KNIT Finance: Unlocking the Full Potential of DeFi Using Cross Chain Synthetics and Bridges

 

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Non-fungible (DeFi) tokens that started in February 2021 have become a hot topic of interest. During that time, DeFi was even considered as the "next generation blockchain" attracting all the attention and offering its own outstanding rewards. DeFi has been around for many years but has not really stood out when compared to other areas in crypto. Some of the first DeFi were crypto collectibles that were included in betting, the most famous of which was KNIT.Finance. This company has set the stage for algorithm-generated images and has been able to attract large amounts of capital over the years. Not only that, we are also seeing an increasing number of crypto investors and the huge wealth of wealth earning from this market.



About KNIT.Finance




KNIT.Finance is a unique decentralized protocol that combines synthetics across multiple chains, Bridges, and real-world markets with yield, lend, trade and margin services through smart contracts. This also gives cross-chain liquidity aggregation in a Completely transparent 100% verifiable. Community-led initiative.


KNIT. Finance is the next generation of Defi protocol that aims to bridge multiple non-Ethereum chains with ERC20 in Phase 1. Any digital, lockable asset can be leveraged with KNIT. Finance by generating equivalent synthetic tokens in a 1:1 ratio, hence unlocking billions of dollars and trade access which can be censor proof.


Anything decentralized should be available to anyone and everyone. But DeFi today is predominantly dependent on ERC-20 tokens. ERC-20 standard has proven to be the go-to for decentralized lending, borrowing, and yield farming, etc. However, this leaves out the participation of other assets of independent blockchains. These assets and their hodlers have a huge barrier to entry into DeFi. KNIT.finance solves this problem in one fell swoop.


KNIT.Finance unlocks the entire crypto ecosystem to DeFi using cross-chain synthetics and bridges. Existing DeFi protocols determine which tokens and projects get to participate. KNIT Finance’s decentralized protocol leverages smart contracts to combine DeFi pools with billions of assets from non-ERC-20 chains. By creating a standard for non-ERC-20 coins to convert to synthetic ERC-20 tokens, KNIT Finance opens up an entire world of new possibilities.


Any coin or token on any blockchain could be converted to an equivalent synthetic token of the ERC-20 format. The original token and the synthesized token will represent each other in a 1:1 ratio. On the contrary, with KNIT, ERC-20 tokens could also be synthesized on other blockchains in a 1:1 ratio. In addition to cryptocurrencies, real-world assets such as fiat, gold, and stocks can be synthesized using KNIT Finance.




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Token Economics and Features KNIT Financem




1. Every Coin


For every coin hodler, we provide an option to trade and leverage their coins in the DeFi space. Coins (E.g.: LTC) that were previously out of DeFi’s scope will now have complete access to all of DeFi’s features.


2. Flexibility of ERC-20 standard


ERC-20 standard is known to be flexible, possessing the highest transferability and accessibility with the world’s second-largest blockchain network. Every coin now has the opportunity to leverage Ethereum’s flexibility.


3. Global Liquidity Pool


A global liquidity pool is being opened to Ethereum and vice versa.


4. Read-World Assets


Stocks, Gold, and Fiat can be synthesized to trade on Decentralized Exchanges, essentially decentralizing centralized assets, giving more power to the trader.


5. Community-Driven


100% governance of these tokens will be through the community.


6. DAPPs


DAPPs can now access tokens on other blockchains using only their Ethereum nodes via KNIT’s synthetic tokens. They can also receive payments in these tokens


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DeFi is the most searched keyword today and promises to become a hot trend in 2021. Not only that, the mining potential in the Crypto market is still very wide, so with the solution that KNIT.Finance offers, it is possible to see the completeness in the product and the long-term development vision of the project. You can see about the partners and investors of the project with many big names and mainly developing the blockchain. I fully believe in this project, KNIT.Finance will bring many benefits to the community and developers.


This is project analysis not investment advice. Every investment activity can be risky, you should consider carefully before making an investment decision.


For more information about KNIT.FINANCE, please click the link below


OFFICIAL LINK
WEBSITE:https://knit.finance/


TWITTER:https://twitter.com/KnitFinance


FACEBOOK:https://www.facebook.com/KnitFinance-106586011273309


TELEGRAM GROUP:http://t.me/knitfinance


MEDIUM:http://knitfinance.medium.com/


AUTHOR: HAYZED8

https://bitcointalk.org/index.php?action=profile;u=1293373


ETH ADDRESS :0x35e29f9ddf79baad0cd41a8943d038bbed2ceceb

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