Knit Finance - Unlocking True Potential of Multi-chain DeFi

Overview:

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 holders 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.

What is 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.

KnitFinance bridges multiple non-Ethereum chains with wrapped tokens. Any asset can be leveraged within Ethereum DeFi and implemented into liquid lending and trading.

Why use 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.

Cross-Chain Bridges for Maximum Interoperability - Knit. Finance has created proprietary bridges to port altcoins onto the Ethereum network. These wrapped tokens are a 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 Of Knit Finance

For Every Coin: For every coin holder, 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.

The flexibility of the 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.

Partners:

• KnitFinance announced a partnership with OroPocket to bring their assets on multiple chains. This partnership will enable offerings of OpenDeFi on multiple chains with KnitFinance multi-chain solutions. This partnership will enable deeper penetration of OpenDeFi in binance smart chains and Polkadot ecosystem soon and multiple chains later supported by KnitFinance later builds.

• KnitFinance teamed up with Elrond. The collaboration will enable eGold & Elrond assets to be tokenized and issued on other blockchains, & vice versa. Knit Finance is now partnering with Elrond to acquire new assets in the Crypto, Capital, and Bullion asset classes and to enable the tokenization itself. Tokenization allows asset owners to interact with value through available blockchain technologies. Interactions are limited to the corresponding blockchain on which the asset was issued.

• KnitFinance announced a partnership with Unos Finance. Our vision is decentralized finance(DeFi) will be accessible to anybody and everybody. By doing this collaboration Both UNOS.finance and Knit. finance prepares a new world of investment for their token holders, other crypto holders, and also for others who have assets like gold, stocks, and fiat.

• KnitFinance partners with PlotX to give $PLOT holders the ability to use their $PLOT as a payment instrument in their marketplace. Knit Finance and PlotX partners to give $PLOT holders the ability to use their $PLOT as a payment instrument in their marketplace and also have access to multiple chains via Knit Finance infrastructure.

• KnitFinance partners with NULS. This Partnership will bring

1. $NULS holders the ability to use the token as a payment instrument in their marketplace.

2. #Nuls will use #KnitDeFi multi-chain solution for getting NULS tokens on multiple chains.

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.

• KnitFinance partners with API3. Through this partnership, Knit Finance users can use this data to program wrapped token ERC-20 versions of any digital, lockable asset that can be lent, borrowed, margin traded, yield farmed. By wrapping stocks, gold, and even fiat, these real-world assets can be brought into the DeFi ecosystem.

API3 powers the creation of decentralized applications with Airnode-enabled APIs and decentrally governed dAPIs (data feeds), with users being insured against data feed malfunctions. By wrapping stocks, gold, and even fiat, these real-world assets can be brought into the DeFi ecosystem.

Conclusion:

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 wrapped tokens in a 1:1 ratio, hence unlocking billions of dollars and trade access which can be censor proof.KNIT Finance is a community-led initiative. Aims to make different asset classes to be available on multiple chains hence democratizing DeFi and as well create new opportunities for DeFi.

Cryptoforfuture