Knit Finance partners with Oasis Protocol to integrate $ROSE with the Multichain platform and issue wrapped K-ROSE for cross-chain transactions
Knit Finance is pleased to announce that it has partnered with Oasis Protocol to enable cross-chain transactions in the ROSE token and further their jointly held goal of opening Decentralized Finance to all.
The Oasis Network is a privacy-enabled blockchain platform for open finance and a responsible data economy.
Knit Finance is a unique decentralized protocol that facilitates the “wrapping” of traditional and crypto assets with smart contracts and insurance so they are tradeable across multiple chains, bridges, and real-world markets. Part of the Polkadot ecosystem, Knit Finance aims through interoperability to open DeFi to the masses and unlock potentially trillions of dollars in assets. The unique decentralized protocol also allows additional liquidity from all asset types to flow into the DeFi ecosystem.
Under the newly forged partnership, Oasis Network’s ROSE token will be integrated into Knit Finance’s multi-chain platform so users can benefit from the cross-chain DeFi services and transactions possible through the use of the “k” wrapping standard for the ROSE token.
MORE EFFICIENT CROSS-CHAIN TRANSACTIONS ON THE NEW STANDARD
The Oasis Network ecosystem is based on a decentralized Layer 1 blockchain solution that is uniquely scalable, versatile, efficient and data protection-oriented. In addition, the network consists of two main architectural components, the Consensus Layer and ParaTime Layer.
The consensus layer is a scalable, secure proof-of-stake consensus with a high throughput, which is operated by a decentralized set of validation nodes. In general, proof of stake means that every new block must be validated by a participant in the blockchain before it is attached to the chain.
There is also the ParaTime layer which hosts many parallel runtimes (ParaTimes), each of which represents a replicated computing environment with a common status.
The greatest benefits of the ecosystem include:
Scalability
The unique and special scalability of the Oasis network is achieved through a number of state-of-the-art functions that offer faster transaction speeds and higher throughput than other comparable networks.
Privacy-First
The Oasis network has also developed the first confidential and encrypted ParaTime with support for secure smart contracts.
Versatility
The development of the Oasis Network helps to promote and further develop blockchain applications for the next generations and at the same time to offer a versatile, agile and adaptable structure. In addition, each ParaTime can be further developed and improved in isolation to meet the needs of a particular application for optimal development.
REVOLUTION IN DECENTRALIZED DEFI ECOSYSTEMS
The Knit Finance protocol bridges multiple real world and Crypto markets to allow convenient cross-chain asset fluidity based on insured custody. Its aim is to free DeFi from the constraints imposed by the lack of blockchain asset interoperability, thereby freeing up trillions of dollars in assets that cannot now be leveraged in DeFi services. Knit believes that true DeFi is possible only with the free movement of assets across blockchains.
Knit Finance also enables real-world assets, including stocks, gold, and fiat currencies, to be brought into the DeFi ecosystem. By offering these capabilities to banks and crypto newcomers, Knit hopes to further accelerate the transition from centralized to decentralized financial services.
About Oasis Protocol
Oasis Protocol is the first privacy-enabled blockchain platform for open finance and a responsible data economy. Combined with its high throughput and secure architecture, the Oasis Protocol is able to power private, scalable DeFi, revolutionizing Open Finance and expanding it beyond traders and early adopters to a mass market. Its unique privacy features can not only redefine DeFi, but also create a new type of digital asset called Tokenized Data that can enable users to take control of the data they generate and earn rewards for staking it with applications — creating the first-ever responsible data economy.
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About Knit Finance
Knit Finance is a unique decentralized protocol that integrates its wrapped protocol across multiple chains, bridges, and real-world markets with yield farming, lending, trading, and margin services through smart contracts. Knit bridges multiple non-Ethereum blockchains, allowing both crypto and real-world assets to move across these chains as wrapped tokens.
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