Kinto 🤝 Socket — Chain Abstraction
Kinto is an L2 rollup designed to accelerate the transition to an on-chain financial system. It features user-owned KYC, AML, and native account abstraction to solve the biggest blockers to mainstream adoption: security and user experience.
TLDR
- Kinto has partnered with Socket to offer cross-chain composability and chain abstraction.
- Kinto is now connected with Ethereum Mainnet, Base, and Arbitrum.
- Kinto minimizes fragmentation, offering financial primitives that combine liquidity across the Ethereum ecosystem.
Kinto just launched as the safety-first L2. It has been designed from the ground up to accelerate the transition to an on-chain financial system. Kinto stands out as the only L2 with user-owned KYC and enforced account abstraction at the chain level, both critical to solving the biggest blockers to mainstream adoption: security and user experience.
From our first day, we were clear about leveraging the Ethereum ecosystem's network effects while minimizing fragmentation. There is no need for another L2 that clones an AMM and a lending protocol and launches without meaningful differentiation. We want Kinto to be the home of unique RWA and financial primitives and offer composability with the best assets and protocols already available in the ecosystem.
As a first step in realizing this vision, we partnered with Socket to connect Kinto with Ethereum Mainnet, Arbitrum, and Base.
🛤 A bridge too far…
One of the main drawbacks of optimistic rollups is the long withdrawal window associated with the optimistic execution process. In optimistic rollups, transactions are initially processed off-chain and only submitted to the Ethereum mainnet if a dispute arises.
While this approach significantly reduces transaction fees and congestion on the mainnet, it introduces a delay in withdrawing funds from the rollup to the mainnet in case of a dispute. This withdrawal window, which can range from days to a week in the case of Arbitrum and Optimism, poses a significant inconvenience for users who may need immediate access to their funds.
As a result, many third-party solutions have appeared to offer liquidity across different rollups and allow fast withdrawals from users who desire to hop from one chain to another.
Our research showed that Socket Protocol was laser-focused on enabling this chain-abstracted future. From the team behind the cross-chain exchange Bungee, Socket Protocol had already processed more than 7M transactions and 10B across many different ecosystems. Integrating chain abstraction capabilities was a must for us; thus, partnering with Socket was an easy decision.
Socket Protocol leverages modular order flow auctions (MOFA) to allow developers to compose with any app, user, and asset across rollups and chains. You can learn more about Socket on their website.
🛣 The Golden Road
As mentioned, Kinto aims to accelerate the transition to an on-chain financial system. Its goal is to build this golden road connecting the traditional financial system with the digital asset ecosystem.
This partnership with Socket, allows Kinto to integrate the best products already available within the Ethereum ecosystem. We have chosen Arbitrum and Base as the first rollups we connect with.
The decision to prioritize Arbitrum and Base as the first two connected networks reflects a strategic approach to maximize scalability, interoperability, and accessibility within the decentralized finance ecosystem. Arbitrum, known for its mature technology and established DeFi ecosystem, was an obvious first.
Base was another easy choice due to Coinbase's support and backing. Base shares our goal of onboarding web users into crypto. It has a unique funnel and distribution through Coinbase's wide range of products targeting both retail and institutional use cases.
By integrating with Arbitrum and Base through Socket Protocol, Kinto users gain access to a broader range of DeFi applications and services through the comfort and safety of their Kinto wallet.
⛩ The Safety-first L2 is here.
Kinto is live and already offering cross-chain opportunities. In the next few weeks, we will announce and launch several new products in the ecosystem.
We want to accelerate the transition to an on-chain financial system. A system that can match the guarantees of traditional finance, increase availability 24/7, enhance security, and decrease the friction and costs associated with conventional asset issuance.
If you share our vision for a secure, open, decentralized financial system, help us realize it.
Join us!
