Introducing Konomi - A Decentralised Money Market on Polkadot
Published date: May 18 2021
1. Main goal
KONOMI is targeting crypto users that are looking into investing, trading and managing assets in an efficient way. It is currently deployed as an independent blockchain using the Substrate framework. At launch, it will support functions in trading, deposits and lending. As the Polkadot parachains are launched and interchain communication protocols are live, Konomi could support more financial products specific to the Polkadot ecosystem.
2. Products Of Konomi:
3. Konomi Trade
Konomi Trade allows users to access liquidity for assets in the Polkadot ecosystem. It supports smart contract based liquidity protocols starting with constant product automated market makers. Users could connect decentralised wallets to the protocol and trade with immediate on-chain execution. Since the platform is decentralised, users could trade long-tail assets without any restrictions.
4. Konomi Lend
Konomi Lend is a decentralised money market protocol for users to borrow and lend assets. The product is currently based on a collateralized debt position model. It is an important milestone for crypto assets to have compound interest and this feature could incentivise users to hold the assets. DOT will be first supported as the default collateral, since it is the native currency in the ecosystem. As the parachain and para-thread auction is launched, there will be more room for innovation in financial products since projects will need to bid for DOT supporters in order to share the consensus in the Polkadot ecosystem. Komoni Lend also has the capacity to become an alternative solution for projects to raise DOT in exchange for their project tokens. For example, projects could accept DOT as a collateral to borrow the native tokens issued by new projects and receive interests.
5. Konomi Wallet
Konomi Wallet helps to aggregate user positions in decentralised wallets and to manage the active positions in the different protocols. Just as a banking customer would find it troublesome to have several banks at the same time, it is difficult for non-professional users to keep track of positions in different DeFi protocols. It complements Konomi Trade and Konomi Bank to give users the one-stop experience to manage assets on DOT.
6. Konomi Partnership
Konomi has been invested by many big funds and investors of crypto space such as: Blocksync Ventures, Moonwhale Ventures, CMS Ventures,...
7. Core Team Of Konomi
The core team of Konomi includes:
Konomi is a full suite asset management solution for cross-chain crypto assets. Using Substrate as the development framework, the network aims to support more assets in the Polkadot ecosystem. Users could manage their crypto holding positions, trade assets and earn interest through decentralised money market products. Konomi also issues its native network token in order to kick start liquidity and decentralised governance.
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See Konomi on DotMarketCap: https://dotmarketcap.com/coin/konomi-network