KNIT FINANCE - Unlocking Full Potential of DeFi
introduction
Cryptocurrency was originally known as a payment system that allows people to be able to make transactions quickly, without third parties, in a transparent, secure and anonymous manner. Satoshi, who is the creator of Bitcoin, made Bitcoin defeat a centralized financial system that is prone to manipulation and is controlled by one party. With the growth and development of the Crypto or blockchain ecosystem, a number of alternative investment options have emerged, and have proven to be more efficient and profitable investment tools than traditional financial returns. Innovative projects consistently appear in the crypto industry with high return investments and continuous trends, such as KnitFinance is one project that will attract large market investments. Why? because this project aims to create a safe and decentralized working model. KnitFinance is the project you’ve been waiting for.
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.
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.
Elrond is the internet-scale blockchain, designed from scratch to bring a 1000-fold cumulative improvement in throughput and execution speed. To achieve this, Elrond introduces two key innovations: a novel Adaptive State Sharding mechanism, and a Secure Proof of Stake (PoS) algorithm, enabling linear scalability with a fast, efficient, and secure consensus mechanism. Thus, Elrond can process upwards of 15,000 transactions per second (TPS), with 6-second latency, and negligible cost, attempting to become the backbone of a permissionless, borderless, globally accessible internet economy.
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