Hard Cross Chain Money Market To Use Chainlink Price Reference Data
Kava Labs is excited to announce that HARD Protocol, the cross-chain money market built on the Kava blockchain is now using Chainlink’s widely used price reference data oracles from the Kava blockchain.
Kava was one of the first to bring Chainlink to Cosmos, and now projects like HARD Protocol are benefiting from that integration by using Chainlink for sound, reliable data to determine liquidation prices for collateralized loans and auctions. By integrating Chainlink’s market-leading oracle solution, the Hard money market application can now access accurate, real-time price feeds for digital assets, fiat currency, interest rates, FX rates, and other financial data.
The release of Kava 4 Gateway included an update for its Chainlink Oracles to expand support for more trading pairs. This allows Kava to support new DeFi applications and more collateral types built and offered on its platform, such as Hard’s money markets and soon many other applications.
Now all Hard money markets rely on Chainlink’s price feeds to ensure all loans are fully collateralized at all times and auctions are based on fair market prices, ultimately allowing users to trust that the Hard money market application will function as intended. The decentralized network of Chainlink node operators supporting Kava use custom external adapters, which enable them to post prices on the Kava blockchain directly. The Kava price feed module uses those prices to support functions in CDPs, liquidations, auctions and various other services across its ecosystem of apps.
Gas fees and network congestion do not exist on Kava due to its purpose-built design for DeFi applications, resulting in strong oracle reliability. Additionally, due to Kava’s fast block times and near-instant finality, the price updates occur rapidly, ensuring prices are always timely and accurate. This means Kava provides one of the safest environments for DeFi applications and their users.
“Chainlink’s oracle solution provides secure and reliable data to Hard’s cross-chain money markets and soon to many more cross-chain financial applications built on Kava. Hard’s already responsible for millions of dollars of user funds so I’m thankful we have Chainlink, a robust and reliable solution, which we can use today and leverage at scale in the future as the application grows. — Brian Kerr, Cofounder of Hard Protocol and CEO of Kava Labs.
“We look forward to empowering Hard Protocol to build a cross-chain money market on Kava’s scalable blockchain by providing them with secure and reliable price oracles needed to ensure full collateralization on all loans and properly manage auctions,” — Daniel Kochis, Head of Chainlink Business Development.
About Kava: Kava is a multi-asset DeFi platform that offers stablecoins, loans, and other financial services for users of major cryptocurrency assets including BTC, XRP, BNB and ATOM to name a few. The Kava platform has two types of tokens, the KAVA token and the USDX stablecoin where the KAVA token is the native token of the Kava blockchain integral in the security, governance, and mechanical functions of the platform. Users can collateralize their crypto assets in exchange for Kava’s stablecoin, USDX. Kava’s stablecoin provides a high interest yield earning users more than they would with traditional cash or savings account at a bank, but unlike traditional savings accounts.
About Chainlink: Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others. Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link and follow @chainlink on Twitter.