Introducing Harvest.io, the world’s first cross-chain money market.

September 18th, 2020 — Today we announce our proposal for Harvest, the world’s first cross-chain money market.

Brian Kerr
Sep 18 · 5 min read
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What is Harvest?

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.

How does Harvest Work?

  1. Supply — You can safely supply your digital assets on Harvest and earn interest.
  2. Borrow — You can use your digital assets as collateral to borrow others.
  3. Earn — Suppliers and borrowers earn HARD, the governance token of Harvest.
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How Harvest is Built

Version 1 of Harvest ships with support for supply-side deposits and HARD incentives for BTC, XRP, BNB, BUSD, USDX. Version 2 ships with borrow functionality and borrow-side incentives for those assets plus expanded functionality of HARD governance on-chain.

Initial Assets — BTC, BNB, BUSD, USDX, XRP, and HARD.

As an application built on Kava, Harvest will have access to any asset on the Kava blockchain. In the Kava-4 “Gateway” mainnet upgrade, the BEP3 Bridge will be expanded to support BTC, XRP, BUSD and others making these assets available for use in Harvest money markets along with native Kava assets like KAVA, HARD and USDX.

Open Integrations

Built as an open and permissionless application, Harvest is accessible by anyone, anytime, anywhere in the world. Exchanges, Fintech apps, and financial institutions can integrate Harvest’s money market products and provide earning and borrowing opportunities directly to their users.

Harvest Governance

The HARD token — decentralized governance and incentives.

HARD tokens will also be used to incentivize early participants giving them a voice in the ongoing evolution and management of Harvest.

KAVA Tokens and Compensation

  1. Harvest’s evolution needs to be driven by the participants that use it. We believe that a fair distribution to users is necessary for long term success. The users of Harvest money markets may or may not be the same as those that hold KAVA today giving reason to not conflate the governance of the Kava blockchain with that of the Harvest application.
  2. Having supplier and borrower incentives is a must in today’s yield oriented DeFi market. If we used the KAVA token for incentives on Harvest, we would need to inflate KAVA upwards of 50% supply. Given that not all KAVA holders would be participants on Harvest, inflating KAVA would meaningfully dilute existing KAVA holders to a degree that is not acceptable.
  3. Lastly, the KAVA token needs to be preserved as a reserve asset responsible for recapitalizing the lending platform. Conflating its value in multiple use cases creates a cascade of problems and can potentially undermine its value as a reserve asset.

HARD Compensation for KAVA Stakers

HARD Distribution

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A detailed release schedule can be found on this spreadsheet

There will be a max supply of 200M HARD tokens. The distribution of HARD tokens will be as follows:

40% — Incentives for Suppliers & Borrowers
25% — Treasury
20% — Kava Stakers
10% — Team
5% — IEO

Note: To achieve a fair distribution there will not be any seed or private sale of the HARD tokens.

Development Roadmap

  • Internal testing.
  • External audit.

2. October 15th, 2020 — Harvest v1 ships along with Kava-4 “Gateway” upgrade

  • HARD distribution begins.
  • Supply-side deposits and HARD incentives for BTC, BNB, HARD, & USDX begin.

3. December 30th, 2020 — Harvest v2

  • Expanded Harvest governance.
  • Supply & borrow — BTC, XRP, BNB, BUSD, USDX and LINK.
  • Borrow-side incentives begin — BTC, BNB, BUSD, LINK, USDX & XRP.

What the Community is Saying

“Harvest.io is a logical addition to the DeFi ecosystem taking shape around Kava. 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. The Kava community is one of the most active in crypto so we look forward to joining with them to support Harvest’s launch and future growth.” — Richard Galvin, Digital Asset Capital Management

Kava’s shift from “DeFi application” to “application platform” means that KAVA token holders get exposure to every new idea and implementation in the ecosystem. This is exciting and something we haven’t yet seen in the blockchain space. — Michael Anderson, Framework Ventures

“Harvest is the first money lego to be built on Kava’s cross-chain DeFi ecosystem. Leveraging Kava’s infrastructure not only allows the application to tap into Kava’s security, cross-chain features and price feeds, but also Kava’s community, which has been very supportive over the past year. We can’t wait to see what other money legos will start to be built and stack on one another — all without the crazy gas fees of course.” — Michael Ng, StakeWithUs

Kava Labs Blog

This publication features news and articles from the Kava…

Brian Kerr

Written by

Co-founder of Kava — Connecting All Things Crypto , a Tennis Enthusiast and Serial Entrepreneur.

Kava Labs Blog

This publication features news and articles from the Kava Labs team. Kava Labs is a developer of the Kava blockchain, the first cross-blockchain DeFi platform.

Brian Kerr

Written by

Co-founder of Kava — Connecting All Things Crypto , a Tennis Enthusiast and Serial Entrepreneur.

Kava Labs Blog

This publication features news and articles from the Kava Labs team. Kava Labs is a developer of the Kava blockchain, the first cross-blockchain DeFi platform.

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