Interoperability on Harmony (ONE) set to improve thanks to a strategic partnership with next-gen DeFi protocol, Knit Finance. As a result of the partnership, the entire Harmony ecosystem will enjoy better cross-chain DeFi interoperability.
This strategic partnership, according to an official blog post, is a step in the right direction for the entire Harmony (ONE) ecosystem. Knit Finance is well-known as an asset-wrapping cross-chain Decentralized Finance (DeFi) platform. The platform is majorly interested in multi-chain and cross-chain synthetic assets. Moreover, it creates synthetic assets for multiple chains, thereby facilitating the easy completion of financial-based transactions like lending, borrowing, etc.
Knit Finance partnership with @harmonyprotocol , a blockchain platform designed to facilitate the creation and use of dApps.
— Knit Finance (@KnitFinance) May 17, 2021
More use cases for ONE token
Knit Finance’s partnership with Harmony protocol will open up the blockchain platform to Knit multichain solutions. This means that Harmony blockchain will become interoperable with other blockchains and the ONE token will gain more use cases. The ONE token can now also be used as a synthetic asset on other chains, therefore increasing its use cases. In turn, this will also result in an expansion of the entire Harmony ecosystem.
To keep community members abreast of the details of the partnership, Harmony has disclosed plans to host an Ask-Me-Anything (AMA) with Knit Finance. The details of the AMA will be released soon.
About Harmony and Knit Finance
Harmony is well known for its sharding protocol and its efficient, and trustless ETH-bridge. Developers on the Harmony Chain also have unlimited access to some of Ethereum chain best tools like Solidity and Ether.js. The blockchain also boasts of being able to facilitate 2-second finality for fast transactions, as well as “…support 1000 delegating stakers for secure shards.”
Knit Finance, on the other hand, is a renowned DeFi protocol known for connecting wrapped assets across multiple blockchain platforms; even in real-world markets. It does this with lending, yield, trade, and margin services using smart-contracts.
At the time of publication, ONE was trading at $0.100614, with a market cap of $962,141,805 and a 24-hour trading volume of $199,407,169.
Also, join us on Telegram to receive free trading signals.
Find out more about the blockchain and crypto space on the Altcoin Buzz YouTube channel.