Cross-Chain Money Market Protocol Hard to Use Chainlink Price FeedsNovember 10, 2020
Hard, an inter-chain network focusing on the money markets and powered by Kava, has announced on November 10 will now use price oracles from Chainlink.
The connection between the two has been enabled by Kava’s earlier initiative to interface Chainlink and Cosmos. Through the price oracles, Hard’s inter-chain money markets will be able to acquire high-integrity data seamlessly. As a result, the protocol will be able to use reliable data when conducting liquidations during auctions. This is essential to the inter-chain network since access to up-to-date data is crucial when giving out loans.
Real-time Data to Empower DeFi Platforms
Chainlink’s price oracles provide real-time data touching on different value-denominated factors such as crypto/fiat currency prices, foreign exchange rates, and interest rates. Kava has also released a new gateway enabling Hard and other native DeFi projects to access additional trading pairs.
Apart from liquidations, a Hard-Chainlink integration ensures that loans on Hard’s markets are adequately collateralized.
According to Chainlink’s chief of business development, Daniel Kochis, they are happy to be associated with Hard Protocol in their bid to provide full collateralization of loans. He stated:
“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.”
Through the integration, the Hard network can assure its users that the Kava-driven platform is true to its course.
To provide reliable and real-time data, Chainlink oracles draw data from multiple sources and interact with the Kava blockchain using uniquely-designed external adapters. Consequently, Kava employs its price feed module to supply data across its ecosystem.
No Gas Fees and High Finality Prevent Congestion
To prevent discrepancies between data from Chainlink and data delivered to Kava-powered protocols, the Kava chain is purposely built to avoid network congestion. Part of Kava’s congestion dilemma is solved by eliminating gas fees when delivering data. Additionally, the Kava blockchain has high transaction speeds and finality.
With these features, Kava achieves its mission of being a multi-asset DeFi network. The network serves stablecoin users and investors of major cryptocurrencies such as Bitcoin (BTC), Binance Coin (BNB), and Ripple (XRP). Note that Hard Protocol was previously known as Harvest.io. The change was the project’s way of avoiding the negativity that has been associated with the term “harvest” in the DeFi scene.
Chainlink, on the other hand, focuses on driving price data to platforms that need it. As such, it helps power various smart contracts. Notably, Chainlink is compatible with a wide range of decentralized platforms.
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