Kine Protocol Introduces Cross-Chain Asset Transformation on Binance Smart Chain Launch

SINGAPORE, June 11, 2021 (Newswire.com) - Kine Protocol, 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, the 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 the Binance Smart Chain, users will be able to stake mainstream assets including BTCB, LTC, BCH, XRP, ETH and BNB. LP farming pools with the trading pairs kUSD/KINE, kUSD/USDT will be open starting from 10am 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 on the Binance Smart Chain. Kine will add a new suite of assets including coins on BSC in addition to the top tokens, which allows Kine to act as a bridge between BSC and Ethereum for users. At the same time, this grants token stakers to share the same universal liquidity pool, thereby helping users saving transaction gas costs in the process as fees on BSC. These fees are often less than one tenth of what they are on the Ethereum network.

In response to their growing community, Kine has gone forward 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 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.

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 its users.

For more information about Kine, please visit their official website.

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.
 

Website: https://kine.io

Media Contact: [email protected]

Source: Kine Protocol