Binance supports new DeFi project, allowing traders to earn income by borrowing crypto assets

The exchange supports Hard Protocol (HARD) through its initial exchange offering (IEO) platform Binance Launchpad.

Binance Launchpad is a platform that provides exclusive token issuance for high-quality blockchain projects around the world. Through Launchpad, blockchain companies can connect with Binance's tens of millions of users around the world and gain access to all the resources and support of the Binance ecosystem.

Hard Protocol calls itself the “world’s first cross-chain money market” and uses the Kava blockchain to provide security, price feeds, and cross-chain capabilities.

Initially, HARD Protocol will only support deposits of BTC, XRP, BNB, BUSD, and USDX. The platform will open over-collateralized lending for supported assets in the near future.

HARD is the platform’s native governance token and will be used to distribute mining rewards and reward users who deposit and borrow supported assets.

HARD token holders will be able to vote on platform governance and receive HARD token rewards.

All HARD token rewards distributed will be locked for a certain period of time. The longer the lock-up period selected by the user, the more HARD tokens they will receive. The specific parameters of the token reward lock-up can be changed through governance voting.

Investors who used Binance Launchpad have seen impressive price returns in projects that have launched large token public sales, according to new data from Messari.

Binance Launchpad will allocate 7.5% of the total HARD token supply.