Knit Finance: A Cross-chain Wrapper for Top 200 Assets
Knit Finance is the first of its kind Cross-chain Wrapped Assets protocol that allows Non-DeFi and Non-ERC20 assets to be utilized in decentralized finance. It helps DeFi unlock trillions of potential assets to revolutionize the crypto ecosystem. In addition, it helps contribute towards decongesting the Ethereum chain as well.
With the help of Knit Finance, assets from any class can be introduced into the DeFi ecosystem to provide additional liquidity. Some examples of these assets include Gold bonds and Tesla shares, among others. The protocol will help the top 200 assets be used to create cross-chain wrappers that can be utilized across different blockchains.
Team Behind the Project
Knit Finance is ever-evolving as it is under constant development. It is handled by a team of professionals in various departments ranging from coding, algorithm development, mechanisms, consensus, design concepts, and other technical dates. As a result, it is frequently updated to achieve its goals of providing mass support for assets within the crypto ecosystem.
Sainath Gupta: CEO
Sainath Gupta is the CEO of Knit Finance and has been in the financial technology industry since 2013. He is a Fintech entrepreneur who has also created India’s first mobile POS (MPOS) system called Aasaanpay.
Dr. Aviral Sharma: CTO
Dr. Aviral Sharma is the CTO of Knit Finance who oversees and manages the various technological advancements on the platform.
Nikhil R Karande: COO
Nikhil R Karande is the COO of Knit Finance who has over 5+ years of experience in the crypto industry in various domains.
To achieve their dream of Cross-Chain Wrapped Assets protocol, Knit Finance was able to form partnerships with some major brands. These include the following:
Since its inception, Knit Finance has been backed by some top investors to help realize its true potential. These include the following:
Products & Features
Knit Finance offers unique products and services that help to overcome various challenges in the crypto ecosystem. Their solutions are based on the multi-chain architectural framework of Ethereum. However, the framework divides the validity in consensus and canonicality by enabling customized side-chains to connect with various public blockchains. This was achieved by primarily inhibiting PolaDot.
Eventually, Knit Finance became the first Multi-chain Wrapped Assets platform that helped create tokens of various assets that other tokens could back in different blockchains. As a result, they could accomplish tokenization of any asset within or outside the crypto world.
Hence, Knit Finance offers the following:
Blockchain via Knit’s Bridges
Knit Finance enables users to move kAssets from one blockchain to another within a few simple clicks. It ensures that its bridges are non-custodial in nature. This means that when a kAsset on a blockchain is burned and minted on the other, it will be accessible only by the original owner.
kAssets can be minted on any EVM-compliant blockchain. After that, it can be moved to another EVM-compliant layer-1. Traders, crypto farmers, developers, and institutions can tap into trusted custody to mint Knit’s kAssets.
With the help of kAssets, users can unlock a new world of endless possibilities. They will be able to use their favorite coins in collateral or yield farms, margin, lending, liquidity pools, and leading decentralized exchange (DEX) platforms. As a result, they will be able to use their assets to tap into the crypto ecosystem easily.
Knit Finance was inceptionalized in 2020 with the only goal to unlock the true potential of multi-chain DeFi. This was achieved by enabling users to create Cross-Chain Wrapped assets that could be used to trade in the crypto world. The complete roadmap up till now has been illustrated below:
Knit Finance uses a utility token called KFT which is non-refundable but offers various functions. It can be only used by the participants on the Knit Finance platform as a medium of exchange. Hence, it acts as a secure and convenient mode of payment. The complete tokenomics of KFT include the following:
|Token Supply||100 million|
|Initial Token Circulation||3,900,000|
|Initial Market Cap||585,000|
Despite its singular usage on the Knit Finance platform, KFT has a range of utilities. The major ones include the following:
KFT holders can vote on governance proposals regarding the protocol’s parameters and features. However, the weightage of the voting rights is dependent on the proportion of tokens staked on the platform. In addition, governance is strictly restricted to voting on features and changes regarding the governance process. Therefore, KFT holders do not have the right to vote on the management of the Company or its operation.
Knit Finance is currently working with various staking Wrapped Asset projects to allow KFT to be used as an asset. This will allow users to contribute to liquidity and participate in third-party protocols while getting rewarded for the same.
Based on the number of KFT tokens a user holds, they will be categorized into different tiers. Each tier will grant access to other premium products that will be made available in the future.
In continuation of the tier structure of KFT token holders, Knit Finance has been working with third-party chains, service providers, platforms, launchpads, and projects to grant them special access.
Add-Ons are special features that will be provided to KFT token holders based on their tier. Some of these include farming of NFTs, on-chain insurance, et.
Currently, Knit Finance is aiming to become a SaaS model. As a result, limited access features would be accessible to projects and developers against a fee of KFT tokens. This will create more utility for the tokens in the future.
Knit Finance Vs. Competitors
In the current market, the possibilities of the protocols provided by Knit Finance are considered to be endless. They help people with various types of assets easily get into the crypto world. In addition, they overcome various problems that existing competitors like wBTC and RenBTC face. These competitors hold a large value of fiat money against a handful of assets. As a result, they do not offer many assets to be introduced into the DeFi ecosystem. Hence, Knit Finance’s model is promising in the form of Cross-chain Wrapped Assets with the help of their protocol. Here’s an overview of Knit Finance against its major competitors:
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