Kaskad Review: Is Its Lending Worth Using?

Kaskad lets you supply supported assets to earn variable interest or borrow another listed asset against your collateral. It runs pools on Igra, an EVM-compatible layer 2 anchored to Kaspa, and Robinhood Chain. The listed Igra assets are iKAS, USDC, USDT, WETH and cbBTC; on Robinhood Chain, the list is USDG, WETH, NVDA, TSLA and PONS. Each asset has its own pool and risk parameters, so a position on one asset and chain is not automatically shared with another.

Borrowing does not require you to sell your collateral, but it exposes you to liquidation if your position falls below its required health level. Kaskad describes liquidations as permissionless and partial, rather than necessarily closing an entire position at once. The protocol also offers activity-based KSKD incentive claims for suppliers. Treat those incentives as variable: they are not the same as guaranteed interest, and Kaskad does not give a fixed return in its general product description.

Supply and borrowing rates are variable. Each pool uses a utilization curve, so rates respond to how much of that asset is supplied and borrowed. Higher borrowing demand can raise both supply APY and borrow APR; the rate for one asset may differ from another and can change over time. Check the live figures in the app before you commit, and consider how a rate change could affect a longer-running loan.

Kaskad does not publish a general schedule of protocol fees in its product description. You should also allow for network gas when supplying, borrowing, repaying or withdrawing. KSKD incentives may affect the overall value of supplying, but the available description does not establish a fixed reward rate or guarantee that rewards will outweigh costs. Compare the displayed supply rate and any incentive terms with gas costs and your own expected time in the pool. Do not treat an advertised APY as a promise of future earnings.

Kaskad describes itself as non-custodial: supplied assets sit in smart contracts, and users interact with them through their own wallets. That avoids handing account custody to a centralized lender, but it does not remove the risks of contract bugs, faulty pricing or network problems. Kaskad identifies Sherlock as an auditor and lists two audits, but it does not identify both reports or their scope in its general product description. An audit is useful evidence, not a guarantee against loss.

Pricing is another important dependency. Kaskad says its in-house COB Oracle supplies prices on Igra, while Robinhood Chain uses established feeds. Oracle errors or delays can affect collateral valuations and liquidations. Governance is bounded by protocol limits and includes a 48-hour timelock and 24-hour challenge window, according to Kaskad. The protocol is operated by PoW Incentives S.A. (BVI); no licence is identified. Only supply funds you can afford to put at smart-contract and market risk, and review the asset and liquidation parameters before borrowing.

You connect an EVM wallet and choose either Igra or Robinhood Chain, then select a supported asset to supply or borrow. Kaskad names MetaMask, Rabby and Frame as compatible wallets and says hardware wallets that support EVM signing can also be used. The protocol is accessible through smart-contract calls, and Kaskad offers an open-source MCP server for AI-agent interactions. That flexibility is most useful to people already comfortable checking network and transaction details.

Kaskad says positions settle on-chain and can be unwound at any time subject to pool utilization. In practice, that condition matters: if a pool does not have enough available liquidity, you may not be able to withdraw the amount you want immediately. Check the selected network in your wallet and confirm you are using the intended asset and pool before signing. Kaskad describes one interface for both chains, but the supported assets and oracle arrangements differ by network. Do not assume that an asset or position on one chain is available on the other.

Kaskad is not a simple savings account. Variable rates can change as pool utilization shifts, and a borrower can be liquidated if collateral value or loan conditions move against the position. Even partial liquidations can reduce your collateral and trigger penalties. The protocol sets loan-to-value ratios, liquidation thresholds and penalties per asset within governance-bounded ranges; check those details for the specific market rather than relying on an example rate or health factor.

Withdrawals are also subject to available pool liquidity, so do not supply funds you may need on a fixed schedule. The oracle design differs between the two networks, and all positions depend on the relevant chain functioning correctly. Kaskad's general description does not provide a complete fee schedule or identify the scope of both listed audits. Those gaps make it harder to compare the protocol's full costs and security coverage. If you need fixed returns, guaranteed liquidity or comprehensive risk documentation before using a protocol, choose a service that clearly provides those terms.