Description
Knit Finance is a decentralized protocol for creating cross-chain wrapped assets for the top-200 assets, with deposit insurance. It allows users, including institutions, developers, and traders, to deposit assets into insured custody and mint 1:1 wrapped K-Assets. These K-Assets can be created on any EVM-compliant blockchain and moved between them using Knit's non-custodial bridges, which burn the asset on one chain and mint it on another, accessible only by the original owner. The protocol aims to maximize DeFi yields through multi-chain APY optimization and enhance collateral security. This allows users to access liquidity and participate in various DeFi applications like DEXs, lending, and yield farming across the entire crypto ecosystem. The platform also supports liquidity staking for DPoS coins. The ecosystem is sustained by fees from services like K-Asset redemption and bridge usage, which are used to reward token stackers and support the token's secondary market. Governance is handled by Knit Stackers, and the platform is compatible with wallets like Metamask.