KIRA Network, a decentralized liquid staking blockchain protocol, has joined forces with Public Mint to enable the latter’s users to stake USD+ and MINT tokens to access cross-chain DeFi yield opportunities.
Holders of Public Mint’s native assets, including the USD+ synthetic stablecoin and the MINT governance token, will be able to earn revenue utilizing KIRA Network and its Interchain Exchange Protocol (IXP).
Tokenized stakes can be put to work through other DeFi yield opportunities, effectively multiplying capital efficiency and yield potential. Consequently, they earn incentives emanating from new blocks and transaction fees.
Unlike staking on the original blockchain where the staked asset is completely locked with access to only the native yield framing network, staking on KIRA Network allows Public Mint assets to connect to a number of supported blockchains.
This approach provides a great versatility of functions that is not limited only to a particular blockchain.
Instead, it allows USD+ and MINT holders to interact with the most comfortable DeFi application according to their needs and demand.
To start participating, KIRA will allow users to deposit and stake Public Mint’s tokens without need for any intermediary custodial or non-custodial bridge solutions.
In return, they will receive an IOU token that represents the funds they locked with KIRA, which can be redeemed at any time for the underlying funds.
A custom smart contract facilitates multi-hop cross chain transfers, enabling almost instantaneous asset transfer that allows for using the staked assets in various investing opportunities.
KIRA interchain ecosystem does so by tokenizing the stakes, so the underlying tokens can be used as collateral in other financial applications as if they were the original token.
While the native token is locked and cannot be moved, the derived asset can be freely transferred and used on and off the Kira Network to interact with external DeFi applications.
Public Mint and KIRA eye nascent DeFi sector
Commenting on the news, Paulo Rodrigues, CEO of Public Mint said: “We’re excited to be partnering with KIRA to further connect the Public Mint blockchain with the wider crypto ecosystem.
KIRA’s liquid staking ability will vastly increase capital efficiency and attract more liquidity to Public Mint’s Earn program. We expect to see even more use cases for USD+ and MINT deriving from this integration in the future.”
“Building a truly inclusive and capable DeFi ecosystem is what KIRA stands for, which is why we designed our cross-chain liquid staking system.
Partnering with Public Mint furthers that vision to bring KIRA to the widest audience possible, especially given their focus on users who are not too crypto-savvy,” added Milana Valmont, CEO of KIRA.
KIRA Network is an interchain exchange protocol that brings liquid staking into the DeFi market. It allows users to earn block and fee rewards while staking any digital assets, such as cryptocurrency, stablecoins and non-fungible tokens (NFTs).
Public Mint acts as a payment and fiat on and off-ramp solution that enables users to transact between crypto and fiat without having to learn about the complexities of operating through crypto exchanges.
Additionally, users benefit from lightning-fast and low-fee payments without necessarily having to interface with the wider cryptocurrency ecosystem.
The EARN platform is one of Public Mint’s key value propositions for crypto and non-crypto investors, allowing them to earn DeFi-level yield while never having to hold crypto directly. The subscribers’ assets are distributed between centralized and decentralized blockchain services to ensure maximum profits.