What Is Konomi Network (KONO)?

Konomi Network is a decentralized liquidity protocol for cross-chain crypto assets. Cross-chain refers to the capacity of two independent blockchains to communicate with each other. The Konomi network aims to enable users to manage their crypto holding positions, trade assets, and earn interest through decentralized money market products.

According to the whitepaper of Konomi Network, the global interest rates vary across different markets. The DeFi system eliminates such variations as the interest rates offered for the assets deposited in the DeFi protocols are higher than traditional financial products. This is primarily due to the increasing opportunities in crypto. Additionally, DeFi protocols help users gain custody of assets, which helps them access various services without giving out control of their assets. Thus, decentralized money market protocols enable users to access high yield financial products irrespective of border.

Furthermore, Konomi Network aims to offer financial applications for assets in the Polkadot ecosystem. The network aims to target crypto users who wish to invest, trade, and manage assets efficiently. Konomi Network is currently deployed as an independent blockchain using the Substrate framework, a blockchain framework that helps to build a customized blockchain.

Konomi Lend is a decentralized lending product that offers low transaction fees, collateral ratios, liquidation penalties, and liquidation thresholds. Konomi Network also aims to develop its own Oracle system based on Konomi Lend. Oracle is a third-party service that connects smart contracts with external systems, enabling smart contracts to run based on input and output from the real world. The Konomi Oracle seeks to quote the on-chain price based on the off-chain price.

Konomi aims to issue a native token.), KONO, for decentralized network governance. The network seeks to design tokenomics to facilitate the users to participate in trading, providing liquidity, and more. KONO is also aimed to be utilized as an incentive for encouraging users to add liquidity to the platform. KONO can be staked for earning rewards. Therefore, KONO is also a staking token for sharing platform revenue.

History of Konomi Network (KONO)

In 2020, Ariel Ho (CEO) and Shengmu Liu (co-founder and CTO) launched Konomi Network. The total supply of KONO is one hundred million.