Hover, the sustainable yield ecosystem built on Kava EVM in Cosmos amassed over $8 million in deposits for its public sale.
February 23 – London – Hover, the newly launched yield ecosystem on the Kava EVM, has closed its public sale on top crypto launchpad DAO Maker. The token sale was set to raise $1 million and was 800% oversubscribed, with over $8 million deposited. This sale of the $HOV token ran for one week from February 14th to 21st.
Hover is led by Dr. Aileen Dauz and Vincent Wu, who collaborated with Rome Blockchain Labs to develop a lending and yield market that avoids over-emission while maximizing token utility.
“We were impressed to see the enthusiasm with which the $HOV sale was met.” said by DAO Maker team. “This 800% oversubscription proves that it is a project to watch and that Web3 users are looking for improvements and new ways to approach DeFi. We will closely watch what’s next for Hover and the $HOV token.”
Speaking on the problems of early-generation lending markets, Dr. Dauz added, “We understand how critical lending markets are to DeFi ecosystems. Looking under the hood, you learn that their performance is not optimal. Honestly, we’re surprised that many projects have been able to experience as much sustained growth as they have with a heavily emission-reliant model.”
What is the $HOV token?
$HOV is the native token for the Hover protocol. Hover has structured its tokenomics to integrate $HOV into its operations through the Hover Staking Program (HSP). Traders can stake their tokens to unlock discounts on borrowing fees, liquidation rebates, and access to more features.
Dr. Dauz pointed out the current state of token utility in lending market processes: “Lending protocol tokens are typically used to inflate market rates unsustainably and as DAO governance votes. The former doesn’t support long-term growth, and the latter is not a strong value proposition. We designed Hover with a solution to that in mind.”
To ensure users’ loyalty and prove that Hover is a protocol for those who want to stay long-term and are interested in stable rewards, the $HOV unstaking period is 180 days. Users who decide to withdraw their tokens earlier are penalized by up to 50% of their tokens being slashed and burned. This way, Hover ensures its token is being held and staked by users who have a stake in the projects and want to use it long-term. This creates a much fairer level playing field for non-institutional retail investors.
Why is this significant?
The Hover team’s focus on sustainable growth is not limited to lending market operations but diversifies into even more cutting-edge DeFi technologies.
“We’re glad to see the positive response for Hover’s public round,” said Mr. Wu, “and very excited to deploy efficient money markets and innovative vault strategies for the ecosystem!” Phase two of Hover’s deployment will offer fixed-yield services, allowing depositors a risk-adjusted fixed yield leveraging CeDeFi hedging facilities and various LST platforms. More information is expected on Hover’s phase 2 deployment later in 2024.
About Hover
Hover is a revolutionary liquidity market on Kava that facilitates the lending and borrowing of digital assets. With an innovative tokenomics model, 24/7 risk management, and a rewards program to benefit its users directly, Hover empowers retail users and institutions alike to fly into the next generation of DeFi.
Learn more at hover.market.
About DAO Maker
DAO Maker aims to redefine venture capital by making it accessible to the masses. It develops next-generation digital financial solutions trusted by more than 1M users worldwide and is the best launchpad with the most KYC-ed users.
Learn more at app.daomaker.com.
