Knit Finance is collaborating with IOST to Enable Cross Chain Transactions and Create Market options.
Knit Finance announces another great collaboration with IOST which is an ultra-fast, decentralized blockchain network based on the next-generation consensus algorithm “Proof of Believability” (PoB).
Through this collaboration, Knit Finance will integrate IOST native token into its multi-chain platform, while creating market options and boosting liquidity for both assets. Knit Finance also plans to add K-Asset tokens for staking into the IOST staking platform that offers extremely high staking rewards to users and substantial flexibility.
KEY HIGHLIGHTS
IOST Network will be able to make use of the cross-chain interoperability enabled by Knit Finance, to allow its native IOST tokens to be transacted across multiple independent blockchains in a wrapped K-IOST token model.
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 coins & tokens to be converted into wrapped ERC-20, BCS,HECO, MATIC, FTM, MoonBeam 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.
IOST & Knit Finance’s collaboration will enable both assets to operate on multichain, create market options and boost liquidity. Knit Finance Token and Wrapped Tokens will also be staked on IOST Network Which will enable users to get high staking rewards.
Most information here are culled from KnitFinance article.
High fees and slower transaction times on the Ethereum network have left the door open for new solutions to emerge, and IOST is one such project that has been gaining traction since its mainnet launch in 2019.
Backed by major financial and VC firms such as Sequoia, Matrix, and ZhenFund, IOST is a pioneering decentralized, high-throughput, gas-efficient Proof-of-Believability-powered smart contract platform built to tackle the scalability trilemma once and for all. For this, the concluding ranking from China’s CCID ranked IOST as the best blockchain platform under Basic Technology, better than Ethereum, EOS, and every other smart-contracting platform evaluated by the agency. This is a testament to the quality and ability to roll out a better, innovative product and reflective of our true desire to be the best in the sphere.
Being one of the public chain leaders in terms of adoption, performance, and utility, IOST remains committed to our mission to unleash the power of blockchain. IOST currently has the ever-expanding 500,000 community members in over 20 countries, over 400 nodes, a top staking economy, symbiotic relationships with corporations dotted worldwide.
The IOST network consists of Nodes run by the community ensuring security, decentralization, and self-governance. IOST encourages all parties to join the Node Partners Program and help build the IOST ecosystem while earning rewards, sharing profits, and shaping the future of IOST.
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.
Knit Finance further lowers the entry barrier for traditional investors to participate in yield farming, lending, trading, and other financial services in the fast-growing DeFi ecosystem. By unlocking the value of real-world assets like stocks, gold, and fiat currencies, Knit Finance provides a way for the masses to shift towards DeFi while they enjoy the benefits of centralized finance.