Lending protocol Hover is set to launch its Genesis Pools on November 21, 2023, offering early participants the chance to earn increased yield rewards. These pools, which precede the full protocol launch in Q1 2024, aim to strengthen the Kava ecosystem by providing institutional-grade DeFi solutions. Users can participate by depositing KAVA, ATOM, or USDT, with incentives such as staked $HOV tokens.
Hover Announces Upcoming Launch of Genesis Pools
Hover, a leading lending protocol native to the Kava ecosystem, is gearing up to launch its Genesis Pools on November 21, 2023. These pools, which precede the protocol’s official launch, are designed to entice early participants with increased yield opportunities.
Hover’s emergence in the DeFi space is significant, as it aims to provide institutional-grade solutions that will bolster the Kava ecosystem. The Genesis Pools represent Hover’s initial pre-launch product deployment, closely aligned with its strategic round and subsequent public sale. The protocol is expected to open its lending markets to users in Q1 2024.
Early Participation and Reward Structure
Genesis Pool participation is open to users willing to deposit KAVA, ATOM, or USDT. It’s worth noting that Kava was selected earlier this year as the first Cosmos zone to host native USDT. These three pools will accept deposits from early adopters for a limited period. To incentivize participation, Hover has allocated 3% of its total token supply, equating to 30,000,000 $HOV, as rewards for users engaging in the Genesis Pools.
Participants will receive staked $HOV, denoted as $esHOV, based on the size of their deposits and the duration they remain in the pool. Notably, Genesis Pool participants will enjoy an increasing Annual Percentage Yield (APY) during this limited timeframe. Those who deposit on the first day of the Genesis Pool launch will reap the maximum yield. The rewards will be available to users until the culmination of the event following the full protocol launch in Q1 2024.
Hover’s Unique Value Proposition
Hover distinguishes itself by blending real-time, dynamic risk management with innovative tokenomics to create a secure and sustainable liquidity market. This platform enables lending and borrowing of blue-chip assets, catering to users of all backgrounds. Its vision encompasses institutional-grade lending accessibility to the broader retail audience.
Aileen Dauz, Core Contributor at Hover, said: “Our community has been critical to building Hover’s success so far. We’re excited to launch Hover’s Genesis Pools to continue that mutual success with those that have championed Hover from our inception.”
“We invite everyone to join our growing community, take part in Hover’s premiere launch event, and be rewarded for being among the first within the Hover family,” Aileen added.
Hover’s non-custodial liquidity market provides a platform for institutions and DeFi-savvy individuals to lend and borrow digital assets. As a native component of the Kava ecosystem, Hover also contributes to the growth and development of Cosmos.
Hover’s upcoming Genesis Pools represent an exciting opportunity for early adopters and crypto enthusiasts to engage with a lending protocol aiming to bring institutional-grade DeFi solutions to the Kava ecosystem. With enticing rewards and a strong community-driven approach, Hover is making strides towards becoming a pivotal player in the evolving world of decentralized finance.