Cryption Network Secures Partnerships To Develop DeFi Ecosystem

Cryption Network, a decentralized platform that focuses on tackling the challenges hindering cryptocurrency adoption has secured partnerships with DeFi platforms to achieve its vision.

Cryption Network in a statement announced a new partnership with Knit Finance, a DeFi platform that strategizes and focuses on cross-chain, and multi-chain synthetic assets. To grow its decentralized finance (DeFi) ecosystem by utilizing Knit’s cross-chain interoperability.

Describing Knit Finance as a next-generation protocol, Cryption noted that the collaboration will increase the utility of its native token (CNT). Adding that it would also list Knit native token (KFT) and its K-Assets on its automated market maker (AMM) platform.

Additionally, the DeFi 2.0 product platform revealed that the partnership was formed to improve user experience. Adding that the collaboration will further enhance its efforts towards providing top-notch experience for users.

Cryption Network further disclosed that Knit Finance will also integrate CNT into its multi-chain platform by creating wrapped token (K-CNT). Invariably allowing the Cryption users to make cross-chain transactions.

Cryption Network Partners With Frax

In a similar development, Cryption Network has partnered with Frax, the world’s first fractional-algorithmic stablecoin. To develop its ecosystem as well as add value to both DeFi platforms.

According to Cryption, the collaboration with Frax was a strategic decision as the company is the first fractional-algorithmic stablecoin protocol to be integrated into PolyDEX.

Notably, the partnership will aim to utilize Frax Protocol to add liquidity to PolyDEX while also creating dual farms for FXS, and CNT. Consequently, this helps Cryption achieve its goal of increasing crypto adoption among retail investors.

Furthermore, Cryption Network will also create a pool to stake the FXS token, and reward staked FXS with CNT tokens.

Cryption Completes Successful IDO Launch

Meanwhile, it is worth noting that Cryption Network recently successfully launch their IDO on Ignition, and Poolz. The IDO which sold out in minutes was aimed to achieve Cryption’s goal of promoting mass adoption of cryptocurrencies among retail investors.

CNT Price

The growing activities on Cryption Network have positively affected the price of its token. CNT as of the time of publication rose by 4.7% and was trading at $0.222142. The token has a 24-hour trading volume of $23,417.

Meanwhile, FRAX at the time of publication was trading at $1.00 with a market cap of $116,667,113 and a 24-hour trading volume of $4,234,122.

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