Hover and Ledger Works partner to pioneer risk management for DeFi lending protocols
Hover, a non-custodial liquidity market, is partnering with Ledger Works in preparation for its protocol launch on Kava EVM in Summer 2023.
By partnering with Ledger Works, Hover will receive comprehensive risk management coverage for each market listed on their platform.
At present, these will include kava (KAVA), cosmos(ATOM), and native tether (USDT).
Their operations will be supported by Ledger Works’ quantitatively-defined parameter recommendations for collateral factors, borrowing limits, and more.
Leveraging deterministic and stochastic models, network-wide simulations, and real-time market surveillance allows Hover to minimize market challenges.
This enterprise-scale risk management will place Hover levels above any other protocol within the Kava ecosystem regarding market surveillance. Moreover, Ledger Works’ suite of solutions will inform optimal lending terms for Hover’s markets, optimizing total protocol efficiency.
Ledger Works offers integrated risk management services that combine cyber, operational, and financial risk controls into a unified dashboard with real-time computational models and rules that enable continuous market surveillance for market-wide and decentralized finance (DeFi) protocol-specific risks.
Key features of Ledger Works solutions for Hover will include:
- Real-time market surveillance through intuitive dashboards and alerts.
- Cyber risk monitoring alerts to identify potential exploits and vulnerabilities.
- Operational risk monitoring alerts to identify protocol issues proactively.
- Financial risk parameter recommendations, including Collateral Factor, Reserve Factor, and Borrow Cap.
- Event response support services during extreme market conditions.
Ledger Works is expanding its machine learning environment to leverage extensive data sets, existing rules, and financial models. This initiative aims to provide faster and more effective risk identification and response mechanisms.
Meanwhile, Ledger Works has over 100 years of combined experience in security, risk management, and big data systems. Their CEO, David Melnick, held a national partner role in Deloitte’s Enterprise Risk Services practice before launching Ledger Works.
Steve Elfanbaum, the chief technical offer (CTO), previously was co-founder and principal at Asynchrony Solutions. At the same time, their chief data scientist, Chintan Mehta, earned a Ph.D. from Princeton University and completed extensive postdoctoral work at Yale University.
Initially collaborating with the team while at Bridgewater Associates, Chintan brings his expertise in deterministic and stochastic modeling to coordinate the engineering and data science efforts at Ledger Works.
Aileen Dauz, a core contributor at Hover, states:
“As a lending protocol, it is imperative for Hover to effectively manage risk to protect our users and maintain healthy, active markets. We are thrilled to collaborate with the team at Ledger Works to ensure that our risk strategy enables us to do just that. With their offering of 24/7 market surveillance, expertise in risk management, security, and data analytics, coupled with their professional approach, we are confident that this partnership will propel Hover and the Kava ecosystem to even greater heights.”
David Melnick, the CEO of Ledger Works, added:
“The Ledger Works team is excited to collaborate with Hover on the launch of their DeFi Lending Protocol. Their innovation and professionalism align perfectly with our team’s approach to Risk Management. By combining their DeFi experience with our comprehensive Risk Management solution, we can deliver a world-class offering to the market.”
About Ledger Works
Ledger Works partners with DeFi companies to operationalize next-generation risk management solutions. By leveraging real-time computational rules, continuous execution of deterministic and simulation models, and real-time market surveillance, Ledger Works empowers businesses to turn risk into a competitive advantage.
For more information, visit: https://www.lworks.io
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About Hover
Hover is a revolutionary non-custodial liquidity market that facilitates the lending and borrowing of digital assets. Native to the Kava ecosystem, Hover supports the growth of Cosmos.
For more information, visit: https://hover.market
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