AstroChat: How Kyrptonite (SEILOR) plans to supercharge LSDfi on Sei
- Already live on testnet, Kryptonite aims to launch Sei’s first native liquid staking protocol
- With a built-in credit protocol, Kryptonite will offer SEI lending and enable the minting of the collateralized stablecoin, kUSD
- Users can mint and/or hold kUSD to collect yield from SEI and bSEI deposits
- Kryptonite’s native token, SEILOR, is already live and liquid — launching on centralized exchanges BEFORE Sei mainnet flipped on
Sei’s first liquid staking protocol, Kryptonite, is live on Sei testnet, and its mainnet launch is imminent. In fact, the project’s native token, SEILOR, is already trading on centralized exchanges including Bybit and will likely launch on Astroport’s permissionless DEX soon.
In the Q&A below, AstroIntern chat’s with Kryptonite’s marketing and community lead Cain Larpo. Formerly part of the founding team at the borrowing and lending protocol, Teller Finance, Larpo now draws on that experience to unleash LSDfi on Sei.
Q. What drove you to want to build on Sei and to build Kryptonite in particular?
A. We chose to build on Sei because it was touted as a DeFi-specific chain. And because they were building something that was trying to solve the issues of fragmented liquidity.
Kryptonite was built because we saw a lack of capital efficiency on most L1s and L2s outside of the Ethereum ecosystem. There were lots of solid products, but also billions of dollars of idle liquidity and a lack of financial opportunities.
We want to supercharge LSDfi and enable users to enhance their staking strategies by providing them with access to liquidity normally locked within their staked assets.
Q. How does Kryptonite differ from other liquid staking protocols?
A. Kryptonite is unique in that it is fully integrated into the Sei ecosystem. By becoming the premier LSD product for Sei, it has built-in functions for SEI lending and collateralized stablecoin minting.
Also, one cool feature of Kryptonite is kUSD. It’s special because it enables users to earn regular yield just by holding minted kUSD. This comes from the LSD income generated from deposited SEI and bSEI.
The aim is to be the ultimate DeFi Lego.
Q. What are the key tokens in the Kryptonite ecosystem and their purposes?
A. kUSD is an over-collateralized stablecoin supported by SEI assets, and SEILOR is Kryptonite’s native platform token. Utilities for SEILOR will include governance, unlocking staking and yield boosts, priority product access, special promotions, and additional user engagements and experiences.
Q. What are your biggest near-term goals?
A. Complete the full product audit, launch the product and cement kUSD and SEILOR as the main components of the Sei ecosystem.
Q. Zooming out, where do you see Sei and Kryptonite in five years?
A. Being the premier LSD platform and DeFi Lego in Sei.
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Remember, Astroport, Injective, Neutron, Sei, and Terra are experimental technologies. This article does not constitute investment advice and is subject to and limited by the Astroport disclaimers, which you should review before interacting with the protocol.