October 3, 2024
News

Kinetex Co-founders Discussed Kinetex’s solutions to Cross-chain problems

During a brief discussion, Tigran Bolshoi and Mike Shishko, co-founders of Kinetex, share their insights on the major issues related to cross-chain operations and how Kinetex can effectively address them.

Dubai, UAE, 17th February 2024, Cross-chain developments currently face three major challenges for which they must find solutions. These include security concerns, accessibility or user experience issues, and unfavorable swap conditions. Security is critical for the success of any blockchain solution, and cross-chain technologies are no exception. According to Bolshoi, one of the key security concerns with cross-chain is related to cross-chain bridges since they get attacked quite frequently. Thus, blockchains connected through bridges may be seriously endangered. This is why the Kinetex team has decided to adopt a new approach in its upcoming Flash Trade solution, where validators are replaced by the resolving approach, which offers users enhanced security and speed.

The second issue the Kinetex team thinks should be addressed is the overall complexity of swapping crypto in DeFi. For instance, to swap assets, users need to go through several steps, including setting up and changing wallets, managing passwords, analyzing market conditions, calculating fees and gas costs, determining the most optimal route for multiple swaps, etc. Such complexity brought by inadequately thought-out interfaces and processes has a detrimental effect on the popularity of the DeFi solutions, thus postponing the growth of the DeFi industry and the acceptance of crypto. According to Shishko, such obstacles might have put more users off than any security issues mentioned above. 

Mindful of the complexity issue, the Kinetex team has developed the Kinetex dApp to be as easy to use as possible, with two modes available: Liquidity Aggregation and Flash Trade. Both modes were created to simplify the swapping process and help inexperienced users get accustomed to the DeFi market and enjoy its benefits. Shishko explained how the team approached cross-chain swapping while creating these two modes. In the Liquidity Aggregation mode, Kinetex ensured effortless cross-chain trading by providing users with swap automation, advanced route building, and gasless flow. In the Flash Trade mode, the team implemented a combination of intents and resolvers to simplify the trading experience. By doing so, Kinetex has transferred the responsibility for orders from users to resolvers, resulting in a much more pleasant and hassle-free trading experience.

The last issue Kinetex’s co-founders discussed was mastering market conditions and gaining the experience and knowledge required to use many decentralized solutions successfully. Figuring out all gas payments, fees, and other trading aspects that can influence the result of each cross-chain transfer is a multi-layered challenge, which even seasoned crypto traders sometimes get wrong. Shishko and Bolshoi pointed out that, thanks to the innovative solutions, both Kinetex dApp modes help even with the most complex multi-part swaps and all associated payments. As mentioned before, relay nodes automate the swapping process completely, including making gas payments in the Liquidity Aggregation mode, helping to navigate the cross-chain space effortlessly. The upcoming Flash Trade also fully handles the swapping process, leaving all charges to resolvers to calculate and pay. 

The importance of innovation and hard work cannot be overstated in the crypto space. The Kinetex team is dedicated to inventing new approaches and enhancing existing technologies to help more people appreciate DeFi and the opportunities it can offer.  

Kinetex Network: Website | Kinetex dApp | Blog



Information contained on this page is provided by an independent third-party content provider. Binary News Network and this Site make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact [email protected]

Related posts

Buy Ipe Direct from the Leading Supplier

Binary News Network

The GGTOKEN real gambling project announces that it is set to accept 15+ projects worldwide

GMCoin signs as official sponsor for esports platform Virtual Pro League