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Hover, the non-custodial lending and borrowing platform on the Kava Chain, is gearing up for the full market launch of its eagerly awaited lending protocol on February 21st. This launch signifies a pivotal moment for early adopters and contributors to the Genesis Pools, offering them a gateway to explore the extensive features of the Hover lending protocol, including yield generation and collateralized borrowing.
This launch marks a significant milestone for early adopters who have contributed to the Genesis Pools, as well as for newcomers eager to leverage Hover's unique tokenomics and innovative features. Also, the launch will empower users to leverage the Hover lending protocol, providing opportunities to earn yield and borrow against supplied collateral. Let's delve into the key aspects of Hover's lending protocol launch by first looking at a brief review of Hover.
Hover Brief Review
Hover is a non-custodial liquidity market on the Kava EVM which enables users to navigate market volatility through permissionless lending and borrowing of digital assets. Users can earn yield by lending assets or leverage by borrowing, all without intermediaries.
Deposits and withdrawals are instantaneous, providing seamless liquidity for users and dApps. Interest rates are determined by supply and demand, offering real-time market insights. Early adopters can enjoy boosted APY by depositing in Hover’s Genesis Pools. Lending is overcollateralized, with borrowing limits based on the market value of collateral, and borrowers can assess their risk with the Health Factor.
Hover offers users the opportunity to deposit assets into its lending pools to earn yield, while also allowing them to use their supplied assets as collateral to borrow on supported markets. Initially, Hover will support lending and borrowing across three assets: KAVA, ATOM, and USDt, with plans to expand its token offerings in the near future.
The borrowing limits for users are determined algorithmically based on their Health Factor within the Hover platform. For example, a user depositing $5,000 worth of KAVA may be eligible to borrow $3,500 worth of another asset, such as USDt or ATOM (actual amounts subject to market conditions).
Participating in Hover
Users can participate in Hover by staking, depositing, lending and borrowing on the platform or through the Genesis Pool. If user deposit assets into Hover’s lending pools to earn yield and utilize their supplied assets as collateral for borrowing on supported markets. Presently, Hover facilitates lending and borrowing across three assets which are $KAVA, $ATOM, and $USDt, with plans for further token additions in the near future. Users who deposit into the Hover Genesis Pools unlock the potential for boosted APY during the Genesis Pool period.
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Depositors can choose to stay in the pool for the entire Genesis Pool period, starting from the opening day, and will receive a guaranteed yield during this period. As depositors withdraw, the token yield will be distributed among the remaining users in the pool.
A total of 3% of Hover's token supply has been set aside for this Genesis Pool event. These tokens will be distributed among Genesis Pool depositors in proportion to their deposit amounts. The larger your deposit into the Hover Genesis Pools, the higher your yield will be.
Stakers of Hover can take advantage of rebates on borrowing and liquidation fees while utilizing the platform. The borrowing limits for Hover users are algorithmically determined based on their Health Factor within the Hover platform.
Hover Tokenomics Model
At the heart of Hover's ecosystem lies a robust tokenomics model designed to incentivize and reward active participation. Central to this model is Hover's native token, $HOV, which serves as the cornerstone of the platform's governance and incentives structure. By staking $HOV, users unlock a plethora of benefits, including borrowing and liquidation rebates, aligning their interests with the long-term success and sustainability of the protocol. You can learn more about the Tokenomics model via the image above which shows how $HOV will be distributed.
Hover Rewards Program
Hover's rewards program is a testament to its commitment to fostering loyalty and engagement within the community. Early adopters and contributors to the Genesis Pools are poised to reap the rewards of their participation, even beyond the initial phase. Users who maintain their deposits in the Genesis Pools will continue to enjoy boosted APY for an additional four weeks following the closure of deposits.
Furthermore, Genesis Pool contributors will have the opportunity to claim rewards in $esHOV (staked $HOV), unlocking exclusive perks such as liquidation and borrowing rebates, as well as platform fee rewards for those who opt for the KYC process.
Conclusion
In conclusion, Hover's lending protocol launch on February 21st represents a significant step forward in its mission to democratize access to decentralized finance. With its user-friendly interface, diverse asset support, robust tokenomics model, and comprehensive rewards program, Hover is primed to empower users to unlock the full potential of their assets while contributing to the growth and prosperity of the ecosystem. As Hover charts its course into the future, the possibilities are endless, promising a journey filled with innovation, opportunity, and community-driven success.
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I'm Adebola, a proud graduate in Agricultural Engineering (BSC). My passion for self-development and productivity drives me to constantly seek knowledge and conduct research. Over the last five years, I've immersed myself in the world of cryptocurrency and blockchain, growing more enthusiastic by the day. My diverse hobbies include reading, writing, enjoying good food, participating in agricultural activities, traveling, designing, and blogging. I possess a range of skills, including content writing, graphic design, UI/UX design, copywriting, internet marketing, research, data analysis, and basic coding. Don't hesitate to connect with me through the links below;
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