Groestlcoin (GRS) launches kGRS, a smart-token backed 1:1 by Groestlcoin (GRS). Ethereum, BSC, Matic, and Moonbeam power this project.
$GRS holders will be able to use the token as a payment mechanism in KnitFinance’s marketplace. KnitFinance’s multi-chain solution will be used by Groestlcoin to get GRS coins on several chains.
Groestlcoin is primarily a decentralised financial cryptocurrency by definition, but DeFi (decentralised finance) is a little different.
Individual demands and requirements can be met using smart contract DeFi applications. If you want to send some cryptocurrency to another wallet on April 16th, but only if your balance is greater than a certain amount, DeFi smart contracts can help.
Because the word DeFi is usually reserved for Ethereum ERC20 tokens, Groestlcoin and other traditional cryptocurrencies have been excluded from the benefits of DeFi’s functionality.
Knit Finance has been linked with Groestlcoin. Knit Finance will connect the Groestlcoin chain with Ethereum, BSC, Matic, and Moonbeam wrapped tokens.
Any asset can be leveraged within Ethereum, BSC, Matic, and Moonbeam DeFi via cross-chain synthetics and bridges, and deployed into real-world markets with yield, lend, trade, and margin services via smart contracts.
The Groestlcoin tokens ($K-GRS) are 100% verifiably backed by the main Groestlcoin currency ($GRS). The GRS can also be used on any other chain, thanks to Knit Finance.
KnitFinance will enable the Groestlcoin community to yield, lend, margin, and trade services on any compatible DeFi platform, as well as providing liquidity to those platforms.
This relationship is significant for the $GRS ecosystem because it allows $GRS holders to invest in DeFi opportunities on Ethereum, BSC, Matic, and Moonbeam, giving them access to a wider range of products.
Cross-Chain Wrapped Assets with Deposit Insurance, Knit is a protocol for creating cross-chain wrappers for the top-200 assets. Deposit to insured custody and mint K-Assets.