On the 15th of January 2021, at exactly 01 PM UTC, Sainath Gupta, the CEO of Knit Finance, disseminated the full details of the Knit Finance ecosystem, and the features enjoyable on the system.
This AMA was held on the Neng Yuni telegram community. From the Live AMA with the Knit Finance CEO, Sainath Gupta, this recap has been properly revised to ensure the full grasp of the information.
Sainath Gupta, is the CEO Knit.finance.
He made India's first mobile point of sale in 2011 and has up to a decade of rich experience in Fintech.
GENERAL QUESTIONS AND ANSWERS
Q1. Can you tell us what KNIT Finance is, and a short story of how you came up with the idea for KNIT Finance?
Sainath: Knit.Finance is a multi-chain synthetic DeFi protocol which bridges the gap between DeFi and non-ERC20 tokens. We observed the problem when we thought what if we wanted to use non-erc20 tokens in DeFi What option is available. Sadly in the market there are almost no solutions available nowadays projects are coming up but there are still some issues which we wanted to address.
Q2. Can you briefly describe KNIT Finance's main advantages over its competitors?
Sainath: We will support multiple chains and synthetic token is 1:1 collateralised and 100% verifiable. While some projects are providing single tokens for multiple coins which we think might create confusion to users while maintaining the portfolio and converting tokens to its original form.
Q3. Can you please tell us more about the token economics of the project? What utilities does the token have and what benefits will tokens holders get?
Sainath: Tokenomics is not released yet. Stay connected with our announcement channel and we will release it soon.
Q4. To sum up, can you please share with us your nearest milestones that you plan to achieve by the next month/year?
Sainath: In the coming month, we are targeting to complete our token sale and make the product ready for launch from the feedback received from the alpha testers.
Q1. Does the KNIT Finance system hold something called a token burning of $KNT tokens? and how can I go with their pre-sale on the KNIT Finance $KNT token.
Sainath: Good question, we are waiting. We had a great response to our personal sales, so we are trying to find the best people for the project in the long term. If you can help the project in the long term, please contact our admin team in our group.
Q2. What is Most Special in Knit Finance and give me a unique feature or key that is in Knit Finance itself that is different from the others?
Sainath: We are providing each synthetic token 1:1 collateralised and will be available in multiple chains creating a number of DeFi usecases and advantages.
Q3. In your roadmap for 2021, you have planned the issuance of $KNIT Finance stablecoin! What role will it play on the platform?
Sainath: We are evolving with the market, let the time decide for the same.
Q4. We all know that Ethereum Network has many problems: scalability issues, high fees and slow speed. Why did KNIT Finance choose to build its own token on the ERC20 network over the other networks that are faster and scalable?
Sainath: Ethereum has the highest concentration of early adopters hence makes sense to start our alpha version there so was our token decided there.
Do expect support of other chains as well near our product launch
Q5. Staking is the new trend. What staking options are available for KNIT FINANCE Token? Are there any incentives for staking? What are the various ways to earn KNIT FINANCE token and are there any limits to the amount of $KFT I can earn?
Sainath: Yes, we are making a system by which liquidity providers will get kft tokens. There is a limited number of tokens hence there will be a limit of tokens one can earn.
COMMUNITY LIVE QUESTIONS
Q1. Is KNIT Finance a global or a local project? Can anybody use your services from anywhere? Are there any restrictions of using your service?
Sainath: Anywhere Crypto or defi has no restrictions knit can be used.
Q2. Could you briefly describe the top achievements and goals that #KnitFinance wants to achieve in 2020 and what we want to do for the future?
Sainath: Successfully found a usable problem to solve, made a proof of concept, did some dry runs to get feedback. So far so good.
Q3. What's the long-term vision of KNIT FINANCE for its users?
Sainath: Make Defi user-friendly and unlock billions of crypto markets in the Defi world.
Q4. KNIT Finance claims that it will create multiple bridges between real world Markets and DeFi, so how many "Real Markets" do you have planned to integrate?
Sainath: So far we tested with gold bonds and few shares as well.
Q5. How do you plan to spread awareness about your project in different countries/regions where English is not spoken well like in Asia which has a large population and has the potential to be your users?
Do you have local communities for them to let them better understand about your project?
Sainath: We will figure local ambassadors to support us with the same.
Q6. KNIT Finance works under the sythetization model, where any Erc20 can be converted to a synthetic, and does there exist a guide or tutorial that explains how to mint your synthetics?
Sainath: Yes. We will share that soon
Q7. From one of your explanations, the KNIT token has the ability to help in Lowering the cost of computation/transactions and DeFi on blockchains. The problem of high gas especially with Ethereum blockchain has been a huge bottleneck which has been a source of concern. However, your token, KNIT, is an ERC-20 token which is issued on the Ethereum blockchain. How can you effectively solve the problem of high network fees associated with blockchains as an Ethereum token? What aspect of KNIT allows it to reduce computational and transaction costs in blockchain?
Sainath: As ethereum has the highest number of early adopters, we had to start there.
As we support multiple chains the issues associated only with ethereum will be dealt with.
Q8. Most of the projects are nowadays doing Rug Pulls and exit scam How can users trust KNIT finance project? And how are you different from others?
Sainath: We have a product on test net, our team is experienced and well known and we have marquee investors.
Q9. What are the features that make me choose KNIT and does it have good protection?
Sainath: Our code is audited, so you needn't worry.
Q10. The DeFi project is very popular and there are many DeFi projects right now, what are your plans for now? What makes $KNIT unique?
Sainath: Multi chain support.
Q11. The strength of their financial structure is very important for projects to be successful. What sources of income does KNIT FINANCE have? Are these resources enough for you?
Sainath: Every time a token gets swapped, a 0.25% fee is generated. That's our source of revenue.
Q12. Can I stake Your Token?
What are your Staking criterias ?
Sainath: Post launch, yes.
Q13. At the moment , where are you focusing right now? building and developing products or getting customers and users, or partnerships? Could you share it?
Sainath: Test net launch was done on ethereum, we are doing all the above.
Q14. What is your strongest advantage that you think will make your team leading the market?
Sainath: Great team.
Q15. KNIT Finance looks like a good solution to avoid the huge transaction fees of the Ethereum Network, but how much higher are your fees?
Sainath: Ours are a small flat fee.
Q16. Where do I get information about your team? Why do you prefer to be anonymous? Do you have a plan to identify your team later?
Sainath: I am a decently known guy, using the same telegram handle since 5 years.
Q17. What are the benefits for long-term investors? What makes $KNIT unique?
Sainath: When the project gets wider adoption, the price of their token might increase as well.
Q18. When will its full potential be unlocked? Where can I see your roadmap?
Sainath: Soon, watch our telegram group for announcements.
Q19. What is the main obstacle to widespread adoption of cryptocurrencies? What measures is Knit finance taking to popularize the use of crypto even more, especially in the traditional financial sector?
Sainath: Personally, usability is the issue.
We are trying to make one which is easy to use and secure.
This last answer given by Knit Finance CEO, Sainath Gupta, brought the AMA session to a close, with the community fulfilled with the new things they've learnt about the platform.
To get more information on Knit Finance, go through the following links: