Kine Protocol launches multi-chain deployment with Binance Sensible Chain – Yahoo Finance
SINGAPORE, June 8, 2021 / PRNewswire / – Kine Protocol, a decentralized derivatives trading platform, announced that it will launch shortly on Binance Smart Chain. The platform is moving towards a multi-chain ecosystem to further expand its reach across the various cryptocurrency ecosystems. This latest update follows as part of their development with their cross-chain token transfer.
Kine Protocol platform users can transfer ETH and BSC dual chain assets within their platform. With the BSC integration, the Kine protocol can support a new range of staking assets, including popular cryptocurrencies like Bitcoin, Litecoin and Bitcoin Cash, as well as tokens in the BSC chain. Stakers on BSC via Kine can use all staking functions, including the minting and burning of Kine’s most important stablecoin, kUSD, as well as participating in LP mining and reaping rewards. Kine acts as a link between the users and the stake pools to manage the risk and reward distribution. Additionally, KUSD price maintenance is enhanced with a new feature that gives KUSD traders the ability to redeem discounts or wager their assets to benefit from arbitrage.
The BSC integration is fully managed by the Kine Exchange. In particular, the blocked tokens are stored on both Ethereum and BSC at EOA addresses that are controlled by their exchange. As a decentralized derivatives trading platform in the public ETH chain, the Kine protocol takes the assets pledged in the public Ethereum chain and combines them with an off-chain transaction engine to create a decentralized, open and transparent trading experience. Through Kine’s peer-to-pool mechanism, the platform aims to provide its users with unlimited liquidity and zero slippage with high operating speeds.
Since its first DEX offering in March 2021, Kine has fundamentally redesigned its cross-chain infrastructure. Kine Protocol plans to further extend the application of its cross-chain functionality to the BSC chain and move forward with a faster implementation to more EVM chains and Layer 2 rollups. Please visit their official website for more information.
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Via the Kine protocol
Kine is a decentralized protocol that establishes multipurpose pools of liquidity backed by a customizable portfolio of digital assets. The liquidity pool enables traders to open and close derivative positions according to trusted price feeds without the need for counterparties. Kine removes the restriction of existing peer-to-pool trading protocols (also known as peer-to-contract) by expanding the collateral space to include all Ethereum-based assets and allowing third party liquidation.
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