We at Knit Finance are proud to team up with API3. This partnership will further enable us to widen the scope of Defi. Leveraging API3’s Airnode-enabled APIs and quantifiably secure data feeds will open the gates to almost all real-world tradable assets and the possibilities of making them available to users on different blockchains.
Our vision is to make multiple cryptocurrencies and any real world assets available on multiple chains by generating equivalent wrapped tokens in a 1:1 ratio. We currently support PolkaDot, Binance Smart Chain, Ethereum, and Polygon. We plan to make digital and capital assets and bullion available on multiple chains.
API3 powers the creation of decentralized applications with Airnode-enabled APIs and decentrally governed dAPIs (data feeds), with users being insured against data feed malfunctions. By wrapping stocks, gold, and even fiat, these real-world assets can be brought into the DeFi ecosystem.
Upping the ‘Decentralization Factor’ of DeFi
API3’s secure and decentralized dAPIs (data feeds) supply real-world data to smart contracts on multiple chains. Knit Finance users can use this data to program wrapped token ERC-20 versions of any digital, lockable asset that can be lent, borrowed, margin traded, yield farmed.
Our smart contract that will facilitate the above is not owned or controlled by a centralized party/body. It is 100% decentralized and is solely dependent on user consensus for governance.
Speaking about this development, Knit Finance CEO, Sainath Gupta said: “We are super stoked to partner with API3. This is a significant milestone in our journey to expand the definition of Defi.”
Heikki Vänttinen, Co-Founder API3 said: “API3 is excited to be able to provide Knit Finance with the data needed to power their protocol. We look forward to seeing the use cases made possible through allowing assets to be available across different platforms”
API3 builds decentrally governed, and quantifiably secure data feeds that power Web 3.0 applications without employing third-party intermediaries. Powered by Airnode-enabled first-party oracles, API3’s dAPI’s are fully decentralized and blockchain-native APIs with quantifiable security.
About Knit Finance
Knit Finance is the next generation of DeFi protocol that aims to bridge multiple non-Ethereum chains with ERC20 in Phase 1. Any digital, lockable asset can be leveraged with KNIT Finance by generating equivalent wrapped tokens in a 1:1 ratio, hence unlocking billions of dollars and trade access which can be censor proof.