Singapore, Nov. 06, 2020 (GLOBE NEWSWIRE) — Cryptocurrency trading platform BitMax will integrate HARD protocol, the first cross-chain DeFi money market into its platform. The integration includes the listing of the USDX and HARD tokens, both for trading, as well as use in the interest earning pool services.
Centralized Exchanges Explore DeFi Options
In recent months, various centralized exchanges have begun integrating DeFi protocols directly. BitMax is the first platform to do so where the HARD protocol is concerned. HARD’s money market provides interest earning opportunities for suppliers of BTC, XRP, BNB, BUSD, KAVA, USDX, and HARD cryptocurrencies. For many of these assets it will be the first time decentralized interest earning opportunities will be made available to their communities.
BitMax has confirmed it will officially list HARD and USDX on November 6th, at 10am EST and 11am EST respectively. The pool for USDX will open the same day, at 11:30am EST. For the HARD pool, users can expect that to become accessible on November 9, at 10am EST.
Competition among centralized exchanges has heated up over the past few years. It is an incredibly competitive space, yet the bigger and established platforms continue to note most of the growth. For smaller exchanges and trading platforms, competing is difficult. This is where the integration of DeFi solutions and protocols can make a difference.
Binance, currently the world’s leading cryptocurrency exchange, continues to note solid growth. It has the largest userbase, trading volumes, and provides access to innovative financial products. Binance has become synonymous with token offerings, integrating DeFi protocols, and so forth. That approach is now being followed by many other companies in the space.
Winning over customers is the end goal for any centralized exchange. Doing so requires innovative approaches to cater to users’ needs. Currently, the majority of users want exposure to decentralized finance. More specifically, they want to do so through the exchange itself. Keeping users locked into the same ecosystem is beneficial to all parties involved.
HARD Protocol is a Big Success
Since its launch on October 15, 2020, HARD has evolved into a very competitive money market. With nearly $1 million in rewards distributed and almost $8 million in Total Value Locked, Kava’s new protocol has attracted a lot of attention as the first cross-chain DeFi solution available. Cross-chain support is not something to be taken lightly, as no other DeFi solution has provided anything on this level.
Although HARD is smaller than the DeFi platforms leveraging the Ethereum blockchain, it is the biggest cross-chain protocol to date. Kava’s own blockchain is equally as viable for decentralized finance purposes, if not more so. According to DeFi Lama, Kava and Hard Protocol are ranked 24th and 31st among all decentralized finance projects in terms of total value locked. A remarkable feat, considering how both projects appear to fly under most people’s radar.
BitMax Improves its Market Position
For the BitMax team, the journey to this date has been spectacular. The platform is growing in popularity and offers innovative products of its own. Both token offerings – including some very successful ones such as Serum – and integrating DeFi protocols are the top priority at this time. In fact, one can argue BitMax has taken Binance’s example and improved upon wherever possible.
One example of improving upon the current example by Binance is by integrating the HARD Protocol. Providing users with access to the world’s first cross-chain money market is a major milestone. HARD money markets provide yield opportunities to holders of BTC, XRP, BNB, and BUSD. More assets will be added to this list over the coming weeks and months.
Furthermore, the BitMax team is intent on allowing HARD and USDX trading on its platform. The listing will occur right after Binance.com lists the HARD token for trading. However, BitMax is the first exchange in the world to offer trading for Kava’s crypto-backed stablecoin USDX.
The USDX currency was launched in June of 2020. Users seeking out collateralized loans through the Kava ecosystem were able to secure that loan through USDX. Kava’s ecosystem offers interesting features, including decentralized leverage for trading. More specifically, BTC holders can get a USDX loan, then use it to buy more BTC and leverage their position. A simple yet incredibly powerful approach.
Name: Sarah Austin
Email: Kava Labs