KNIT.Finance - Breaking the current limit of DEFI

karanj (28)in #knitbounty • 3 years ago

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.

Why Choose KNIT.Finance?

Lend, Trade, and Yield Farm with Any Asset
Knit.Finance creates incredible opportunities for both altcoins and Ethereum DeFi. The protocol onboards new assets to the highly liquid Ethereum network and allows them to be plugged into existing yield generating opportunities.

Ethereum DeFi grows and altcoins generate new utilities.

Cross-Chain Bridges for Maximum Interoperability

Knit.Finance has created proprietary bridges to port altcoins on to the Ethereum network. These wrapped tokens are unique form of synthetic asset that is backed 1:1 by the represented altcoin

Tap into the Physical World with Digital Assets

Knit.Finance provides synthetic assets for exposure to physical world assets, providing a novel opportunity for portfolio diversification within Ethereum DeFi. Knit supports commodities, equities, and fiat.

Features

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.
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.

Global Liquidity Pool

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

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.

Community-Driven

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

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.

Token Economics and token uses
Staking

Knit.Finance stands at the forefront of interoperability by enabling altcoins to be ported to Ethereum DeFi within a single UI.

Pay for fees

Knit.Finance makes equities, commodities, and fiat accessible within Ethereum DeFi, enabling greater asset exposure to the crypto community.

Protocol governance

Knit.Finance makes equities, commodities, and fiat accessible within Ethereum DeFi, enabling greater asset exposure to the crypto community.

Conclude
KNIT.Finance is a project with a solid ecosystem and a certain global coverage. According to the project's money supply roadmap, the project is moving towards a decentralized monetary policy and empowering communities in a direction that can ensure the sustainability of the ecosystem. Currently, the project is in the preparation stage of cooperation with many partners, so if you are interested in tokens, this is the right time to learn the project and make a wise investment choice.
This is not an investment advisory article, this is an analysis of the project for the community to consult and learn more deeply, so we will not be responsible for problems encountered in the first process. private. Every investment opportunity has certain potential risks, so we hope everyone should carefully consider each investment decision to have the highest probability of success.