Knit Finance is thrilled to partner with Paralink network, a multi-chain oracle platform for DeFi applications. Paralink will play a key role in helping Knit Finance unlock the full potential of DeFi using Cross Chain Synthetics and Bridges.
Knit Finance is a unique decentralized protocol that combines synthetics across multiple chains, bridges, and real world markets with yield, lend, trade and margin services through smart contracts.
Through this partnership with Paralink, Knit Finance will incorporate cross chain oracles into its DeFi products, including a market-leading suite of DeFi products.
Importance of the Knit Finance-Paralink partnership
Without accurate, reliable and decentralized data feeds, Knit Finance cannot perform calculated actions as any corruption in price and data feeds can result in large financial losses.
With Paralink integration, Knit Finance team will be able to use the cross chain oracles to access secure and reliable price data on assets held within the platform.
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 synthetic tokens in a 1:1 ratio, hence unlocking billions of dollars and trade access which can be censor proof.
Paralink is a multi-chain oracle platform that is able to provide real-world data for blockchains. Paralink’s security and robustness is achieved using PQL validation, aggregation and interpolation rules. Consensus algorithms of this nature are typically expensive on Ethereum due to low throughput and high gas fees. Paralink’s on-chain consensus algorithm is built using Polkadot and its Substrate stack, alleviating these issues.
Telegram Announcements: https://t.me/paralinkannouncements
Paralink Litepaper: https://docs.paralink.network/whitepaper/summary.html