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Gateway has realized cross-chain support for BTC, XRP, and BUSD, and introduced the cross-chain currency market application Harvest.
Original title: “Kava 4 Gateway mainnet upgrade completed to support Harvest money market operation”
Written by: Kava Labs
The outstanding feature of Kava 4 Gateway is that it carries the Harvest.io cross-chain currency market and supports BTC, XRP, BUSD, KAVA, USDX and HARD collateral types.
We are happy to announce that Kava’s most significant release this year-Kava 4 Gateway has been successfully launched. Gateway greatly expands the functions of Kava, supports BTC, XRP, and BUSD, and provides the ability to quickly expand to more assets without any network upgrades. Gateway also hosts Harvest.io, the world’s first cross-chain currency market application. It utilizes Kava’s leading cross-chain infrastructure and opens the way for many applications that can be built on the Kava blockchain in the future.
The launch of Gateway opens the next chapter of Kava : “Kava Next Chapter Planning-Becoming a Hub in the DeFi World”
Since then, Kava is no longer a blockchain serving a single application, but a real Layer 1 DeFi Hub. Developers can use Kava’s security, cross-chain bridges, and adapted Chainlink oracles to quickly create new ones Cross-chain DeFi applications and deploy them to Kava’s global user base.
Speaking of users, it is worth mentioning that since the release of Kava 3, Kava has experienced rapid growth in the past few months. We compared the statistics of Kava 3 on June 5 and Kava 4 on October 15. The results we achieved are as follows:
- Number of Kava blockchain accounts: 8,557 → 202,658
- Cumulative CDP account: 0 → 1,260
- Cumulative value of locked assets: 0→25,650,638.14 USD
- Cumulative loan value: 0 → 10,803,913.11 USDX
We expect that in the next few weeks, with the expansion of Kava 4’s features, these numbers will further increase significantly, attracting new users to the platform.
So what functions are there in Kava 4 Gateway?
Kava 4 Gateway function
The Kava 4 Gateway upgrade includes a series of impressive new modules and functions. These functions include:
Chainlink oracle update
The following market prices are now available in the price feed module:
- BTC:USD-BTC/USD trading pair
- XRP:USD-XRP/USD trading pair
- BUSD:USD-Binance-USD/USD trading pair
BEP3 Binance cross-chain bridge expansion
Although only BNB can be used through the cross-chain bridge before, with this update, all BEP3 cross-chain exchanges will be operated through the Binance proxy process (the same process as BNB). In addition, for the sake of safety, when the initial Kava 3 was launched, the asset limit of the BNB system was set to control risks. Now the limit will be safely expanded to a larger number, allowing more funds to flow into Kava for use DeFi application.
When Kava 4 went online, the following BEP2 token assets were added: BTCB (BTC on Binance Chain), XRPB (XRP on Binance Chain) and BUSD (Stablecoin on Binance Chain).
Through simple governance voting, additional BEP2 tokens can be added. Currently our preferred additional backup assets are USDT, LINK, ONE (Harmony), MATIC, TWT (Trust Wallet token) and RUNE. The expansion of the collateral accepted on Kava will be determined by the governance.
Kava CDP update
The following collateral types will be added to the Kava CDP system.
All assets will start with a low debt limit and will be gradually increased by the Kava Stability Committee. The specific parameters of each collateral type can be found in Kava GitHub .
Please note that the existing BNB CDP will be automatically migrated to the BNB-A collateral type CDP. CDP holders do not need to do anything.
Another important change in Kava 4 is the time for the governance proposal to reach finality. In Kava 4, the governance process will be shortened from the previous 2 weeks voting process to 1 week. This change is to allow Kava to adapt to the fast-paced market dynamics of the DeFi market relatively faster.
This includes fixes to pruning issues affecting Kava 3 verifiers. Starting with Kava 4, validators will be able to use the default “pruning=syncable” strategy again. The tendermint version of Kava 4 will be v0.33.7. This is the same as the main version of Kava 3.
Harvest.io is currently online
Loaded in the upgraded version of Kava 4 Gateway is the first version of Harvest, Kava’s first native DeFi application. Harvest is the world’s first cross-chain currency market, allowing users to earn more income with their digital assets. With Harvest, you can now use assets such as BTC, XRP, BNB, BUSD, KAVA, and USDX to borrow and mine to obtain income.
Harvest opened the precedent for Kava blockchain application integration. In the future, all applications can use the security, price-feeding services and cross-chain functions of the Kava chain to provide the world with open and decentralized financial services.
Harvest will have two major versions: V1 and V2
When Harvest’s version 1 goes live, it supports supplier deposits and token incentives for BTC, XRP, BNB, BUSD, USDX, and HARD (Harvest’s governance token).
The main function of HARD tokens is to give holders a say in the Harvest platform through governance. In general, HARD holders are responsible for managing the key parameters of Harvest, such as which assets are provided, how rewards are distributed in the available market, and setting any platform fees. HARD tokens will also be used to motivate early participants and give them a say in the continuous development and management of Harvest.
The second version is expected to be launched in December 2020. This version will include all the aforementioned asset borrowing functions and borrower incentive measures, as well as extended functions on the HARD governance chain.
Now that Harvest is online, you can start depositing your assets to Harvest. Harvest’s USDX, HARD, BNB, KAVA markets will officially begin to distribute HARD revenue at 10 o’clock tonight. Click “Read the original text” to experience it immediately!