Adam Turman, Developer Support Engineer at Kava Labs Inc, which is focused on “democratizing” financial services and making them more accessible to “anyone, anywhere” across the globe, notes that Kava Labs is pleased to introduce new features and enhancements they’ve been working on recently.
Turman writes in a blog post, published on April 15, 2021, that “as of April 8 at 15:00 UTC, Kava 5 and Hard V2 are now live.” He also mentioned that users are now able to supply and borrow assets to the Hard protocol, “making it a full-functional lending platform.”
As explained by Turman, these upgrades will aim to bring “significant boosts to performance and reliability to the entire Kava ecosystem.” He added that a “dedicated bridge” has also been launched to “improve connection consistency for Trust Wallet users.” Additionally, users will notice an “improved UX/UI with both Kava and Hard protocols merged into a single application, making switching between them seamless,” Turman revealed.
While going over some of the new Hard borrow functionality/features, Turman noted that the Binance USD (BUSD) stablecoin will be the “sole asset” eligible to borrow. Other assets will be “phased in” shortly after through “governance,” Turman added while noting that to borrow BUSD (and eventually other assets) on Hard Protocol, users need to connect to the Hard app with Trust Wallet.
After completing this step, users need to find BUSD and click on “Supply/Withdraw.” Then they can choose “Supply” and select the amount of BUSD they want to supply. This must be signed and confirmed in the Trust Wallet, Turman explained.
After supplying BUSD, users can click on “Borrow/Repay.” With Borrowers selected, users can also specify the amount of BUSD they want to borrow. Then they need to sign and confirm the transaction, Turman explained.
And that’s all you have to do to utilize Kava’s fully-functional lending protocol, Turman noted.
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