The HARD Protocol Version 2 upgrade is scheduled to go live today. The upgrade is aimed at ensuring institutions earn more (+25% APY) on their Bitcoin investments.
According to a press release shared with Altcoin Buzz, HARD Protocol version 2 will bring to life a number of important changes to the platform. It also looks to drive mainstream adoption of the DeFi space by ensuring the onboarding of more institutional-grade investors.
Built on the Kava platform, HARD Protocol is the first-ever cross-chain DeFi money market of its kind. Its version 2 upgrade will, furthermore, provide institutions interested in the DeFi space to easily access this fast-rising industry. Institutions with huge Bitcoin investments can now earn up to 25% APY with zero possibility of a counterparty risk. This upgrade is sure to totally revolutionize the decentralized finance (DeFi) space.
Kava 5.1 Mainnet Launch
Launched by Kava Labs in 2019, the Kava blockchain was designed to provide top-notch, secure, and reliable access to DeFi apps (dApps). Kava currently manages over $1 billion in assets on behalf of its users.
In line with this, the Kava 5.1 public testnet launch event took place through March 31, 2021. Following the public testnet event’s completion, the Kava 5.1 upgrade will go live on the mainnet today – March 31, 2021. This mainnet launch will happen simultaneously with the proposed HARD Protocol V2 upgrade.
Expanding Kava’s appeal and the HARD Protocol money market is a solid pointer to the platform’s vision of facilitating global adoption of cross-chain DeFi solutions.
More on HARD Protocol Version 2
The update is a plus not just for institutional grade investors but for all users on the platform. For one, it will make borrowing with variable interest rates available to everyone on its platform. Also, the upgrade will provide a standard structure for distributing the protocol’s governance token, HARD. The distribution will be to both borrowers and suppliers of assets. Therefore, improving the yields offered to lenders on the platform and ensuring all users (lenders and borrowers) are actively involved in governing the platform.
Notably, with the protocol upgrade, developers and end-users of several crypto assets will be able to earn interest in their native asset.
The Hard Protocol Version 2 will bring to live several important changes to the HARD governance model.
Now, token holders will be able to update protocol parameters, update HARD token reward allocations, add money markets for more crypto assets, etc. This will subsequently drive demand and adoption, while also empowering the platform’s users.
With the decentralized governance process, HARD Protocol will continue to develop, upgrade, and make important future changes that is beneficial to all on the platform.
About HARD Protocol
HARD Protocol is the world’s foremost cross-chain money market for cryptocurrencies. The protocol provides users with the opportunity to borrow, lend, and also earn interest on the assets. The protocol relies on the Kava platform’s secure and reliable DeFi infrastructure.
HARD Token Price
At the time of writing, HARD token was trading at $2.16, with a market cap of $89,020,732 and a 24-hour trading volume of $14,749,116.
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