KNIT FINANCE PARTNERSHIP WITH RAZOR NETWORK
On 20th May 2021, Knit Finance announced its partnership with Razor Network. This partnership is aimed at integrating $RAZOR on Knit's multi-chain platform to issue wrapped K-RAZOR.
The keywords in the explanation above are;
- Knit Finance
- Razor Network
- $RAZOR token
- Wrapped K-RAZOR
Knit Finance
Knit Finance is a special decentralized platform designed for creating cross-chain wrappers for real-world assets, multi-chains, bridges and crypto. Real-world assets, in this case, are fiats, stocks and gold. This further explains that knit wrapped protocol provides a way for these real-world assets to be brought into the DeFi ecosystem.
This protocol uses smart contracts to offer lending, trading, yield farming and margin services. In addition, Knit Finance allows assets, including crypto, to be moved as wrapped tokens across multiple chains. Through this protocol, users can easily mint K-Asset by depositing into insured custody. The K-Assets minted are equal in value to the amount deposited and they can be used for staking, trading, lending and margin trading on multiple chains.
Razor Network
Razor Network is a decentralized oracle network that provides data to smart contracts through validators on a POS (Proof of Stake) network. In other words, Razor Network is a network that easily connects smart chain contracts with real-world, off-chain data. This protocol was launched in 2019 by Hrishikesh Huilgolkar. Razor Network is responsible for feeding data to its supported blockchains. This, it does without the help of any centralized server.
$RAZOR token
$RAZOR is the native utility token of Razor Network. The use cases of this token include staking, voting and fee payments. With a maximum supply and total supply of 1 billion RAZOR, this token can be traded on top exchanges like UniSwap, Gate.io, Bilaxy, MXC.com and Hoo.
Wrapped K-RAZOR
K-RAZOR is a result of the Knit Finance partnership with Razor Network. Knit Finance, being a protocol that encourages cross-chain fluidity of assets and crypto, will be partnering with Razor Network to allow users to transact $RAZOR tokens across multi-chains.
In conclusion, the partnership between Knit Finance and Razor Network now enables users to move $RAZOR across multiple chains in a wrapped token state which is K-RAZOR.