Hard Money Market Update
Enabling Borrowing for Additional Assets
Update: Kava Labs launched a rebranded product portfolio in late August 2021, and the following archived article contains outdated information. Application rebrands on the Kava Platform are as follows: Kava CDP is now Kava Mint; Hard is now Kava Lend; Swap is now Kava Swap. To learn more about the rebrand, please read the announcement.
When Hard Money Market V2 launched on April 8, 2021, $BUSD was the sole asset available to borrow. This was done as a safety measure as the team monitored the effects of this new functionality on this system as a whole. After over a month of successful implementation of borrowing $BUSD, Hard Money Market will be enabling borrowing of additional assets.
The Plan
Pending a committee vote on May 18th, users will be able to borrow $BTCB from Hard Money Market. Initially, the borrow limit will be set at 1 million USD for each asset. Within a week, a committee proposal will be made to raise that borrow limit in response to demand from users. This process will be repeated for each asset on the platform.
Since the safety of users’ funds remains the top priority, additional assets will be enabled for borrowing on an incremental basis while the effects on the system are monitored. Each week, a new asset will be enabled for borrowing via committee proposal. This is the order that assets will be enabled for borrowing:
- $BTCB
- $BNB
- $XRPB
- $KAVA
- $HARD
- $USDX — this will occur after the change in rewards from minting to supplying is completed.
Full implementation of Hard Money Market integrates seamlessly with minting USDX on Kava and the upcoming automated market maker — Kava Swap. By supplying and borrowing assets on Hard Money Money, users will have even more options to earn yield on their crypto-assets from Kava, the most trusted DeFi platform by financial institutions. Check out our roadmap to see what else is planned for the future!
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Disclaimer: This content is provided for informational purposes only, and should not be relied upon as legal, business, investment, or tax advice. You should consult your own advisers as to those matters. References to any securities or digital assets are for illustrative purposes only, and do not constitute an investment recommendation or offer to provide investment advisory services. Furthermore, this content is not directed at nor intended for use by any investors or prospective investors, and may not under any circumstances be relied upon when making investment decisions.
