Knit Finance and Harmony Join Forces to Enable Synthetic Cross-Chain Defi
Knit Finance, a Defi platform focused on cross-chain and multi-chain synthetic assets, has partnered with Harmony to make synthetics from various chains available for borrowing, lending, margin, and other financial use-cases.
This partnership will allow the Harmony ONE token, as well as all other assets on the Harmony chain, to be used as synthetic assets in other chains using Knit Finance, broadening the utility of all Harmony assets and boosting the Defi ecosystem.
About Knit Finance
Knit Finance is a decentralized protocol that uses smart contracts to integrate its wrapped protocol across different chains, bridges, and real-world markets, providing yield, lend, trade, and margin services. KnitFinance uses wrapped tokens to connect various non-Ethereum chains. Within Ethereum DeFi, any asset may be leveraged and used for liquid lending and trading.
Harmony is a sharding system with an Ethereum bridge that is completely trustless. Ethereum tools like Solidity and Ether.js can be used by Harmony developers. Users can also swap Harmony and Ethereum assets with ease. Harmony supports 1000 delegating stakers for secure shards and can achieve 2-second finality for rapid transactions. Harmony is now completely compatible with the Ethereum environment, similar to layer 2 protocols.