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

Introduction

Blockchain is known as the technology behind the most famous cryptocurrency system in the world - Bitcoin. It can be said that when Bitcoin is getting more popular in the financial market, Blockchain also caused a fever in the technology world. The number of companies intending to research and apply Blockchain is increasing, the salary paid to Blockchain engineers is increasing as well. Every company wants to stay ahead of their competitors, adopting technology that is considered as the future of the world.

Problems Of DeFi

However, is blockchain application effective in these areas when blockchain has disadvantages such as investors who do not fully understand the project and dumping tokens? That is because all of DeFi's mechanisms of action are too flawed.
In particular, some DeFi projects are also thinking of using external platforms for computational purposes, however, they cannot provide a flexible solution that can make their off-chain computations compatible with On another blockchain platform, top developers can only create their dApp on a particular blockchain. Hence, this makes blockchain's goal of adoption more difficult to achieve.

Solution KNIT.Finance

KnitFinance is an 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.

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

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.

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.

For More Information Click Links Bellow:

Website: https://knit.finance/
Telegram: http://t.me/knitfinance
Facebook: https://www.facebook.com/KnitFinance-106586011273309
Twitter: http://t.me/knitfinance

Author : yanyan84

TELEGRAM : @yanyan84

PROFILE : https://bitcointalk.org/index.php?action=profile;u=3283330