almost definitely be paid their curiosity and HARD tokens, the governance token of Harvest, which will moreover be historic to incentivize liquidity on the platform. 

Kava is constructed on the Tendermint consensus algorithm, which is moreover employed by the Cosmos blockchain interoperability project. Kava performed an initial exchange offering (IEO) on Binance in October and counts Arrington XRP Capital as an investor.

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