Konomi Network

Konomi Network operates as a decentralized finance (DeFi) protocol, offering a suite of asset management solutions for cross-chain crypto assets. Founded in 2020 by Ariel Ho and based in Singapore, the company aims to provide comprehensive financial services within the Polkadot ecosystem. In a March 2023 community call, Jayden Yo, the project's COO, stated he had taken over the role of CEO. Ho and other early team members were alumni of the National University of Singapore. Jayden Yo previously worked as a regional manager for ofo in Singapore and founded a travel tech startup called Mileslife before joining Konomi.

The protocol is built using the Substrate framework, which is designed to enhance interoperability and allow for the support of a wide range of assets on the Polkadot network. Konomi Network addresses the challenge of interoperability between different blockchains, aiming to resolve issues like high gas fees on Ethereum by improving transaction speed and network scalability. The business model revolves around providing decentralized financial products and earning revenue through minimal transaction fees on the platform. Its target clients are crypto users seeking to invest, trade, and manage assets within a decentralized framework.

Konomi Network's core products include Konomi Trade, Konomi Lend, and formerly Konomi Wallet. Konomi Trade is a decentralized exchange (DEX) that utilizes an Automated Market Maker (AMM) model to facilitate immediate on-chain transactions and access to liquidity from various markets in the Polkadot ecosystem. Konomi Lend functions as a decentralized money market, enabling users to borrow and lend digital assets. Interest rates are determined algorithmically based on the supply and demand within the platform's liquidity pools. The platform's native utility token, KONO, is central to its ecosystem. KONO is used for paying transaction fees, staking to earn rewards, and participating in the decentralized governance of the protocol, where token holders can vote on proposals regarding network parameters. The total supply of KONO is fixed at 100 million tokens.

The company has secured significant funding to support its development. In March 2021, Konomi announced it had raised $5 million through three investment rounds from various venture capital firms, including Digital Finance Group, CMS Holdings, and OKX Ventures. This was followed by an Initial DEX Offering (IDO) on Polkastarter, which raised an additional $200,000.

Keywords: Konomi Network, KONO, decentralized finance, DeFi, Polkadot ecosystem, cross-chain assets, asset management, money market protocol, decentralized exchange, crypto lending, Ariel Ho, Jayden Yo, Substrate framework, automated market maker, Konomi Lend, Konomi Trade, decentralized governance, staking, crypto liquidity, blockchain interoperability