We are pleased to announce that Kaco Finance, a EVM version dApp of Coinversation, has launched BSC’s first NFT fragmentation protocol on September 28! Kaco Finance will fully release the liquidity of NFT on BSC.
In the Kaco NFT fragmentation protocol, we will support the holder to convert an ideal but illiquid NFT to 100 KTokens with our fragmentation protocol. These KTokens represent the underlying asset and can be distributed among multiple owners. Since Ktokens are fungible, they are easy to trade.
KTokens can trade within Kaco Finance. Kaco Finance is an AMM that supports NFT fragmentation. Part of the NFT and KTokens transaction fees on the platform will be allocated to liquidity providers, and the rest will be used to buy back $KAC.
How to fragment NFT through KNFT protocol?
Step 1: Determine whether your NFT can be fragmented. The process is as follows:
1. Go to the https://www.kaco.finance/, connect your Web3 wallet, and click “NFT-My Wallet” in the website’s sidebar.
2. You will see the NFT that can be fragmented in your wallet on the interface, and you can choose the NFT that you want to be fragmented or exchange KTokens for NFT in the pool.
3. Click on “Mint” and you will be prompted to approve Kaco transfer the relevant NFT. Confirm the approval in your wallet, and then make the transfer as needed. Finally, press the “Confirm” button and confirm the casting.
4. The converted KTokens can go to “Trade” to trade and create liquidity. After creating liquidity, they can go to Farm Pool for staking to earn $KAC.
Let NFT return to value, fragmentation is only the first step
The Kaco NFT protocol is paving the way for the possibility of NFT liquidity and Token utility on BSC, but this is only the first step Kaco has taken in NFT.
In the next roadmap, Kaco also plans to launch NFT’s Dutch auction.
About the Dutch auction: The Dutch auction initially bids at a price that exceeds the seller’s expected income. The price decreases step by step until a bidder accepts the current price. The bidder wins the auction and pays the price for the item.
The characteristic of Dutch auction is that the price decreases from high to low with a certain time interval according to a pre-determined price reduction step.
Advantages of Dutch auctions: everyone can see the NFT being sold and enjoy the artwork without participating. Bidders will be excited about rare NFT and look forward to the launch time of the NFT auction. They will think about their auction strategy in advance. Watching and participating in Dutch auctions is an exciting process.
About Coinversation Protocol
Coinversation Protocol is a synthetic-asset issuance protocol and decentralized contract trading exchange based on the Polkadot parachain. It uses CTOs, the issued by Coinversation Protocol, and DOTs as collateral, to synthesize any cryptocurrencies, stocks, bonds, gold or other off-chain assets through smart contracts and oracles. Users can forge a certain synthetic asset by collateralizing CTOs or DOTs, such as U.S. dollars, and automatically have a long position in the asset. Users can also convert minted assets into other assets through the trading platform, so as to realize the purpose of shorting the asset and longing other assets.
Kaco Finance is the evm version of DEX issued by Polkadot decentralized exchange and synthetic asset protocol Coinversation. Kaco Finance is a cross-chain decentralized trading platform based on Binance Smart Chain and Kusama parachain. Kaco Finance initially aims to provide liquidity AMM and yield farm for the Polkadot ecological project and is committed to realizing the asset bridging function between Kusama and BSC.