When KIRA co-founders Milana Valmont and Mateusz Grzelak started chatting online about the cryptocurrency ecosystem, they knew that something big was in store for the future.
“[We] knew each other from early slack days, and in 2018 we both started as advisors for Sentinel.co,” said Valmont, “We finally met in real life during the Devcon 4 conference and started exchanging ideas about the future plans for crypto.”
Interchain Technology May Be a Cornerstone for DeFI’s Future
They watched as the industry transformed into a colorful exchange of a variety of assets, but saw massive gaps in the ecosystem they’d grown to love. Dominant blockchains such as Ethereum had become severely congested due to the number of tokens utilizing the network, essentially hindering the main purpose and benefit of having a “masterchain.”
Valmont and Grzelak knew that the Interchain, a new concept where interconnected networks communicate with each other, could empower the DeFi community as a whole and result in unparalleled market access. The team was looking to create something completely new in the world of interchain technology that would address a variety of pain points. How would they provide trustless and permissionless market access to the DeFi world and also create products that maximize this emerging technological environment?
Valmont and Grzelak knew that there was an opportunity to create a platform that met the needs of the cryptocurrency and blockchain community and could fulfill the core values of its members. “Centralized exchanges themselves are the biggest threat in crypto because that’s where all of your staking assets are deposited,” explains Grezlak. DEXes, while somewhat more secure, still require a higher level of technical knowledge as there are more potential points of failure – not to mention that DEXes still tend to centralize over time. With both CEXes, DEXes, and PoS failing their users, the duo set out to build their new project, KIRA.
KIRA will Transform the Way You Trade and Stake Assets
Through a Multi Bonded Proof-of-Stake (MBPoS), KIRA allows users to multi-stake any digital asset (stablecoins, NFTs (non-fungible tokens), digital real estate, art, luxury goods, etc.) and natively supports 1:1 staking derivatives. Because the exchange protocol is sharded, it allows almost an infinite amount of trading pairs and is very fast and scalable.
KIRA’s IXP takes a different approach to DEXes, as true ownership over one’s assets and liquidity can be fully realized at any part of an assets journey. Even when staking, which involves freezing assets in order to be selected for network validation (you may know this as a version of “mining”). Security and radical decentralization are at the core of KIRA’s mission, as well as producing an incredibly efficient and utilitarian product for traders to use.
The project will be focusing on establishing and maintaining active governance and protocols instead of blockchain oracles, which helps networks access information that triggers smart contracts. “We are not using oracles, we’re not using anything that could compromise the network. Oracles are the easiest way, in DeFi, to get wrecked,” said Grzelak. Their own mechanism ensures that stakeholders can operate their own assets, and the entire system cannot be exploited by printing an unlimited number of assets.
Being able to trade even when assets are staked is a tool that will change the way people invest within the DeFi space. By maintaining the ability to trade, earn revenue, keep liquidity and a relatively high control over their assets, users won’t have to wait for their assets to be unlocked – they can simply use derivatives to continue investing. Another huge point for KIRA’s efficiency and flexibility is not having to unstake assets when swapping out a staked asset. It’s a self-sustaining platform that can support a huge number of cross-chain assets with their partner networks.