Three minutes to learn about Knit Finance: a cross-chain protocol for boca eco-assets

With lightweight cross-chain operations, Knit.Finance wants to offer the possibility to step into DeFi for non-standard ERC20 tokens, assets on public chains without DeFi applications and even other classes of assets.

Finance wants to offer the possibility to step into DeFi with lightweight cross-chain operations for non-standard ERC20 tokens, assets on public chains without DeFi applications and even other classes of assets. …publicchain,crosschain,DeFi,polka,project progress,Knit Finance Publicchain Crosschain DeFi Polka Project Progress Knit Finance

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Knit Finance wants to provide access to DeFi for non-standard ERC20 tokens, assets on public chains without DeFi applications, and even other classes of assets through lightweight cross-chain operations.

Written by Groot

The rapid growth of DeFi and the performance bottleneck of Ether have revived the race for new public chains that had previously faded from the market’s view at the beginning of this year, from the head exchange public chains represented by BSC to Polygon, which focuses on a special track, to the recent hits such as Solana and Fantom, DeFi’s fervor is spreading throughout the cryptocurrency world The DeFi buzz is spreading at an accelerated pace throughout the cryptocurrency world.

The high threshold for users to transfer assets between different public chains has restricted DeFi, which was originally intended to create “infinite open finance”, to encounter a bottleneck. The lack of convenience in transferring assets across chains has led to some “unnecessary” operational processes, which undoubtedly exacerbates the congestion in the Ethernet network, the main battleground of DeFi.

Three minutes to learn about Knit Finance: a cross-chain protocol for boca eco-assets

Finance aims to change that by offering a lighter cross-chain experience, offering the possibility to step into the DeFi wave by providing non-standard ERC20 tokens, assets on public chains without DeFi applications, and even other classes of assets.

What is Knit?
Knit Finance is a polka-based asset cross-chain protocol designed to bring together synthetic assets on each chain and off-chain assets to enable cross-chain transactions and lending, etc. Users can transfer assets to a vault and then mint k assets on other blockchains.

As a simple example, you can encapsulate your own tokens that lack DeFi applications like XEM, ADA and FIL in your hands as k assets via cross-chain and directly participate in a large number of DeFi applications on Ether and get higher returns from your position.

By transferring assets across chains, users’ capital utilization can be effectively enhanced and the scale of funds that can be reached by DeFi applications that only support a single public chain can be effectively increased. In addition to crypto assets, Knit can even bring other types of traditional financial assets, including stocks and bonds, into the DeFi world.

Knit has designed a token wrapper that can be based on real assets in the vault, enabling any crypto asset or other asset that can be locked into the vault to have the possibility to lend, margin trade and participate in mining in the DeFi world, which is expected to introduce a huge pool of idle assets to DeFi, allowing users with all types of assets to enjoy more It is expected to introduce a huge pool of idle assets to DeFi, allowing users with various types of assets to enjoy more returns from DeFi products, while also effectively expanding the boundaries of DeFi and creating a direct bridge between DeFi and the trillion dollar traditional financial market.

In addition to this, Knit actually brings a more reliable selection of insurance products based on traditional finance to DeFi, as the aforementioned “vault” is based on real-world assets with a total coverage of over $350 million.

Knit’s beta application went live last December and currently supports asset encapsulation on 5 public chains.

Team and Funding Information
The Knit team has a wealth of experience in the crypto industry; CEO Sainath Gupta is a serial entrepreneur who has been involved in bitcoin mining since 2010 and has extensive contacts in the Indian crypto industry; CTO DR. Aviral Sharma and other members of the core technical team generally have years of experience in product development. COO Nikhil R Karande has more than 5 years of experience in the crypto industry and has in-depth knowledge of the crypto market and understanding of market needs.

On May 8th, Knit closed a total funding round of $1 million with major investors including DAO Maker, AU21 Capital, LD Capital, Orion, X21, Nabais Capital, Insight Capital, Momentum 6, Bitcoin.com, pcoin.com, and P.C. Bitcoin.com, pSquare Capital, and Chronos Ventures.

Official information shows that Knit has already partnered with more than 30 projects including Elrond, Polygon, NULS, Orion, OroPocket, ParaLink, PlotX, Tidal, and Unos.

Native Token KFT
The liquidity of cross-chain assets in the Knit ecosystem is based on an insurance escrow pool, and users pay a fee to cover the cost of keeping the ecosystem running when they redeem k assets or use the cross-chain bridge. A portion of this revenue will also be used to incentivize the holders of the token KFT. In addition, KFT also represents the voting rights in the decentralized governance mechanism, where decisions, including adjustments to parameters, are voted on by token holders.

The total number of KFTs issued is 100 million, and the tokens are allocated in the following proportions.

13% sold in the Private Placement round.

4% sold in the strategic round.

Base reserve 15%.

Team allocation 10%.

10% set aside for farming and mining proceeds.

Creation of asset reserves 17.5%.

Partner allocation 10%.

Advisors allocation 5%.

Marketing set-aside 15%.

Three minutes to learn about Knit Finance: a cross-chain protocol for boca eco-assets

Summary
Knit wants to take DeFi to a higher level of inclusivity and make it lighter for more users and investors to participate in DeFi, which promises to further unlock the true potential of DeFi.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/three-minutes-to-learn-about-knit-finance-a-cross-chain-protocol-for-boca-eco-assets/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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