Here’s our 54th AMA recap!
Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with Knit Financeon March 7, 2021. This guest star,
- Sainath Gupta — CEO
Introduction
Sainath@Knit.Finance Unlocking True MultiChain Defi,
I am Sainath g, made India’s first mobile pos Aasaanpay in 2011
been a successful fintech entrepreneur since then.
Q1. Could you please give us a simple introduction of Knit.Finance?
Sainath@Knit.Finance Unlocking True MultiChain Defi,
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 We saw our options were limited. 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.
Hence the start of Knit.Finance
Initial plan launch is in Binance Smart Chain and then Polka dot
Q2. What is Knit.Finance Vision and Mission?
Sainath@Knit.Finance Unlocking True MultiChain Defi,
Our vision is to enable DeFi on multiple chains, our execution is matching our vision thanks to a great team
Our mission is to enable unlock of Billions of dollars by thisSome of our specialities are :
1) Multi Chain availability
2) Multiple assets of Crypto support
3) Multiple classes of assets support
Our mission for Knit finance is to Build loyal community
Unlock Billion dollars worth of assets launch on 4 chains before dec 21You can find updates about us : https://t.me/knitfinanceann
Q3. How does Knit.Finance generate income for the development of ecosystem?
Sainath@Knit.Finance Unlocking True MultiChain Defi,
Good question for development of knit and sustainability of ecosystem we need revenue
To cover this we charge small fee Every Time a synthetic token is made and that’s the source of our revenue.
Q4. Regarding security, is Knit.Finance fully audited? How important is it that you ensure security?
Sainath@Knit.Finance Unlocking True MultiChain Defi,
Nice Question, We are constantly Auditing our smart contract before releasing. Not only that we have an insurance partner Tidal for all our assets to be safer for each of our investor/ assets holders with KnitFinance.
Q5. Can you please tell us the current Knit.Finance road map? How far has Knit.Finance been developed at this time? and what will you realize in the future?
Sainath@Knit.Finance Unlocking True MultiChain Defi,
Launch full-fledged product on Binance Smart Chain and Polkadot first, bringing in Billions of dollars unlock in near future and helping multi chains support and interoperability is what we are looking at
So far our plan :
Alpha launch in Dec : Successful
Beta launch in Jan : Successful
Main net launch in April : On time
TWITTER QUESTIONS
Q1. I saw you recently partnered with Oro Pocket and Elrond, what is this partnership? How can Oro Pocket and Elrond help the Knit Finance ecosystem? Do you plan to add a few more big partners in the future?
Sainath@Knit.Finance Unlocking True MultiChain Defi,
Knit & Elrond collaboration will enable eGold & Elrond assets to be tokenized and issued on other blockchains & vice versa.
Also DeFi products on the Elrond mainnet will be able to include tokenized assets originating on other chains or outside of the blockchain space completely.OroPocket partnership will enable offerings of OpenDeFi on multiple chains with KnitFinance multi chain solutions. This partnership will enable deeper penetration of OpenDeFi in binance smart chain and polkadot ecosystem soon and multiple chains later supported by KnitFinance later builds.
Elrond , oroPocketx tidal are few of them
10 + already signed
12 + in pipeline
Q2. How will you attract non-crypto investors to the world of DeFi? And I want to ask what is the use case of $KNT for your investors and platform?
Sainath@Knit.Finance Unlocking True MultiChain Defi,
We have some education activities line up in our future plans which will help us to bring non-crypto folks to join hands with the DeFi ecosystem.
Our use case is really simple
Support existing tokens on multiple chains hence DeFi on multiple chains
Bring capital asset in DeFi ecosystem.
Q3. The biggest DeFi potential on the Ethereum network, how can you find a solution to maximize DeFi potential? How has Knit Finance created a way for billions of liquidity to flow to DeFi?
Sainath@Knit.Finance Unlocking True MultiChain Defi,
ERC 20 has lots of early adopters hence any great product needs to start from there to get early adopters and move to other chains 👍
Hence, even though we plan to start from ERC20, our focus will be binance smart chain and polkadot
KnitFinance makes 0.25% for every swap , KnitFinance is multichain and is in plans to support multiple assets classes and multiple chains which is our differentiating factor
TELEGRAM QUESTIONS
Q1. From @Axel490
Are you a global project or local project? At present, which market are you focus on, or is it focused on building and growing to gain customers, users and partners? Can anybody anywhere use this project without Any restrictions?
Sainath@Knit.Finance Unlocking True MultiChain Defi,
We are both
We are global project empowering dex
while local empowering grass roots products
Q2. From @hoangkaneki
Why did you choose ERC20 while ERC20 is experiencing congestion because of the high gas cost? You have stated KNIT Finance delivers the power of non ethereum tokens with the flexibility of an ERC20 token, Can you explain more about this? Are you planning to switch to another Network like BSC or Bep2?
Sainath@Knit.Finance Unlocking True MultiChain Defi,
ERC 20 has lots of early adopters hence any great product needs to start from there to get early adopters and move to other chains 👍
Q3. From @JoanaZ
Knit Finance is able to create synthetics, to avoid the huge transactions fees of the Ethereum Network, but do you have any guide, tutorial, about how convert this tokens in to synthetics and viceversa?
Sainath@Knit.Finance Unlocking True MultiChain Defi,
KnitFinance makes 0.25% for every swap , KnitFinance is multichain and is in plans to support multiple assets classes and multiple chains which is our differentiating factor
Q4. From @forhadhaydar007
Providing a highly standarized customer experience is very important to ensure the community’s loyalty to your project, how do you guarantee that your fans are satisfied with your products? Is there any way to make suggestions and feedback?
Sainath@Knit.Finance Unlocking True MultiChain Defi,
Working hard and staying close to customer feedback
- Telegram : https://t.me/knitfinance
- Telegram Channel : https://t.me/knitfinanceann
- Twitter : https://twitter.com/KnitFinance
- Website : https://knit.finance
- Medium : https://knitfinance.medium.com/
- Linkedin : https://www.linkedin.com/in/knit-finance-4aab221bb/
- Reddit : https://www.reddit.com/r/KnitFinance/
- Facebook : https://www.facebook.com/KnitFinance/
- Youtube : https://www.youtube.com/channel/UC-mz2uRsrxLSs5p-_qEUOZA
Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about Knit Finance.
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