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Competitive Analysis

Structured Competitor Data

Structured Competitor Data

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Feature

Kima

Chainlink CCIP

LayerZero

Axelar

Quant

Ownera FinP2P

Fnality

Platform Type

DLT + Pool management system

Decentralized Oracle Networks (DONs)

Smart Contracts + Oracles network + Relayers

DLT + Smart Contracts + Relayers

Blockchain Operating System - TBC

Smart Contracts + Routers

A decentralized network of interoperable wholesale payment systems

Liquidity Management/Aggregation

Yes

Yes, a "single pool of liquidity" that integrates multiple currencies

Attack Surfaces / Trust Assumptions

Consensus

Smart Contracts developers; Oracle providers

Smart Contract developers; Oracles providers; Relayers

Consensus; Smart Contract developers; Oracles providers; Relayers

Smart Contract developers; Routers

Relies on trusted financial institutions and regulatory oversight

Focus

Cross-ecosystem financial transactions (payments, DvP, liquidity management, and cross-chain messaging and data transfer)

Connecting off-chain data to smart contracts

Cross-chain interoperable applications

Enables decentralized cross-chain communication for interoperable dApp

Enabling interoperability between different distributed ledger technologies (DLTs) and Web2 APIs

Management of tokenized assets across multiple distributed ledgers and front-end systems

Enabling frictionless, secure, and real-time settlement of digital transactions across global financial markets, especially in tokenized assets

Key Features

Decentralized, enterprise-grade security; No smart contract vulnerabilities; Crypto and Fiat support; Low fees; Fast settlement; Asset agnostic

Secure data feeds; Decentralized oracle networks; Attestations

Decentralized, censorship-proof system for cross-chain attestations

Decentralized validation, smart contracts on every chain, uses cryptography for message relaying

Multi-chain apps, secure smart contracts, universal interoperability, tokenization

Interoperability between traditional and DLT platforms, near-instant peer-to-peer settlement, programmable cash, and 24/7 availability

Token Transfer Method

Atomic swaps between accounts across ecosystems

Lock or burn at source, unlock or mint (wrapped tokens)

Not applicable

Wrapped tokens or custom logic

Transfers through Overledger’s secure API layer

Atomic settlement for both PvP and DvP

Risks

Validator collusion

Oracle manipulations; Smart contract vulnerabilities

Relayers centralization; Oracle manipulations; Smart contract vulnerabilities

Validator collusion; Smart contract vulnerabilities; developer tools bugs

Centralized architecture, depending on Overledger to manage connections

Operational reliance on financial institutions, security vulnerabilities in smart contracts, and potential challenges with regulatory compliance across jurisdictions

Requirements for adding a New Network

Light client, open pool for new transactions

2 new smart contracts per chain, development, audit, and deployment

Development of smart contracts, deployment of oracles

Deployment of smart contracts, SDK, encryption verification

Quick deployment with standard API and SDK

New networks need to comply with regulatory standards and interoperate with Fnality’s system

Requirements for adding a New Token

Pools

New smart contracts, create, test, audit, deploy

N/A

Custom logic needed

Tokenize assets via Overledger’s APIs

Tokens must meet institutional requirements for security and regulatory compliance

Development Stage

Testnet

Live

Pilots

Supported Networks

EVMs, non-EVMs (Bitcoin, Solana, Tron), Fiat/SEPA, Visa, Mastercard, Private Blockchains

Ethereum, Polygon, BNB Chain, Avalanche, Optimism, and Arbitrum.

Ethereum, BNB Chain, Avalanche, Polygon, Fantom, Arbitrum, Optimism, Solana, and Aptos.

Ethereum, Avalanche, Polygon, BNB Chain, Fantom, Moonbeam, Arbitrum, Optimism, and Cosmos

Ethereum, XRP Ledger, Bitcoin, Hyperledger Fabric, Corda, Stellar, Quorum, Lacchain, and Binance Smart Chain (BNB Chain)

Initial support for major global currencies (USD, GBP, EUR, CAD, JPY, CHF)

Web2 API Integration

Yes, decentralized communication with Web2 APIs

Yes, via its oracles

Yes

Target Market

Apps (Businesses), financial institutions, developers

Enterprises, financial institutions, developers

Wholesale financial institutions, central banks, large corporates, and capital markets focusing on real-time payments and tokenized assets

Revenue Model

Transaction fees

Flat fees for messaging, transaction fees

Transaction fees, domain-specific solutions

Transaction fees

Subscription-based SaaS for API and network access

Likely to be based on transaction fees, network access, and liquidity management services across the decentralized payment system

Decentralized Protocol

Yes, using cryptographic mechanisms and decentralized liquidity pools

Yes, relying on decentralized oracles

Yes, utilizing a combination of decentralized relayers and oracles

Yes, a validator-based network

No. A permissioned network connecting various blockchains and distributed ledger

Yes, overseen by regulatory bodies

Governance Model

Decentralized governance model, where decisions related to protocol changes and upgrades are made through community voting and token holder participation

Decentralized governance model, with decision-making driven by a network of decentralized oracles and community participation through Chainlink Improvement Proposals (CLIPs)

Centralized governance model

Decentralized governance model, governed by its validator network

Centralized governance model

Governed by participating financial institutions and subject to central bank oversight in respective jurisdictions

Security Audits

Multiple security audits by reputable third-party firms

By third-party security firms like Quantstamp and Zellic

By independent firms, such as CertiK

Undergone internal and third-party security audits

Undergone smart contract audits and compliance with central bank money standards

Ecosystem/Partnerships

Kima is building its ecosystem with key partnerships in the financial sector, including collaborations with Mastercard and Pai-Pay, as well as integration into decentralized networks for cross-chain financial transactions

Vast ecosystem and partnerships, collaborating with over 1,700 projects, including Aave, Synthetix, and major enterprises like Google Cloud, SWIFT, and various DeFi protocols

Growing ecosystem, partnering with projects like Stargate, Uniswap, SushiSwap, and other DeFi and NFT platforms

Robust ecosystem, partnering with dApps, blockchain projects, and networks

Significant enterprise partnerships with firms like Oracle, Hyperledger, and blockchain networks like XRP Ledger, Stellar, and Corda, positioning itself as a leader in bridging traditional finance (TradFi) with blockchain

Financial institutions such as Banco Santander, Goldman Sachs, UBS, and others

Scalability

By adding more nodes and increasing liquidity pool capacity across multiple chains

Leverages layer-2 solutions Optimism and Arbitrum

Through node expansion

Benefits from the scalability of underlying blockchains

Allowing for the addition of new jurisdictions, currencies, and asset classes

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