Konomi Network is a comprehensive money market and asset management system for cross-chain digital assets built on the Substrate framework of Polkadot. With a goal of supporting multi-asset exchange, Konomi Network was designed to allow its users to make financial investments, purchase cryptocurrencies, earn interest and participate in decentralized money market products without the need to shift from one application to another.
Nominated Proof-of-Stake (NPoS)
Similar to Polkadot, Konomi implements the nominated proof-of-stake (NPoS) consensus model, a variation of Ethereum’s proof-of-stake (PoS). NPoS allows the platform to quickly process transactions without compromising network security.
KONO holders can deposit their funds in a smart contract to lock their stake in the network, which allows them to participate in its safekeeping and maintenance operations. KONO stakes can then delegate their stake to network validators of their choice.
As a decentralized money market, Konomi offers several financial products that run on the Polkadot network.
Konomi Trade is the platform service that allows users to engage in peer-to-peer trades. They can purchase and sell their tokens here for very minimal transaction fees and quick transaction speed. Konomi Trade is designed to be connected with other available markets in the Polkadot ecosystem.
Konomi Lend is the platform’s money market protocol that enables users to easily borrow and lend their assets without the need for any third-party to connect them, since the platform matches borrowers and lenders automatically.In order to ensure the platform’s liquidity, borrowers are required to deposit a minimum amount of collateral assets before they make a loan. Only DOT tokens are accepted for collateralization, but there might be more in the coming months.
Konomi Wallet is the platform’s asset storage solution and interface for users to access Konomi Lend and Konomi Trade. Basically, it allows users to manage their deposited assets across multiple supported protocols.
KONO Token Use Cases
Decentralized governance: KONO holders have the right to vote on protocol design and implementation. Voting will be conducted to determine the interest rate model, collateral ratio, collateral types,…
User incentives: KONO tokens are used to encourage people to add liquidity and use Konomi Network products.
Asset staking: Users can stake KONO to participate in the base layer consensus and earn rewards. It is also staked to claim share protocol revenue and ensure the safety of the debt position.
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