Knit Finance is thrilled to integrate Stacks to Enable Cross Chain Transactions and Bitcoin DeFi on its multi-chain platform.
Knit Finance is proud to announce that it will be integrating the Stacks blockchain to bring Stacks to its EVM compatible mutli-chain platform. Stacks makes Bitcoin programmable, enabling decentralized apps and smart contracts that benefit from Bitcoin’s security and enables a unique yield mechanism called Stacking that enables users to earn BTC rewards for locking their STX to the network.
As Knit Finance continues to march ahead in its mission to unlock the full potential of DeFi, this integration will help more users participate in the explosive DeFi space and take its first step into Bitcoin DeFi, a trend Stacks has been leading since the launch of Stacks 2.0. The Stacks token (STX) will be issued as a wrapped token (K-STX) on the Knit network, to promote cross-chain fluidity of STX for the benefit of Stacks users. This issued wrapped token will facilitate transactions across various blockchains.
Apart from cross-chain functionality, Stacks users will have the opportunity to get best yield rewards for staking and lending out their native tokens on Knit Finance multi-chain platform once it goes live in future.
About Knit Finance
Knit Finance is a unique decentralized protocol that integrates its wrapped ‘k’ token standard across multiple chains, bridges, and real-world markets. Knit bridges multiple non-Ethereum blockchains, allowing both crypto and real-world assets to move across these chains as wrapped tokens.
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.
Follow Knit Finance across official channels:
Announcement Channel | Medium | Facebook | Reddit | Twitter | Youtube | Github | Website
About Stacks
Stacks brings smart contracts to Bitcoin. It introduces the first consensus mechanism between two blockchains by harnessing cross-chain consensus between Bitcoin and Stacks. There are 30+ independent entities in the ecosystem, enabling Bitcoin DeFi, NFTs on Bitcoin etc.
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Website | Telegram | Twitter | Discord | Community | Youtube
