BitMax, the centralized cryptocurrency trading platform, is set to list Kava’s HARD and USDX tokens for trading.
This listing is a result of the integration of the HARD protocol into BitMax. The HARD protocol is the first cross-chain DeFi money market to be integrated into the BitMax platform. Also, the HARD and USDX tokens will also be used in the interest-earning pool services.
Centralized exchanges now integrating DeFi
As centralized exchanges begin to directly integrate DeFi protocols, BitMax has become the first to integrate the HARD protocol. In the HARD money market, suppliers of BTC, XRP, BNB, BUSD, KAVA, USDX, and HARD cryptocurrencies stand a chance in earning interest. This is the first time for some of these assets’ communities to earn decentralized interest.
BitMax states that the HARD and USDX tokens will be officially listed on the 6th of November, at 10 am EST and 11 am EST respectively. That same day ushers in the USDX pool at 11:30 am EST. However, the HARD pool will be open for use at 10 am EST on the 9th of November.
Leveraging the HARD protocol
Launched on the 15th of October, HARD has grown to become very competitive. Being the first available cross-chain DeFi solution, the HARD protocol has gathered a lot of attention. Since no other DeFi solution has cross-chain support, the HARD protocol has a high rank among other solutions. Currently, the protocol has approximately $8 million in Total Value Locked and almost $1 million in the distribution of rewards.
HARD is the current largest cross-chain protocol despite being smaller than other DeFi platforms on the Ethereum blockchain. The Kava blockchain is also viable for all purposes of decentralized finance. BitMax is leveraging on the HARD protocol by listing USDX and HARD trading on its platform. This makes BitMax the very first exchange to ever offer trading for USDX, Kava’s crypto-backed stablecoin.
Doing more with USDX
Launched in June 2020, USDX helps users to secure collateralized loans through the Kava ecosystem. The ecosystem provides many interesting features which include decentralized leverage for trading. On the Kava ecosystem, BTC holders can be able to get a USDX loan. This loan can then be used to purchase more BTC, while leveraging their position in the process. This simple approach has also proven to be incredibly powerful.
Currently, holders of BTC, BNB, XRP, and BUSD have so many yield opportunities in the HARD money markets. In the coming months, more assets will be hopefully added to the list.
At the time of writing, HARD is trading at $0.579074 with a 24-hour trading volume of $9,772,545.
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