Knit Finance and Groestlcoin have teamed up to bring $GRS tokens to the multichain network
Knit Finance is pleased to announce its collaboration with Groestlcoin, a proof-of-work cryptocurrency focusing on technical development. Groestlcoin was created to create an electronic payment system focused solely on mathematical evidence. To facilitate safe online money transactions, it employs the proof of work method (POW).
Knit Finance uses a wrapped protocol to link the entire crypto ecosystem to DeFI, allowing it to reach its maximum potential.
Knit Finance will incorporate Groestlcoin’s native token $GRS into its multi-chain token solutions as a result of this partnership, bringing the ecosystem to a whole new audience.
Wrapped Protocol for Proof-of-work
Groestlcoin is a peer-to-peer cryptocurrency that runs on open-source software (transactions take place directly between the payer and payee). This means that no third party, such as a bank or PayPal, is needed to verify the sender and receiver’s information. The transactions are instead validated by nodes (a global network of computers/users) and registered in an open ledger.
Knit Finance is the next generation of the DeFi protocol, which in Phase 1 aims to bridge several non-Ethereum chains with ERC20. It establishes a new standard for converting non-ERC-20 coins into wrapped ERC-20 tokens. Stocks, gold, and even fiat, among other real-world properties, can be brought into the DeFi ecosystem using Knit Finance’s wrapped protocol.
Knit Finance will incorporate Groestlcoin (GRS) token into its multi-chain network as a result of this collaboration. The partnership will attract Groestlcoin social followers to try out the Knit Finance platform and its wrapped protocol, which will be a big step in expanding the Knit Finance ecosystem.
KnitFinance’s multi-chain approach will now be able to access GRS tokens through different chains, allowing it to move closer to its target of cross-chain finance.
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, lend, trade, and margin services through smart contracts. KnitFinance bridges multiple non-Ethereum chains with wrapped tokens. Any asset can be leveraged within Ethereum DeFi and implemented into liquid lending and trading.
Launched in Mar 2014, Groestlcoin (GRS) is a peer-to-peer (p2p) cryptocurrency with a focus on technological advancement. GRS is the first coin to implement Segregated Witness (SegWit) and perform the first Lightning Network transaction on its main net network.