The KNIT Finance project. Overview
In this article, we'll take a quick look at a new DeFi project called KNIT Finance.
Currently, DeFi projects are enjoying an ever-growing popularity. Despite the fact that the first DeFi project appeared back in 2017, the real boom began in 2020. By the end of 2020 alone, the volume of DeFi market funds amounted to about $ 16 billion. And in early 2021, the DeFi market has already reached nearly $ 21 billion. This suggests that people are ready to invest in DeFi projects and profit from these investments.
Unfortunately, DeFi projects, like any other projects, can be susceptible to various external attacks, and various pyramid schemes and HYIP projects are often disguised as DeFi projects. If, for example, in order to protect against external attacks, now, DeFi projects have begun to pay more attention to ensuring security (by conducting an independent audit and various hackathons), then in order to understand whether the project is, in fact, a DeFi project, each of us must independently carefully study the project and clearly understand which project, in fact, is a DeFi project.
So, any DeFi project is a project for decentralized financial management, which does not rely on centralized management by banks, brokerage houses, stock exchanges or other financial companies that use financial instruments. Instead, DeFi project platforms are governed by smart contracts based on blokchain technology, which enable users to lend or borrow funds from other users, speculate on price movements, trade cryptoassets, hedge against risks, and earn interest on savings accounts.
The new DeFi project called KNIT Finance is just such a project, that is, it is a true DeFi project providing decentralized financial management services.
Now let's look at the KNIT Finance project in more detail ...
KNIT Finance is a unique decentralized protocol that combines synthetic materials across multiple chains, bridges, and real world markets with profitability, lending, trade and margin services using smart contracts.
The KNIT Finance protocol connects multiple non-Ethereum blockchains and wrapped tokens. Any asset can be used in Ethereum DeFi and embedded in liquid lending and trading. That is, using the KNIT Finance protocol, you can use not only Ethereum or tokens based on it, but also Bitcoin, Litcoin or another coin or token wrapped in the Ethereum network. Using the KNIT Finance protocol, it is possible to use almost any altcoins to participate in lending or trading, as well as receive passive income from depositing.
Any altcoin, for its use in the KNIT Finance protocol, can be wrapped in a synthetic asset and can at any time be exchanged for another cryptocurrency, goods or fiat funds that are already used in the KNIT Finance protocol.
Thus, the KNIT Finance protocol expands the scope of DeFi projects. The KNIT Finance protocol creates an opportunity not only to use altcoins from other serials, but also digitized company shares and even digitized physical goods. Even digitized precious metals such as gold and silver can be used in the KNIT Finance protocol. From my point of view, this is a real breakthrough in the field of Decentralized Finance.
Links to the official information resources of the KNIT Finance project are indicated at the bottom of this article:
OFFICIAL LINKS OF THE KNIT Finance PROJECT:
Official website: https://knit.finance/
Telegram: https://t.me/knitfinance
Linkedin: https://www.linkedin.com/company/knitfinance/
Twitter: https://twitter.com/KnitFinance
Medium: https://knitfinance.medium.com/
Facebook: https://www.facebook.com/KnitFinance/
AUTHOR OF THIS ARTICLE:
Bitcointalk UserName: bulalex16
Bitcointalk URL: https://bitcointalk.org/index.php?action=profile;u=908095
ETH-address: 0x67b271e10dc48754863723981cc97afa3a034170