HARD Protocol, the cross-chain DeFi money market platform built on top of Kava, has announced its Version 2 upgrade enabling customers to earn up to 25% APY on various currencies, including bitcoin. Additionally, the updated version will also introduce different functions for financial institutions looking to take advantage of the growing decentralized finance space.
HARD Protocol’s V2 Upgrade Announced
The Kava blockchain, developed and released by Kava Labs, is designed to provide a robust and reliable experience for accessing DeFi applications and services. One of the first projects to launch on top of it was HARD protocol – described as the “world’s first multi-chain money market for cryptocurrencies enabling users to borrow, lend, and earn interest on the assets.”
According to a press release shared with CryptoPotato, HARD Protocol’s V2 upgrade and Kava 5.1 will launch on the mainnet on March 31st, 2021. The latter has been in testing for several months.
The statement reads that the update will focus on improving the experience of financial institutions with their DeFi-related endeavors.
The V2 version will enable all users to borrow with variable interest rates. Additionally, it will introduce support for distributing the governance coin – the HARD token – to suppliers and borrowers of assets. This feature should improve the “effective yields offered to lenders on the platform” and ensure that all users, lenders, and borrowers, get a saying in the ongoing governance and development of the platform.
“As part of the HARD Protocol Version 2 upgrade, developers and end-users across of a wide range of cryptocurrency asset types will now for the first time have the ability to earn interest denominated in their native asset.” – reads the announcement.
HARD Governance Changes
The press release further outlined several changes in regards to the HARD governance model.
Holders of the governance token will have the option to update protocol parameters, add money markets for additional crypto-asset types, and upgrade allocations of coin rewards in each money market. This should enhance the demand and usage through the built-in governance processes.
The statement further explained that the introduction of the V2 will enable retail users and financial institutions to employ the cross-chain money market and earn “superior” yields on digital assets.
Featured Image Courtesy of Kava