What is Red Kite?

Red Kite is a platform for developing decentralized finance (DeFi) applications within the Polkadot ecosystem. It utilizes a blockchain built on the Substrate framework, which is EVM-compatible and supports various features to enhance user experience for decentralized applications (dApps). The platform aims to function as a Polkadot parachain or parathread and offers a variety of DeFi services for dApp developers, including both internal and external integrations.

Founded in 2018 by Thi Truong, a former member of the Kyber Network team, Red Kite has a team of over 20 members spread across several countries, including Singapore, Vietnam, Japan, Canada, and India. The total supply of its native token, PKF, is capped at 200 million. The PKF token serves multiple functions, including transaction fee payments, staking for rewards and governance participation. Initially an ERC-20 token, PKF holders will be able to swap it for the native version once the mainnet is launched.