PREAMBLE
Despite the insurgence of coronavirus, with strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, KnitFinance, 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 has arrived.
"DeFi has seen an great rise of interest in the past few months in the crypto space generally. For lots of investors and cryptocurrency enthusiasts, the interest lies in its ability to offer a preferable way to earn profits with a fraction of the investment they would need to make otherwise. Decentralized Finance, popularly known as DeFi was at the fore front of crypto trend tables in 2020 and it is still gaining great recognition Decentralized finance basically describes blockchain based protocols and applications that work to create an alternative financial system intended to takeover the current centralized one."
Now that I have your attention, let’s get right to it.
What exactly is KNIT Finance?
As depicted above and as indicated on the official website of KNIT Finance, KnitFinance 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.
In addition, 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 You Should Choose KNIT Finance?
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.
About The Token Details and Features KNIT Finance
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
The Partnership with Nuls
Knit Finance and Nuls partnership give Nuls holders the ability to use their $NULS as a payment instrument in their marketplace and also have access to multiple chains via Knit Finance infrastructure.
Knit Finance
A unique decentralized system unlocking the full Potential of DeFi using cross-chain synthetix and bridge, a protocol that combines synthetics across multiple chains, bridges, and real-world markets with yield, lend, trade, and margin services through smart contracts.
Knit Finance bridges multiple non-Ethereum chains with ERC20 in Phase 1. Any digital, lockable asset can be leveraged with KNIT.Finance by generating equivalent synthetix tokens in a 1:1 ratio, hence unlocking billions of dollars and trade access which can be censor proof.
Nuls
NULS is an open-source, enterprise-grade, adaptive blockchain platform that offers fast-track business solutions for developers. Featuring microservices, smart contracts, cross-chain interoperability, and instant chain-building, NULS sets a new industry standard in streamlining blockchain adoption.
The microservice-layer design of NULS makes it easy for developers to quickly create modules for anything. NULS provides fluid, cost-effective, time-saving solutions for developers with minimum blockchain experience.
The Partnership Entails
Knit Finance gives $NULS holders the ability to use the token as a payment instrument in their marketplace.
Nuls will use KnitFinance’s multi-chain solution for getting NULS tokens on multiple chains.
Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
For more information, please visit:
Website: https://knit.finance/
Medium: http://knitfinance.medium.com/
Telegram: http://t.me/knitfinance
Twitter: https://twitter.com/KnitFinance
Facebook: https://www.facebook.com/KnitFinance-106586011273309
Linkedin: https://www.linkedin.com/company/knitfinance
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ETH ADDRESS: 0xF3f7b9c45864006DBd1571De53d5847C0d11438c