What do Binance Smart Chain, Ethereum, Cosmos and Polkadot have in common? This question goes beyond the technical complexity of these main blockchain networks of the ecosystem.

However, for token holders in each of these blockchain platforms, there may be, technologically speaking, a common denominator currently within the blockchain sphere: Kira Network.

Kira Network is a financial hub for interchain protocols that connects decentralized Web3 applications, allowing the settlement of value between dApps and the largest interconnected networks of the cryptocurrency ecosystem including Ethereum, Polkadot, Cosmos and Binance Smart Chain.

But how is it possible to have the best of both worlds?

KIRA presents a novel approach to using all the value at stake to further power DeFi applications.

With Kira Network, users can exchange tokens between independent blockchains in a decentralized way, taking true interoperability between chains from theory to practice.

Under the flexible Liquid Staking protocol, users within the Kira ecosystem can use assets derived from their original assets in their non-custodial wallet in a 1:1 ratio to stake on leverage, maintaining liquidity and full custody of the assets at stake at all times.

With this technological advance, users can obtain passive income by staking at the same time that they use derivatives to 'staked' on real world assets with performance and liquidity that is not found in any other DeFi protocol.

Additionally, staking derivatives allows users to receive network block rates and rewards, while the network is insured for the value of real-world assets.

Thanks to this technological concept, users of the Kira ecosystem can bet on a diversity of assets at stake ranging from NFTs to digital money in any dApp deployed in the four main blockchain networks of the crypto ecosystem (BSC, Ethereum, Polkadot and Cosmos).

This means that instead of locking your money to use a DeFi platform, be it an exchange, stablecoin, or loan system, you can maintain exposure to staking rewards and liquidity at the same time.

InterChain Exchange Protocol and MBPoS

Kira Network uses a proprietary consensus mechanism called Multi-Bonded Proof of Stake (MBPoS) that enables staking of any digital asset at the same time, while providing liquidity to all those bonded assets via natively supported staking derivatives.

With this novel consensus mechanism, Kira can securely process and settle token transfers between chains, something difficult to achieve with any other currently existing PoS blockchain.

To ensure this interoperability between chains, Kira offers the Inter-Chain Exchange Protocol, better known as IXP. This protocol is a next-generation fragmented Automated Market Maker (AMM) that supports asset trading and order execution through cross-chain communication protocols.

The IXP is the first application in the Kira Network DeFi Stack to generate fee rewards for interested parties in any type of asset.

What's to come

Currently Kira Network is running the last scheduled phases of its testnet with incentives for the respective stress tests of its network before the final launch of its mainnet.

It is expected that once the mainnet is available to the public, KIRA will transition to a fully Turing-complete blockchain operating system with generic code implementation support and task execution parallelization.

Later, according to their official Twitter account at the end of last month, they will enable the fragmentation / protection of parallel chains and chain contracting modules to expand the functionality of the network and encourage its further expansion.

Adoption of the KEX token

KIRA Network is the first decentralized solution to secure and empower DeFi applications with the liquidity of the assets at stake. To achieve this, its native KEX token currently deployed on the Ethereum Blockchain will be crucial for the adoption of its blockchain platform.

The team envisions an Ethereum bridge that allows all KEX token holders to make a complete transition of their assets and NFTs staked in Ethereum to the native KIRA chain.

As they announced earlier this month on their official Twitter account:

 “This will be the time when the government establishes fiscal policies and begins to manage the economic impacts of network operations, such as defining fees to interact with the blockchain application and interest rates to bet on various assets deposited without trust in KIRA".

The Kira Network KEX token has shown remarkable performance in 2021, 11 months after its launch, with a profit of +194% this year.

A key player in DeFi

According to Entrepreneur, Open Finance will be the big step in the fintech journey. In this sector, decentralized finance is expected to play a leading role in the digitization of financial services.

In this context, the global fintech industry is forecast to reach $309.98 billion next year and under that scenario, Kira Network as “a fintech company, which uses blockchain as a financial center to gather DeFi applications hosted in various public blockchain networks ” will serve a key role in the transfer of interchain value within the DeFi ecosystem.

"Think of it as an App Store, but for DeFi applications", highlights Entrepreneur's specialist article on Open Finance at the end of August.

As we can see, the Kira network has built a solid foundation to be considered a key player within the vast sector of decentralized finance (DeFi) by bringing the concept of interoperability between chains and the decentralized use of real world assets to reality.