Kava has launched Harvest.io, the world's first cross-chain money market app. It allows users to stake BTC, XRP, BNB, BUSD, KAVA, and USDX to gain a passive return from the staked tokens, as well as HARD governance tokens. Notably, Harvest.io is also the first platform to support staking for XRP. Harvest.io is built on the Kava blockchain, and is designed to enable cross-chain functionality. There is also a planned integration for Chainlink, which would allow both Harvest.io and Kava to use real-world price data within any apps that are built on either platform. Harvest.io is currently live.
Why it matters: While the DeFi space has been hot, there have been few projects that work outside of the Ethereum blockchain. Most DeFi projects use ETH, which may become a problem due to high transaction fees. With the introduction of a platform that allows XRP staking, Harvest.io may have opened the doors for XRP to become another major force in the world of DeFi. Ripple recently introduced a program that would lend businesses XRP as a means of trade finance, which is one of the biggest markets for cross-border transactions. Now with Harvest.io entering the picture, XRP can also be used as a staking asset that earns passive income.