At present, the DeFi space is limited prominently to only two public networks. Due to this the ecosystem can only tap 3% liquidity out of the $2 trillion market space. KnitFinance wants to change this. The platform is looking to make DeFi activity happen on multiple blockchain networks. For this Knit will be holding its SHO on Dao Maker May 17. But before that happens, the project has gained a solid foundation on many frontiers. Let’s take a look at them.
A Successful $1 Million Fundraising Round
KnitFinance recently raised $1 million from prominent investors such as Dao Maker, AU21 Capital, LD Capital, Orion, x21, Nabais Capital, Insight Capital, Momentum 6, Bitcoin.com, pSquare Capital, TRG Capital, Chronos Ventures, and CXOs of many prominent projects.
They have also come on-board to help Knit bootstrap liquidity on Uniswap, and supercharge the product’s user experience for current and potential users. Apart from this, said blockchain investment bigshots will support KnitFinance in generating awareness about the platform and its mission through global and regional marketing.
Highlighting the importance of this fundraising and collaboration, KnitFinance CEO Sainath G stated,
“We are pleased to see leading investors being enthusiastic about our project and providing us the crucial means to achieve our vision. This fundraiser is a significant aspect in driving the growth and development of KnitFinance.”
Partnerships With Billion-Dollar Projects
KnitFinance has also joined hands with 30 prominent blockchain projects to realize its trillion dollar DeFi objective. These projects have already made a solid reputation for themselves in the industry with some of them boasting multi-billion dollar market valuations. The exact details will be announced soon.
Successful Live Beta Version Launch And Asset Insurance Provision Of Upto $350 Million
The platform’s Beta version already went live last December and is currently supporting wrapped assets on 5 blockchains. KnitFinance bridges multiple chains by making multiple assets available on every compatible blockchain network. It’s real-world insured wrapped token feature ensures that any digital and lockable asset can be yielded, lent, borrowed, margin traded, and farmed enabling billions of dollars of idle assets to be productive in turn expanding the useability of the DeFi ecosystem.
Knit locks assets with custodians in the real world, which are insured up to $350 million, bringing real-world and reliable insurance into DeFi.This will potentially enable the next wave of liquidity, real world assets worth trillions of dollars to enter the DeFi world onto multiple chains.
Rockstar Team Dedicated To Revolutionizing DeFi
KnitFinance team consists of highly respected veterans from the cryptocurrency and blockchain industry, which is working tirelessly to give shape to the platform’s objective. Together with an enthusiastic community and network of partners, they are charged up in their mission to unlock the true potential of DeFi.
Listing On Major Cryptocurrency Exchanges
Furthermore, KnitFinance plans to list their native K tokens on top-tier crypto exchanges, such as Binance, Huobi Global, OKEx, Kucoin, Gate.io, etc., enhancing the global liquidity of KNIT tokens and as well as wrapped assets in the future.