Over $9.75 billion is locked in Ethereum by different DeFi dApps. And this relates to ETH and ERC-20 tokens alone. This, by itself, points to how under-developed and under-exploited DeFi is.
Existing interoperable protocols haven’t gained enough traction to enable people, instead of simply sitting on their stash, to borrow stablecoins or lend their assets for extra rewards.
Kava Blockchain-Powered DeFi Protocol, Harvest, Supports XRP
This is about to change with the launch of the Harvest.io money-markets by Kava Labs.
The Tendermint based consensus protocol rolled out an interoperable protocol that will later in the year enable suppliers—including XRP, BNB, and BTC holders, provide liquidity to its money market protocol in exchange for decent rewards.
Participants will receive HARD, the governance token that will put the control of the protocol straight to the community.
Brian Kerr, the CEO of Kava, said:
“Harvest is the first of what will be many applications that utilize the Kava blockchain’s security, price feed module, and cross-chain functionality to provide open and decentralized financial services to the world.”
“We think the choice it brings to investors to lend and borrow assets, not well supported by existing platforms, is really exciting — as is the ability for Kava stakers to earn HARD tokens and participate in the new platform’s governance.”
The XRP Foundation Launched
Meanwhile, the newly launched XRP Foundation has received over $6.5 million in donation from Ripple and XRP holders. The foundation will be in charge of the development of the XRPL and the XRP community.
The transparent ledger pins XRP and one of Ripple’s core products: the On-Demand Liquidity runs on it.
Ripple Price Analysis
The Ripple price is steady but still under the bear influence judging from price action in the daily chart.
At the time of writing, the XRP price was trading at $0.244, down two percent in the last trading week against the USD. However, bulls are outdoing ETH, gaining three percent within the same period.
Candlestick arrangement in the daily chart suggest weakness but it could quickly swing to bullish. Notably, prices are still trading right at the 20-day moving average—or the middle BB. Moreover, although prices reversed from Sep 2020 lows, the reversal was with low participation.
Going forward, a sharp break above Sep 21 highs of $0.25 complete with high trading volumes preferably exceeding Sep 21 could see the Ripple price rallying to $0.30 in the medium term.
Losses below $0.23 could trigger a bear run back to $0.20 or $0.17.
Chart courtesy of Trading View
Disclaimer: Views and opinions expressed are those of the author. This is not investment advice. Do your research.
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