Hover is launching on February 21st. In this post, we explain what the market launch means for Hover’s early adopters contributing to Genesis Pools and how users can make the most out of the Hover lending protocol, leveraging the project’s unique tokenomics.
The full launch of the Hover lending protocol is set for February 21st, allowing users to supply assets to earn yield and borrow against the collateral provided. This full market launch will follow the Genesis Pools, Hover’s early deposit period, as well as the $HOV token public sale, scheduled for the first half of February (more details to be announced soon). This means that Hover users will be able to experience the Hover’ lending protocol’s full features and the benefits of its integrated tokenomics from the launch date.
What is Hover and how to participate?
Hover is a non-custodial lending and borrowing platform on Kava Chain. Users can deposit assets to Hover’s lending pools to earn yield and use their supplied assets as collateral to borrow on supported markets. Currently, Hover will allow lending and borrowing across three assets: $KAVA, $ATOM, and $USDt, with plans to add additional tokens to the market soon.
The amounts a Hover user can borrow against their collateral are determined algorithmically based on one’s Health Factor within the Hover platform. For example, someone who deposits $5,000-worth of KAVA could be eligible to withdraw $3,500-worth of another asset, such as USDt or ATOM (example amounts are not a true reflection of the market).
On top of that, Hover stakers can benefit from borrowing and liquidation rebates when using the platform. As a thank you to users supporting the Hover ecosystem long-term, Hover has integrated a unique tokenomics model with rewards and rebates for users who stake Hover’s native token — $HOV. By rewarding loyalty, Hover’s tokenomics aligns users and $HOV holders with the protocol’s long-term success.
The launch of Hover on February 21st will open up all lending protocol functionalities and Hover Staking Program benefits.
What’s next for Genesis Pool Contributors
To date, users have been interacting with Hover through its Genesis Pools, benefiting from an increased yield reaching over 200% APR for $KAVA, $ATOM, and $USDt. The Genesis Pools will close to deposits on February 20th. Nevertheless, the closing of Genesis Pool deposits does not mean the end of rewards.
As a nod towards its early adopters, those who keep their deposits in the Hover Genesis Pools will continue accruing boosted APY for four additional weeks — until March 18th. At the end of the Genesis Pool reward period, depositors can keep their Genesis Pool deposits in Hover’s supply pools where they will earn interest on the assets supplied.
Alongside the Hover launch, Genesis Pool depositors will also be able to claim their rewards in $esHOV (staked $HOV) and benefit from $HOV staker perks such as liquidation and borrowing rebates, as well as platform fee rewards for those who underwent the optional KYC process.
The Hover launch is as scheduled on Hover’s roadmap for Q1 2024. With the new exciting addition to Hover — Project Lever — announced just last week, there is plenty to look forward to in 2024 and beyond.
About Hover
Hover is a revolutionary liquidity market on Kava that facilitates the lending and borrowing of digital assets. With an innovative tokenomics model, 24/7 risk management, and a rewards program to directly benefit its users, Hover empowers retail users and institutions alike to fly into the next-generation of DeFi.
Contact us
For more information or to contact the team, please reach out through one of the links below.
Website: https://hover.market
Twitter: https://twitter.com/hover_market
Telegram: https://t.me/Hover_Market
Email: hello@hover.market
