Decentralized finance (DeFi) company Kava Labs on Thursday announced a protocol update dubbed" Kava 5 "that gives users applications built on Kava access to new features.
Kava Labs has declared the upgrade of its infrastructure, based on the Cosmos SDK, signores that there are a number of performance improvements for users, allowing them to borrow against multiple cryptocurrency assets and earn staking rewards.
The move comes as DeFi finds its legs on blockchains beyond its traditional home, Ethereum.
"This upgrade will finalize Kava 's transition as a single application blockchain to an industry leading DeFi platform with interoperable cross-chain tools , secure price feeds and enterprise-grade reliability that financial institutions can trust, ”said Brian Kerr, CEO of Kava Labs, at.
Further , Kerr said the upgrade would also complement the Hard Protocol, the first cross-chain money market built on Kava's platform that offers lending, borrowing and returns.ts on cryptocurrencies such as bitcoin , XRP and BNB. Find out more: New DeFi site backed by Binance allows you to earn yield on Bitcoin, other non-Ethereum assets
The Upgrade is squarely aimed at institutional investors and corporate treasuries, according to documents shared with, touting the possibility for companies to get 25% APY on their bitcoin without counterparty risk. traditional do not meet their obligations toloan is avoided, it should be noted that smart contract risk and other factors certainly remain in play.
"Convince institutions that hold Bitcoin to exploring DeFi options will be a tall order, "Kava Labs admitted in a statement.