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Kava launches a DeFi platform for non-Ethereum assets

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October 16th 2020

  • App to support non-Ethereum backed tokens

Popular Decentralized Finance platform, Kava, has announced its first app, Harvest, which would help to improve the benefits of crypto assets that, hitherto, would be unable to access DeFi.

The Harvest app which is the first of its kind in the world as it is a decentralized cross-chain money market app that is built on the Kava blockchain.

Holders of coins like Bitcoin, BUSD, XRP etc can use the application to not only stale their crypto assets but also create a lending pool that borrowers can make use of.

Users of the Harvest app could also be eligible for a governance token, HARD (HARvest Decentralized) which they can subsequently use to vote on upgrades in Harvest or even trade them in the secondary markets.

Basically what this new app would do is to spread DeFi capabilities that was only open to tokens backed by Ethereum to other major crypto assets like the Bitcoin for example.

How Kava’s Harvest will work 

Kava has made sure that Harvest would have features that are similar to DeFi networks like Aave and Compound. However, unlike them whose support ends with ETH backed tokens alone, Harvest would be able to support other crypto assets.

The app will be making use of the Cosmos SDK modular and an interoperable framework which supports a cross-chain asset. It is through this way that the app will be offering DeFi services to tokens that are not backed by Ethereum.

Kava is quite renowned for having an Apple-like attitude towards the issues of security and the quality of its services. This stance is incorporated into its new Harvest app.

Since the app would be running on the Kava blockchain, which usually charges a transaction fee that is extremely cheap, it means that using the Harvest app will be cheaper than when one uses other Ethereum analogs.

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