Kava's HARD Protocol V2 Launch Postponed as Community Fails to Vote for Proposition
HARD Protocol, a cross-chain decentralized financial ecosystem by Kava Labs, has had its v2 release postponed. This decision was made due to a lack of user voting activity.
HARD Protocol v2 launch postponed; here's why
According to a press release shared earlier with U.Today, upon completion of its testnet v5.1, Kava Labs planned to activate the mainnet of its HARD Protocol DeFi.
Its lending/borrowing engine could offer high rates for different assets, including the world's largest cryptocurrency, Bitcoin (BTC). At the same time, the vast majority of DeFis work only on a single chain: Ethereum, Binance Smart Chain or Tron.
The upgrade targeted large-scale institutional market players. In HARD Protocol v2, they will be offered up to 25 percent in annualized yearly revenue denominated in their assets—even in Bitcoins!
Unfortunately, the community did not show up to vote for the corresponding proposition. As HARD governance is fully decentralized, no power can alter the collective decision of the community.
Brian Kerr, CEO and founder of Kava admitted:
We can build great software all day at Kava Labs, but we need the Kava community to step up and be active participants, vote on what software upgrades they want, and ensure the evolution of the Kava blockchain continues.
More power to HARD community
Also, Kava planned to upgrade the governance model of the HARD protocol. The Kava Labs team stressed that the governance model adjustment might result in more robust community-driven protocol optimization.
HARD Protocol is the first multi-asset decentralized financial protocol that onboards users with their own currencies, leveraging next-gen DeFi segment concepts and technologies.