The launch of Hover protocol

It’s no longer news that the hover protocol will be launched on Feb 21st 2024. This means that the wait is finally almost over and the new phase of decentralized finance (DeFi) landscape will be revealed.

To start with, what is hover protocol and how can one participate?

Hover can simply be referred to as a non-custodial lending and borrowing platform that was launched on the kava chain ecosystem. Here, users can deposit assets to hover’s lending pools to earn yield and use their supplied assets as collateral to borrow on supported markets. At the moment there are three major supporting assets, they are ATOM, KAVA & USDT with plans to add some additional tokens to the market soon.

Participating is quite easy here because depending on the amount a hover user can borrow against their collateral which are determined algorithmically based on one’s health factor (HF). Say for instance Mr. Anthony deposits $10k worth of $Atom, it will make him eligible to withdraw $7k worth of another asset such as $kava or $usdt. To add to that, hover stakers can easily benefit from the borrowing and liquidation rebates when using the platform.

The uniquely integrated tokenomics model is a way the system has helped to reward those that contribute long term to hover ecosystem. This is how their loyalty is rewarded for staking their hover native token $HOV and by rewarding loyalty, hover’s tokenomics aligns users and $HOV holders with the protocol’s long-term success.

As a final note, the launch of hover on Feb 21st is sure to open up all lending protocol functionalities and hover staking program (HSP) benefits.