Kine Protocol, a decentralized derivatives trading platform, announced that it will soon launch on Binance Smart Chain. The platform is moving towards a multi-chain ecosystem to further expand their reach in the various cryptocurrency ecosystems. This latest update follows as part of their development with their cross-chain token transfer.
Users of the Kine Protocol platform will be able to transfer ETH and BSC dual-chain assets within their platform. With the BSC integration, the Kine protocol will be able to support a new range of staking assets, including popular cryptocurrencies such as Bitcoin, Litecoin, and Bitcoin Cash, as well as tokens on the BSC chain. Stakers on BSC via Kine will be able to take advantage of all staking capabilities, including the minting and burning of Kine’s principal stablecoin, kUSD, as well as partaking in LP mining and reaping rewards. Kine will function as a conduit between the users and the staking pools in order to manage risk and reward allocation. Furthermore, the kUSD price peg will be improved by a fresh new feature that gives kUSD traders the option of redeeming discounts or staking their assets to profit from arbitrage.
The BSC integration will be wholly managed by the Kine Exchange. Specifically, the locked tokens on both Ethereum and BSC will be stored on EOA addresses controlled by their exchange. As a decentralized derivatives trading platform on the ETH public chain, Kine protocol takes the assets pledged on the Ethereum public chain and combines it with an off-chain transaction engine to create a decentralized, open, and transparent trading experience. Through the Kine peer-to-pool mechanism, the platform aims to bring its users unlimited liquidity and zero slippage, with high operational speeds.
Since its initial DEX offering in March 2021, Kine has gone through a major overhaul on its cross-chain infrastructure. Kine Protocol plans to further expand on their application of their cross-chain operability on the BSC chain and move forward with faster implementation on more EVM chains and Layer-2 rollups. For more information, please refer to 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.