Hover is partnered with Quadrata, which will provide user identity verification for access to the Hover Rewards Program. This article will briefly explain the Hover Rewards, what Quadrata does, and close with an honest look at the Hover team’s thoughts on verification and DeFi.
Hover Rewards Program
All HOV holders can stake and convert their HOV to esHOV, which offers liquidation rebates, lending discounts, and other Hover Staking Program benefits as described in the Hover Litepaper. Users who instead stake HOV and convert it to xHOV will earn all of the above benefits and gain access to the Hover Rewards Program. The Hover Rewards Program is a fee distribution mechanism in which a portion of protocol fees, called the Reserve, will be distributed to xHOV stakers. In order to participate, users must go through the Quadrata onboarding process.
Quadrata Onboarding
Onboarding with Quadrata is a simple verification process that ensures only users from approved jurisdictions are able to access Hover Rewards.
Users begin by clicking the onboarding link, and supplying necessary documentation and a selfie for verification. The entire process can be completed within 3 minutes and will last indefinitely. A soulbound token, claimed by the user, will be issued to the given wallet address and tell the smart contract whether or not someone can interact with the Hover Rewards Program.
Hover does not have access to any information supplied to Quadrata. All information sent to Quadrata is stored in strict compliance with GDPR, meaning any data submitted through this process is protected. The soulbound token does not contain any personally identifiable information.
Once fully onboarded, users are ready to engage with everything Hover has to offer.
Hover’s Verification Philosophy
As explained in the above article, Hover has a very straightforward approach when it comes to anonymity, verification, and DeFi: Keep things as decentralized as possible, within reason. Making wallets pseudo-anonymous, dApps permissionless, and blockchains distributed are key avenues in how the Hover core contributors want DeFi to expand. Globally distributed protocols such as Kava, and Hover’s fellow ecosystem dApps, are earnestly giving people around the world access to finance in a way they could not otherwise use. For all of the meaningful benefits, the reality of building in the blockchain space is a far more nuanced exercise.
Sanctioned state actors are involved in cryptocurrency attacks, and certain governments are taking direct steps to force crypto platforms into obtuse regulations. While recent decisions have been highly positive, the reality is that protocol builders must take decisive action to protect the interests of their communities. This means taking common-sense steps such as IP blocking, VPN blocking, and some verification checks for Hover. In the Hover team’s opinion, protocol builders who throw caution to the wind are doing their community a serious disservice. Complete access without consideration for the reality of Web3 development poses sincere risks to unprepared developers and communities.
Professionalism and high standards are at the heart of how Hover builds. This is maintained from the verification processes to our full-time market risk monitoring and growth-focused tokenomics design. Hover’s commitment to building and expanding Kava’s presence in Cosmos, and the greater DeFi space, is sincere. In order to effectively grow Hover’s community over time, it’s important to build the right foundation. Quadrata’s integration with Hover for the Hover Rewards Program is the first of many forethought solutions.
About Quadrata:
Quadrata is a passport network bringing the identity and compliance layer to DeFi applications on existing public blockchains. Smart contract applications are able to leverage Quadrata’s proprietary technology to natively access KYC/AML status, country of residence as well as credit reputation and accredited investor status of Quadrata passport holders.
For more information, visit: https://quadrata.com/
Contact: contact@quadrata.com
About Hover:
Hover is a revolutionary non-custodial liquidity market that facilitates the lending and borrowing of digital assets. Native to the Kava ecosystem, Hover supports the growth of Cosmos with advanced DeFi market services.
For more information, visit: https://hover.market
Contact: press@hover.market
