Knit Finance is collaborating with Kyber Network to Enable Cross Chain Transactions and Create Market options
Knit Finance is pleased to announce its collaboration with Kyber Network, a liquidity hub that aggregates liquidity from various sources to provide secure and instant transactions on any decentralized application (DApp).
Knit Finance unlocks the full potential of DeFI by bridging the entire crypto ecosystem to DeFi using a wrapped protocol.
Through this collaboration, Knit Finance will integrate Kyber Network’s native token into its multi-chain platform, while creating market options and boosting liquidity for both assets. Knit Finance also plans to add liquidity for its tokens on Kyber DMM, a next-gen AMM protocol that offers substantial flexibility and extremely high capital efficiency.
Wrapped Protocol for Liquidity Aggregator
The main goal of Kyber Network is to enable DApps, aggregators, decentralized exchanges (DEXs) and other users easy access to a range of liquidity pools that provide the best rates. Kyber looks to solve the liquidity issue in the decentralized finance (DeFi) industry by allowing developers to build products and services without having to worry about liquidity.
Knit Finance is the next generation of DeFi protocol that aims to bridge multiple non-Ethereum chains with ERC20 in Phase 1. It creates a new standard that allows non-ERC-20 coins to be converted into wrapped ERC-20 tokens. By using Knit Finance’s wrapped protocol, stocks, gold, and even fiat among other real-world assets can be brought into the DeFi ecosystem.
Through this collaboration, Kyber Network will be able to utilize the cross-chain interoperability enabled by Knit Finance, to allow its native KNC tokens to be transacted across multiple independent blockchains in a wrapped K-KNC token model.
Kyber & Knit Finance’s collaboration will enable both assets to operate on multichain, create market options and boost liquidity. Knit Finance Token and Synthetic Tokens will also be listed on Kyber Network via the extremely flexible and capital efficient Kyber DMM protocol.
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About Kyber Network
Kyber Network aims to deliver a sustainable liquidity infrastructure for DeFi. As a liquidity hub, Kyber connects liquidity from various protocols and sources to provide the best rates to takers such as Dapps, aggregators, DeFi platforms, and retail users.
Anyone can contribute liquidity to Kyber Network and Dapps can integrate different protocols depending on their liquidity needs. Using Kyber, developers can build innovative applications, including instant token swap services, ERC20 payment flows, and financial DApps — helping to build a world where any token is usable anywhere.
Kyber is powering more than 100 integrated projects and has facilitated more than US$5 billion worth of transactions since its inception.
Kyber website: https://kyber.network/
Kyber Twitter: https://twitter.com/KyberNetwork
Kyber Discord: https://discord.com/invite/HdXWUb2pQM
Kyber DMM protocol: https://dmm.exchange
About Knit Finance
Knit Finance is a unique decentralized protocol that integrates its wrapped protocol 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.
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