Kaskad Review 2026: Lending on Igra and Robinhood Chain

Kaskad is a non-custodial lending protocol that runs on two networks: Igra, an EVM-compatible Layer 2 anchored to Kaspa, and Robinhood Chain. Users supply assets to earn variable interest or borrow against collateral. It is operated by PoW Incentives S.A. (BVI), and its homepage says it has been audited by Sherlock.

Markets are split by chain. Robinhood Chain lists USDG, WETH, NVDA, TSLA and PONS. Igra lists iKAS, USDC, USDT, WETH and cbBTC. The mix of tokenized stocks and Kaspa-linked assets is unusual among lending protocols.

Kaskad is new. DefiLlama lists it since 27 May 2026, with about $679,000 in TVL and a 4.8% drop over the last week. That is early-stage scale, so this page treats it as an early-stage project with limited history.

Kaskad is a pooled lending protocol. Suppliers deposit an asset into that asset's pool and receive a 1:1 receipt token (the aToken model) whose value grows as interest accrues. Borrowers lock supplied assets as collateral and borrow another listed asset against it, up to a per-asset loan-to-value limit.

Interest rates are set by each pool's utilization curve. When more of a pool is borrowed, supply APY and borrow APR both rise, which encourages repayment and new deposits. Each asset has its own pool on its own chain, so risk is isolated by market.

If a borrower's collateral value falls too far relative to the debt, the position can be partially liquidated by anyone, and a penalty applies. Prices come from the COB Oracle on Igra and established feeds on Robinhood Chain. Governance can adjust parameters only within set bounds, with a 48h timelock and a 24h challenge window.

Kaskad does not publish a simple fee table on its homepage. Supply APY and borrow APR are variable and set by each pool's utilization, so the cost of borrowing depends on live demand in that market.

The homepage mentions a liquidation penalty set per asset within governance-bounded ranges, and a fixed 65/35 treasury routing between DAO and Operations. Specific percentages, reserve factors and any other protocol fees are not stated publicly. Network gas fees on Igra or Robinhood Chain also apply. Users can see current rates in the app before confirming.

Kaskad is described as non-custodial, with supplied assets held in smart contracts on Igra and Robinhood Chain. The homepage says Sherlock audited the code, and DefiLlama lists two audits. Audit reports were not part of public sources, so scope and findings cannot be assessed here. The homepage also says the code is open source, which allows outside review.

Main risks are smart-contract bugs, oracle error or manipulation (the COB Oracle is the project's own), liquidations in volatile markets, and the immaturity of the underlying chains. Low TVL can mean thin liquidity and slow exits at high utilization. The operator is PoW Incentives S.A., registered in the BVI. No incidents are mentioned publicly, though the protocol has little history. Only commit money you can afford to lose.

Kaskad is for DeFi users who already hold assets on Igra or Robinhood Chain and want to earn interest or borrow without selling. It also suits people curious about Kaspa-linked lending or agent-driven strategies. It is not ideal for those who need a long track record or deep liquidity.