What is Red Kite?

PolkaFoundry is a platform designed for creating decentralized finance (DeFi) applications within the Polkadot ecosystem. It features a blockchain developed on Substrate, offering Ethereum Virtual Machine (EVM) compatibility and various user experience enhancements for decentralized applications. The blockchain will operate as a Polkadot parachain or parathread and provides a suite of services tailored for dApp developers, incorporating both internal services and integrations with external platforms.

Founded in 2018 by Thi Truong, a former core team member of Kyber Network, PolkaFoundry's team comprises over 20 members from multiple countries, including Singapore, Vietnam, Japan, Canada, and India. The project secured $1.9 million in a Private Sale Round, with backing from several venture groups. The native token, PKF, has a total supply of 200 million and serves various functionalities such as transaction fee payments, staking for block rewards, and participation in governance processes. An ERC-20 token, PKF holders will have the option to swap their tokens for the native PKF coin upon the mainnet launch.