BitMax Integrates Kava's Money Market HARD Protocol
DeFi protocol Kava is further expanding its market position since the launch of HARD Protocol. BitMax, a fast-growing cryptocurrency exchange, is the first to implement this new concept. For centralized exchanges, it is crucial to support decentralized finance solutions.
For centralized exchanges, it is a necessity to pay close attention to DeFi projects. Users want exposure to these currencies, as well as engage in earning a yield for providing liquidity. Bitmax will cater to this demand through its integration of HARD protocol. Kava's native money market is renowned for its cross-chain liquidity, something other DeFi projects have yet to explore.
Since its inception on October 15 of this year, HARD protocol has proven to be successful. It is an innovative concept, attracting millions in Total Asset Value very quickly.
Unlike other DeFi projects, HARD is not designed for Ethereum users. Instead, the Kava team focuses on tapping into liquidity associated with Bitcoin, XRP, BNB, and BUSD. More assets will be added to this platform in the future.
One benefit of using this ecosystem is how one can benefit from decentralized leverage for trading. Obtaining a loan in USDX to buy more BTC / BNB / BUSD / XRP and leverage that position is just one possible option.
As far as BitMax is concerned, the HARD protocol offers something other exchanges do not have as of yet. Being a first mover is crucial, as that approach has contributed to the success of Binance and other platforms.
As of this week, BitMax users can trade HARD and USDX - Kava's stablecoin - on the platform. A pool for USDX farming is also accessible. On Monday, the HARD pool will officially open its doors to the public.
