KONOMI Network: Making Decentralized Asset Management Easier

Website: http://www.konomi.network
Twitter: https://twitter.com/KonomiNetwork
Telegram: https://t.me/konominetwork

A decentralized money market and liquidity protocol for crypto assets across multiple chains.

Overview

The world is slowly progressing towards decentralized finance (DeFi) thanks to steady advancements in blockchains and crypto-assets. DeFi promises a lot that attracts entrepreneurs and investors from all over the world. It essentially allows for the development of a decentralized money market where people can gain access to high-yield financial products without having to worry about political and geographical limitations.

DeFi applications and protocols are increasingly becoming popular. And a large majority of them are currently reliant on the Ethereum layer 1 protocol. This is where things slow down; the Ethereum protocol is slow and expensive. It takes time to confirm transactions and users have to pay a lot of fee per transaction.

KONOMI plans to offer a solution that will make DeFi applications and protocols faster and cheaper to use. KONOMI is a protocol based on the Polkadot ecosystem, and it aims to create a decentralized money market for cross-chain crypto assets.

Value Proposition

What Makes KONOMI Relevant?

DeFi’s potential is being held back by its reliance on the Ethereum protocol. It makes transactions slow and expensive. This greatly limits its usability. KONOMI uses Polkadot, which has the ability to process up to 1,000,000 transactions in one second. Its speed makes Polkadot far more suitable for applications that plan on being used by a lot of users.

With Polkadot’s speed, KONOMI introduces a platform where people can manage their crypto-assets efficiently. KONOMI’s aim is to give DeFi a big push forward, increasing its usability and making it more efficient. One of the biggest setbacks for DeFi right now is limited cross-chain capabilities. The way current DeFi protocols and applications work, there are way too many barriers that make it harder for more people to become part of these platforms.

KONOMI’s solution provides a fast way to invest, manage, and trade crypto-assets. Apart from promising more speed and lesser costs, KONOMI will also be able to support cross-chain asset management. This will help attract more people to DeFi.

KONOMI’s Solution

KONOMI’s solution promises a lot of features that will increase the practicality of DeFi protocols and applications. At the core of its value proposition, there’s a decentralized money market that offers the following:

· KONOMI Trade: allowing people who are part of the market to liquefy their assets in the Polkadot ecosystem. Users will have the option to connect their wallets to the chain and make real-time trades at any time they want. And since the entire platform will be decentralized, long-tail asset trades will be possible without any limitations.

· KONOMI Lend: users will also be able to lend and borrow assets in this market. KONOMI’s lending model is currently designed with the collateralized debt position model kept in mind.

· KONOMI Wallet: the market will introduce its own wallet that will essentially make it easier for market participants to manage their assets. Instead of keeping track of multiple wallets for multiple DeFi protocols, they can simply keep track of their KONOMI Wallet.

KONOMI Token

Token Symbol: KONO

Total Supply: 100,000,000

The KONOMI platform will introduce its own token for encouraging early adopters and increasing the number of participants. The KONOMI token will be used primarily for giving users incentives and for asset staking.

RoadMap

Currently, KONOMI is in a very early phase of development. The protocol has undergone its launch testnet. According to its current roadmap, KONOMI is planning to launch its mainnet in Q3 of 2021.

Conclusion

DeFi holds a lot of promise and is advancing at a good pace. However, currently DeFi transactions are slow and costly. And, there are multiple barriers that prevent a wider audience from adopting decentralized finance.

KONOMI plans on developing a decentralized market where users will be able to manage assets. It promises cross-chain capabilities and since it uses Polkadot, it will be able to carry out transactions at lightning fast speeds.

KONOMI is currently in a very early phase of development, but the project does hold promise, making it worthwhile to keep track of.

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