It goes without saying that the world of decentralized finance (DeFi) saw exponential growth over the past year and a half, with the total value locked across various protocols skyrocketing.
And while some time ago, most of the DeFi developers were predominantly occupying Ethereum’s network, competitive chains such as Binance Smart Chain and Solana, among others, have also seen substantial growth in demand and interest.
Many argue that until Ethereum transitions to a proof-of-stake (PoS) consensus algorithm, the network won’t be able to handle the massive demand. Facts support this, as we’ve seen Ethereum transaction fees and processing time spin out of control in times of network congestion.
Solana and BSC have risen as the most obvious alternative and perhaps the ones that garnered the majority of the users’ interest. Another worthy mention is Polygon – formerly known as Matic.
To garner the attention and capitalize on the growing markets while also allowing its users to benefit by staking their cryptocurrency and farming other in return, KingDeFi becomes among the first DeFi protocols to enable a cross-chain bridge across 5 different networks.
What is KingDeFi?
According to the team, KingDeFi is the first yield farming aggregator powered by artificial intelligence (AI), working across Binance Smart Chain, Solana, Heco, Polygon, and Ethereum.
The main idea behind the protocol is to make it easier for users to get the most out of their cryptocurrency without having to spend countless hours searching for the best opportunity, dabbling through multiple transactions, and burning fees.
Users are able to provide liquidity directly through the KingDeFi platform, where a monitoring function unlocks insights into some of the major protocols that operate across the supported blockchains.
With a simple click of a button, users are able to get suggestions on where they can find the most profitable farms. These suggestions are even customized based on the tokens users hold in their own wallets.
A Closer Look Into the Bridge
One of the things that make KingDeFi stand out is their cross-chain bridge across five different networks – Polygon, Heco, Solana, Ethereum, and Binance Smart Chain.
The team applies a multi-programming language approach, taking advantage of Solidity, Rust, C++, and Haskell, in an attempt to keep expanding to other chains in the future.
The bridge is important because it allows the protocol to spread its current circulating supply across the abovementioned blockchains and even to more in the future.
This means that instead of applying practices such as burning, the team can manage price inflation by re-distributing the rewards across various networks.
It’s also worth noting that there’s only one project token and one circulating supply spread across multiple chains – there is no token on a different blockchain. This eliminates a lot of issues, such as minting new tokens, which would ultimately increase the overall circulating supply of the project.
The bridge is also a tool that would allow KingDeFi to network and connect to different teams and projects in an attempt to offer a multitude of farms on its platform.
“The bridge is an amazing instrument to “open doors” for new partnerships. The team is now contacting other projects across five blockchains in order to start farms and have new partnerships with the best and fastest-growing projects across Solana, Heco, Polygon, and Ethereum.” – Reads an official blog post.
Team and Security
KingDeFi takes an interesting approach towards branding its platform – it’s all carrying a medieval theme in the spirit of kings and knights.
It’s worth noting, though, that the team behind it is anonymous. In line with the general theme of the project, its CEO is King Arthur – a figure based in Switzerland with over 10 years of experience in Banking, Asset Management, and Technology. His background firms purportedly include the Frankfurt Stock Exchange, KPMG, and some technology startups.
In terms of security, the King Farms contacts have been audited by the well-known company CertiK. The report from the check can be seen here. In addition, the team told CryptoPotato that they have a cybersecurity advisor whose role is to cover all infrastructure security assessments together with Hacken as a security provider – another rather popular company in the industry.