Common issues that users might encounter while using the Kinetic protocol can include issues related to transaction processing, account access, or understanding specific features of the platform. If users face transaction-related problems such as delays or failures, it's advisable to check the blockchain network status and gas fees. Sometimes, transactions can be pending due to network congestion or insufficient gas fees. Users can adjust gas fees accordingly to expedite transactions or wait for network conditions to improve.
For account access issues, users should ensure they have securely stored their wallet information and private keys. If access is lost, following standard recovery procedures for their specific wallet type is essential. Additionally, if users encounter difficulties understanding certain features or processes within Kinetic, they can refer to the platform's comprehensive documentation, seek assistance from the Kinetic community or support channels, or explore the Frequently Asked Questions (FAQs) section for guidance.
What is Kinetic, and how does it work?
Kinetic is a borrow-lend protocol built on the Flare Network. It allows users to lend, borrow, and participate in governance. It works by allowing users to supply assets to the lending pool, which can then be borrowed by others, while those who have supplied assets earn interest.
How do I supply assets to the lending pool?
To supply assets, connect your compatible wallet, select an eligible asset from the list, specify the amount you want to supply, and click "supply." You can also choose to collateralize the supplied asset for potential borrowing later.
Can I borrow assets on Kinetic?
Yes, once you have supplied assets, you can borrow against them. Go to the Borrow tab, enter the desired loan amount, and click "Borrow."
What are the risks associated with lending and borrowing on Kinetic?
Risks include market price fluctuations and borrower defaults. Bridging and oracles can also introduce risks. Kinetic mitigates these risks by building on the Flare Network, using FTSO and FAssets.
How can I mitigate risks effectively?
Diversify your collateral assets, monitor your loan health factor, and stay informed about asset conditions and market trends. Adjust collateral or repay loans if needed.
What is the governance model for Kinetic?
Kinetic is moving towards becoming a DAO. Monthly off-chain voting allows Kii Stakers to influence protocol decisions. Delegators can cast votes for users, and voting participants are eligible for rewards.
How can I participate in the Kii Stake voting process?
To participate in Kii Stake voting, log in to your account, navigate to the voting dashboard, and cast your vote within the specified time frame. You can also delegate your vote to trusted delegators.
What security measures are in place?
Kinetic partners with Rome Blockchain Labs (RBL) and LWorks for code security, audits, and risk management. RBL provides battle-tested code, and LWorks monitors risks across the ecosystem.
What are the withdrawal procedures for supplied assets?
To withdraw supplied assets, go to your dashboard, select the asset, and click "Withdraw." If you have borrowed assets against the supply, the withdrawal may require maintaining collateral.
How do I stay updated on protocol upgrades?
Kinetic announces protocol upgrades and changes through official social channels. Keep an eye on Kinetics' social media and website for updates and announcements.
What is FTSO?
FTSO stands for Flare Time Series Oracle. It is a decentralized oracle service provided by the Flare Network, which Kinetic utilizes to obtain reliable and tamper-resistant price feeds for its assets.
What bridged assets will Kinetic be creating markets for?
Kinetic is actively working to create markets for bridged assets, including FAssets and Enosys tokens. These assets will expand the range of options available for users to supply, borrow, and interact within the Kinetic ecosystem.
When will Kinetic become a DAO?
The transition of Kinetic into a DAO does not have a specific timeline. It will depend on the protocol's health and sustainability, ensuring that the community is well-equipped and ready to take on the responsibilities of governance in a secure and efficient manner. The Core team remains committed to maintaining the protocol until this transition is viable.
