The Rare Necessities: How GK8’s New Updates are Setting the Pace for Security, Usability & Versatility

The Decentralized Finance (DeFi) ecosystem is expanding fast, growing from a relatively unknown segment of the blockchain space to a powerhouse holding $230 billion in total locked value. Powered by smart contracts, executable algorithms stored on-chain, the industry is shaping up as a dominant force that could, in the long run, transform the way the larger financial world operates.

Ethereum, the world’s second best-known blockchain after Bitcoin, accounts for a major share of DeFi projects. Its dominance in this field is predicated on its ambitious design: While the Bitcoin blockchain operates as a decentralized ledger, the Ethereum network aspires to be something even bigger. Ethereum was conceived as, in effect, an immense decentralized computer, a state machine spread across thousands of nodes. Thanks to this complex architecture, it grants a layer-1 runtime environment, known as the Ethereum Virtual Machine (EVM), to dozens of popular layer-2 decentralized applications, including Aave, Uniswap, and 1inch that are running on top of this EVM layer-1 environment.

As the powerhouse that it is, EVM enjoys immense popularity on the blockchain development scene, with layer-1 blockchains looking to dethrone Ethereum as the king of DeFi implementing EVM compatibility and some of the technological standards Ethereum has established. Even if another blockchain takes over DeFi one day, Ethereum’s legacy is set to carry on—and with our latest update, GK8’s clients will be ready to meet this future head-on.

Here’s what’s new

With the latest update, GK8’s clients will be able to instantly integrate their custodial services with any existing or future EVM-compatible layer-1 blockchains without having to wait months for chain-specific code development. 

In addition, financial institutions using GK8’s patented solution will be able to access smart contracts (layer-2 decentralized applications on top of the layer-1 EVM-compatible chains) and add support for existing and future DeFi protocols including but not limited to those based on the ERC20 standard with zero time to market and no extra R&D. 

As a result, any EVM-compatible layer-1 protocol and layer-2 token or DeFi protocol can be added to GK8 clients’ portfolios through the solution’s own UI, in just a few clicks.

Hundreds of new protocols are now available for Custody, Staking, DeFi, and Tokenization, based on GK8’s one-of-a-kind platform incorporating a Cold Vault and an MPC, with access to the highest insurance in the market.

What does this mean? Essentially, the generic EVM and smart contract support allow clients to utilize these features at zero time-to-market, while simultaneously removing the need to create specific patches for each protocol. Generic solutions also allow clientele to keep up the pace with the rapidly evolving DeFi ecosystem, enabling integration at their own discretion and convenience.

The Crypto and DeFi movement is not slowing any time soon, and those entrusted with protecting assets must consistently seek custodial solutions that evolve at the tempo of the larger change and innovation. Implementing versatile and safe security solutions is the key to staying ahead of the curve, and with GK8’s other features, such as the unique Cold Staking capability, custodians can enjoy an unparalleled level of safety. 

Welcoming Cardano and Tezos

Besides the generic EVM-compatible chain support, we are announcing our integrations with Cardano and Tezos for clients seeking to widen their stacks of supported blockchains. Cardano and Tezos are some of the most popular protocols in the market, with the market cap for their native tokens standing respectively at more than $43.2 billion ($ADA) and $3.8 billion (XTZ). Their current weight, as well as the long-term growth prospects, make their native staking programs—a mechanism replacing the proof-of-work mining in blockchains like Bitcoin and Ethereum—some of the most lucrative opportunities in the industry. 

With GK8’s solution, financial institutions can make use of the unique Cold Staking feature, which allows staking over Cardano and Tezos from the Cold Vault without moving them out of it, accumulating the yields without any risks or exposure whatsoever. The update expands the array of staking programs supported by GK8’s solution, which also includes ETH 2.0, MINA, and other protocols.

These new updates are keeping GK8 at the forefront of future-proofing digital assets for financial institutions. By expanding our roster of supported blockchains in addition to spearheading EVM support, we are adding a new layer of both security and adaptability to address our clientele’s needs.