Harvest.io brings yield farming to Bitcoin and Ripple (XRP)

  • Harvest.io will allow the use of cryptocurrencies for DeFi services on the Kava blockchain.
  • The platform governance token (HARD) will be distributed on the day when the plattform launches.

A new competitor for decentralized finance (DeFi) on Ethereum is emerging. On 15 October this year, Haverst.io will be launched on the Kava blockchain. Harvest will be a cross-chain platform that will allow its users to borrow, lend, stake assets, and do yield farming to earn the governance token of the platform (HARD).

According to a publication by Kava co-founder and Kava Labs CEO Brian Kerr, Harvest will benefit from Kava’s advantages. Therefore, it will be insured by the Kava network validators and will be able to use its “cross-chain bridges” to send transfers and Chainlink oracle services. That way, asset prices on Harvest will be updated with secure and reliable off-chain information. Kerr states in his publication:

Harvest is the first of what will be many applications that utilize the Kava blockchain’s security, price feed module, and cross-chain functionality to provide open and decentralized financial services to the world.

Harvest uses Bitcoin, XRP, BUSD, and other

The Harvest platform will have two versions. The first version will be launched on the referred date and will have access to the assets on Kava’s blockchain. The initial assets that will be supported by the Kava-4 Gateway on Harvest will be Bitcoin (BTC), XRP, BUSD, BNB and can be used with the native tokens of the Kava blockchain: KAVA, USDX, and the Harvest governance token (HARD). This first version will operate with supply deposits and will give incentives to HARD holders.

Harvest version 2 will be launched on December 30, 2020, with expanded governance for HARD, with liquidity and loan functions for the referred tokens, and LINK, the token of the oracle service provider Chainlink. According to Kerr’s publication, incentives for loans taken on the platform will be available with version 2 and the above-mentioned tokens. The CEO of Kava Labs adds:

Harvest is the first of what will be many applications that utilize the Kava blockchain’s security, price feed module, and cross-chain functionality to provide open and decentralized financial services to the world.

The HARD governance token, Kerr says, will give power to its holders to “have a voice on the Harvest platform”. Therefore, users will be responsible for managing important aspects of the platform such as the tokens that will be available, aspects related to rewards, and fees on Harvest. Additionally, it will be the users who will determine what will be the role of KAVA. For now, this token will not be part of the governance model of the platform to avoid conflicts between users and make “a fair distribution”. However, KAVA will be kept as a reserve asset of Harvest.

The HARD token will have a maximum supply of 200 million and will have the following distribution: 40% will be used as an incentive for liquidity providers and loan takers, 25% will go to the platform treasury, 20% will go to users who delegate KAVA to give them incentives, 10% to the team and 5% for an Initial Exchange Offer (IEO). There will be no private sale of HARD, as indicated by Kerr. Digital Asset Capital Director Richard Galvin said about Harvest:

We think the choice it brings to investors to lend and borrow assets, not well supported by existing platforms, is really exciting — as is the ability for Kava stakers to earn HARD tokens and participate in the new platform’s governance.