|Kine Launches on Binance Smart Chain and Introduces Cross-Chain Asset Transformation [SY1]
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SINGAPORE, June 10, 2021 /PRNewswire/ — Kine, an innovative protocol making decentralized derivative trading fast and transparent, has officially launched on the Binance Smart Chain (BSC) with a staking pool for kUSD/USDT and kUSD/KINE pairs. In doing so, Kine Exchange also supports cross-chain transformation to allow users to access lower gas fees. Users can switch between the Ethereum or Binance Smart Chain. On Binance Smart Chain, stake assets include BTCB, LTC, BCH, XRP, ETH and BNB. Not only that, but LP farming pools with kUSD/KINE, kUSD/USDT were also be launched at 10 a.m. UTC on the 10th of June, 2021.
Kine aims to address issues revolving high gas fees on the Ethereum network by implementing all of the staking features including kUSD minting/burning, rewards, and LP mining [SY2] on the Binance Smart Chain. Kine has also added a new suite of assets including coins on BSC in addition to the top market cap tokens. This allows Kine to act as a bridge between BSC and Ethereum for users while granting stakers to share the same universal liquidity pool, saving transaction gas costs in the process as fees on BSC are often less than one tenth of what they are on the Ethereum network.
Kine has responded to their growing community with a major overhaul of its cross-chain infrastructure. Risk management will be improved by introducing dynamic liquidation incentives, allowing the upgraded platform to provide greater incentives for positions with a higher debt ratio[SY3] and prioritize liquidations on high-risk positions. The team has also prepared for the redemption option of kUSD price peg where kUSD trading at discounts can be redeemed to staking assets for arbitraging profits.
Moving forward, as more EVM chains and Layer 2’s get implemented, Kine expects their development team to even add faster features, allowing for smoother staking experiences for all users.
For more information about Kine, please go to our website.Â
About Kine Protocol
Kine is a decentralized protocol which establishes general purpose liquidity pools backed by a customizable portfolio of digital assets. The liquidity pool allows traders to open and close derivatives positions according to trusted price feeds, avoiding the need of counterparties. Kine lifts the restriction on existing peer-to-pool (aka peer-to-contract) trading protocols, by expanding the collateral space to any Ethereum-based assets and allowing third-party liquidation.
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SOURCE Kine Protocol