Introducing Knit Finance — Unlocking Full Potential of DeFi Using Cross Chain Synthetics and Bridges.
This is an article introducing Knit Finance, A Decentralized Finance platform unlocking the full potential of Defi using Cross Chain Synthetics and Bridges.
Knit Finance is a unique Defi protocol that combines synthetic across multiple chains, bridges, and real-world markets with yields, lend, trade, and margin services which will all be done through smart contracts.
Making Defi available to millions of people out there, Knit Finance is aimed to bridge multiple non-Ethereum chains with Ethereum in the first phase. 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.
Why use Knit.Finance?
Users have many reasons to use Knit Finance has they will benefit tremendously from this great platform. Knit Finance will make it possible for users to Lend, Borrow, and Yield on Multiple Chains and Multiple Assets increasing their values.
Knowing that so many non-ERC20 assets missed being part of the whole activity on the Ethereum Chain, they are not part of the whole Defi innovation and the recent bull run. To make non-ERC20 assets participate in the Ethereum Chain, only Knit Finance can make this possible using Synthetics. Knit Finance will make it possible for them to be traded, borrowed, and even margin traded.
Global Liquidity Pool
DeFi liquidity pool are universal and unbound with demographics, seeing that liquidity is only supported by Ethereum tokens presently, Knit Finance revolutionizes the Defi space by allowing liquidyt to come from other platforms into the DeFi ecosystem. This means knit Finance is lifting the limitation and allowing global pool of assets to be transferred into Defi.
Power of Flexibility of Ethereum for non-Ethereum coins
Knit Finance is simplifying the conversion non-ERC20 into ERC20 compatible tokens through an equivalent ERC20 synthetic asset since any ERC20 token can be synthesized on another blockchain.
In the DeFi ecosystem, traders and investors only depend on Ethereum tokens but with Multichsin bridges, Knit Finance creates more ways to bring in liquidity to flow into Defi, crypto traders can convert their coin into an equivalent synthetic token using Knit Finance smart contract, the synthetic token is generated and pegged to the original token in a 1:1 ratio. After the creation, the token can now be lent, borrowed, and Farmed.
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