Kava Lend Halts HARD Token Deposits and Withdrawals via Binance Smart Chain (BSC)

Kava Lend has announced that starting on October 23, deposits and withdrawals of HARD tokens via Binance Smart Chain (BSC) will be halted.

Kava Lend, a decentralized finance (DeFi) platform on the Kava blockchain, has announced that starting on October 23, deposits and withdrawals of HARD tokens via Binance Smart Chain (BSC) will be halted.

However, trading of HARD tokens on Binance will continue, and deposits and withdrawals on the Kava IBC chain will remain available.

"Announcing that starting Oct 23, deposits + withdrawals of $HARD via Binance Smart Chain (BSC) will be halted. Trading of $HARD on Binance will continue, + deposits + withdrawals on the Kava IBC chain will still be available," reads a tweet from HARD Info.

Kava Lend is a DeFi platform that enables users to lend and borrow various cryptocurrencies. It boasts cross-chain money market capabilities, allowing transactions to occur across different blockchain assets without the need for traditional financial intermediaries. This provides a secure and efficient avenue for managing digital assets.

The platform operates by having users deposit supported cryptocurrencies, including BTC, XRP, BNB, BUSD, and USDX, among others. These assets can either be lent out to earn interest or used as collateral for overcollateralized borrowing. Kava Lend also utilizes Kava’s security features, price feed module, and cross-chain functionality to ensure seamless and reliable transactions.

Meanwhile, the HARD token serves as the governance token of Kava Lend, holding significant importance within the ecosystem. It facilitates liquidity mining rewards for users who choose to deposit or borrow assets on the platform. Furthermore, HARD token holders are granted the ability to participate in governance voting, which includes influencing platform development and token redemption schedules, encouraging long-term participation and investment.