Kira Network in simple words

Kira Network in simple words

By DronAlex | Defi-blog | 11 Oct 2020


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Kira Network is the DeFi project whose objective is improving the staking industry by enabling delegators to use their staked funds in DeFi ecosystem. How is it possible at all? To start with, let's explain the logic behind the implementation of this idea. Generally speaking, the whole process is as follows:

     1) Kira Network is connected with the network, say, Network X with bridges.
     2) The user wants to stake his tokens of Project X and decided to do it with the help of Kira Network.
     3) The user stakes the desired staking amount, his tokens are locked.
     4) Kira Network issue the same amount of tokens to the user, representing his stake in Project X, in a 1-to-1 ratio, tokens are 100% backed by the existing stake in the Project X.
     5) User can use the newly minted tokens inside the Kira Ecosystem, and even participate in token sales! 

The main platform of the project is Interchain Exchange Protocol (IXP) - the development of Kira Network team. Basically, it is a sharded-type DEX proposing security, scalability and is permissionless for the users. 

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The way Kira Network is designed contributes to the security of the connected chains as users are more motivated to stake their funds because now they are allowed to access the DeFi market keeping the ownership of their stakes. Kira is planning to launch the bridges to the first chain - Cosmos on Q2 2021. Afterward, on Q3 2021 Ethereum will be successfully connected, and on Q4 2021 we will have the opportunity to stake DOT tokens for the Polkadot chain with the help of Kira Network



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