Kine Protocol Migrates Cross-Chain Derivatives Trading Platform to Polygon
DUBAI, UAE / ACCESSWIRE / August 31, 2021 / Polygon, an Ethereum-based full-stack scaling solution bringing mass adoption to the ethereum platform, today announces that Kine Protocol, a decentralized protocol that establishes general-purpose liquidity pools backed by a customizable portfolio of digital assets, will launch its cross-chain derivatives trading platform on Polygon.
Polygon’s high-speed and low-gas infrastructure makes Kine’s features – including staking, minting, burning, rewards, and liquidity farming – faster than ever, thus facilitating a seamless derivatives trading experience for tens of thousands of users at once.
With Polygon, users can also use top DeFi bluechip Dapps, including Sushiswap, Curve, Aave, and Balancer, at a low cost.
Polygon has become one of the most popular Ethereum scaling solutions due to its high speed, low transaction cost, and network composability. In the past month alone, Polygon’s daily transactions increased from 1.5 million to 7.5 million according to PolygonScan – 5x the daily transaction volume of Ethereum. Despite the Polygon network facilitating more transactions than Ethereum over the past two months, Polygon users spent just $12,000 on transaction fees per day, compared to the nearly $4 million spent by Ethereum traders. As a result, the Polygon network currently hosts more than 350 projects and counting.
Kine Protocol’s launch supports Polygon’s mission to help DeFi Dapps integrate with other Dapps and create the best composability out of any ecosystem outside of the Ethereum main chain.
Sandeep Nailwal, Co-Founder of Polygon, said: “The launch of Kine Protocol is yet another example of the world’s brightest blockchain developers choosing Polygon as the foundation for their innovations. We’re excited to facilitate frictionless experiences so users can experience the future of derivatives trading on Kine Protocol.”
Lei, CEO and Founder at Kine added: “We look forward to growing the Kine Protocol community through Polygon and supporting Polygon’s mission to bring blockchain infrastructure to the masses.”
Polygon’s ethereum scaling solutions also boast over 6MN+ daily transactions, and have facilitated more than 560 million transactions.
Since April this year, Polygon’s Total Value Locked (TVL) – a metric that denotes market share and growth – grew from $1 billion to nearly $11 billion. The expanding market share of Polygon illustrates the rising demand for Dapps on faster and cheaper blockchain solutions.
About Kine Protocol
Kine is a decentralized protocol that 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 trading protocols by expanding the collateral space to any Ethereum-based assets and allowing third-party liquidation.
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Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Optimistic Rollups, zkRollups, Validium, etc, and Standalone Chains like Polygon POS, designed for flexibility and independence. Polygon’s scaling solutions have seen widespread adoption with 500+ Dapps, ~567M+ txns, and ~6M+ daily txns.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.
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