Here’s our 93th AMA recap!

Thank you to the Infinity Chain for participating in Ask Me Anything (AMA) with KNIT Finance June 23, 2021. This guest star,

  • Mr Sainath Gupta CEO KnitFinance

QUESTIONS MODERATOR

Could provide us with a simple description of Knit Finance?

Sainath@Knit.Finance Won’t Dm you for money :
At present, the DeFi space is limited prominently to only two public networks. Due to this the ecosystem can only tap 3% liquidity out of the $2 trillion market space ( May 21)

Knit Finance is a unique decentralized protocol that combines wrapped assets across multiple chains, bridges, and real-world markets with yield, lend, trade, and margin services through smart contracts. It is the next generation of DeFi protocol that aims to bridge multiple non-Ethereum chains with ERC20 in Phase 1.
With Multichain Bridges, KNIT Finance creates a way for billions in liquidity to flow into DeFi. Any crypto hodler can convert their coin to an equivalent wrapped token of ERC-20 standard with KNIT Finance’s smart contract. The wrapped token thus generated is pegged to the original token in a 1:1 ratio. This token can then be lent, borrowed, or farmed. Likewise, ERC 20 tokens can also be wrapped into other blockchains. ,

This opens up the possibility of Decentralized Finance to many Non-ERC20 and Non-DeFi participant platforms and assets.The solution is the first of its kind, a Cross-chain Wrapped Assets system that is interoperable across various Blockchains. This is what makes Knit Finance different from other projects.

Knit Finance maximizing collateral security using secured custody. Could you explain a little more about what this is? How does it work and what advantages over other lending platforms?

Sainath@Knit.Finance Won’t Dm you for money :
When user deposit assets with us it is sent to the custodians who keep the asset in their safe custody . and these custodians provide us the Insurance for these deposited assets . So if any mishap happens insurance providers covers the lost assets .
Biggest advantage for custodian based ecosystems is that user assets are safe and insured, it also helps us to follow legal terms .

Also, we don’t use a single one rather a network of custodians to de risk

What is Knit Finance doing in the DeFi space? What are the strategies to attract more non-crypto investors to the world of DeFi?

Sainath@Knit.Finance Won’t Dm you for money :
At present, the DeFi space is limited prominently to only two public networks. Due to this the ecosystem can only tap 3% liquidity out of the $2 trillion market space ( May 21)
We are here to address this problem
We will work closely with community to attract right users and make a better DeFi adaptation
Done.

Knit Finance has many partnerships, but what are the benefits that can be obtained from the various partnerships that Knit Finance has formed? What are the benefits for Knit Finance users and ecosystem?

Sainath@Knit.Finance Won’t Dm you for money :
We have partnered with 20+ projects so far few other are also in the pipeline .
a key benefit for these partnerships is to provide users with special benefits that they don’t get elsewhere . We are also opening the DeFi space for our partners . so their tokens can be staked , lent and borrowed . on different chains as of now we are supporting 5+ chains in our testnet .
So benefits are immense

Done.

About the Roadmap, what can we expect from Knit Finance in the near future, are there any new events coming up?

Sainath@Knit.Finance Won’t Dm you for money :
Yes our roadmap is launched you can visit here to read it
https://knit.finance/docs/KnitRoadmap.pdf

We have made good progress so far like
Alpha launch : Dec 2020 success
Beta launch : Jan 2021 success
Main net launch : On time

Our future plans:
Launch full-fledged products on Binance Smart Chain and Polkadot First, bringing in billion dollars unlock in near future & helping multi chains support and interoperability is what we are looking at.
For more information join our channel: https://t.me/knitfinanceann

Done.

QUESTIONS TWITTER

Knit finance as a platform is 100% transparent and verifiable, how can users verify the accuracy of these features? Do you have regular audits posted on your page?

Sainath@Knit.Finance Won’t Dm you for money :
We just posted our first audit report by armor labs ,Audits are regularly . every token minted is onchain and user can verify the number of tokens minted & burned easily .when user deposits the assets with us equal number of tokens are minted , and when user deposit back the minted K-Asset through platform to withdraw the original asset , That K-Asset is burned

Done.

As a Cross-Chain Wrapped Assets with Deposit Insurance.Can you explain more about the Deposit Insurance that Knit Finance offers to its users and to the market?What are the pros and cons of this Deposit Insurance?What instances or situations covered by this insurance?

Sainath@Knit.Finance Won’t Dm you for money :
When a user deposits assets with us it is sent to the custodians who keep the asset in their safe custody . and these custodians provide us with Insurance for these deposited assets . So if any mishap happens insurance providers cover the lost assets .

Done.

Recently Knit Finance held a public sale for KFT tokens, how enthusiastic are the investors/community from this round of public sale? Could there be another round that we can look forward to? And how does Knit Finance respond to a public sale when the market is down?

Sainath@Knit.Finance Won’t Dm you for money :
We did our SHO on DAOMaker , now our Public sale , due to overwhelming response from the community we have increased the deadline for Public sale . so everyone can get a fair chance to participate .
Investors are also showing good response .

Done.

QUESTIONS TELEGRAM

@dolphinceoWhat unique features does Project KnitFinance have that other competitors do not have? between partners and personnel, which is important to you?oject profit now? Does Covid currently affect your project development? That’s what I care about ?

Sainath@Knit.Finance Won’t Dm you for money :
Some of our USP’s mentioned below are:
1) Multi-Chain availability
2) Multiple-Assets of Crypto support
3) Multiple classes of assets support

@imkhoapug
Your project’s roadmap and milestones? What do investors and partners contribute to the development of the project

Sainath@Knit.Finance Won’t Dm you for money :
Yes our roadmap is launched you can visit here to read it
https://knit.finance/docs/KnitRoadmap.pdf

We have made good progress so far like
Alpha launch : Dec 2020 success
Beta launch : Jan 2021 success
Main net launch : On time

@iizabila4What do you think about NFT? Do you have any plan for implant NFT on your ecosystem?What is the main vision and goal of your project! What actually you trying to acheive in this highly competitive Blockchain space????

Honey Knit Finance :
Our mission is to Unlock Trillion Dollars with our product into DeFi. We made good progress so far as seen below:
Alpha launch : Dec 2020 success
Beta launch : Jan 2021 success
Mainnet launch : On time

Our vision is to enable DeFi on multiple chains, our execution is matching our vision thanks to a great team.
Some of our USP’s mentioned below are:
1) Multi-Chain availability
2) Multiple-Assets of Crypto support
3) Multiple classes of assets support

@TENCUATOICan you tell me the 3 most unique features that make your project monopolize the market?

Sainath@Knit.Finance Won’t Dm you for money :
Product mainnet launch
Bigger community
get billion dollars
then trillion dollars into defi

@HighVoltage0022Do, you have official YouTube medium and telegram social media and how do, you maximize them to reach, users and investors????????

Honey Knit Finance :
Yes we do have an official twitter handle, telegram group and announcement channel, and instagram handle.
Follow us and stay tuned! ☺️

@kokikkkHow many partners are there in #KNIT? And the benefits that these partners bring to #KNIT and vice versa?

Honey Knit Finance :
We have partnered with 20+ projects so far few other are also in the pipeline .
a key benefit for these partnerships is to provide users with special benefits that they don’t get elsewhere . We are also opening the DeFi space for our partners . so their tokens can be staked , lent and borrowed . on different chains as of now we are supporting 5+ chains in our testnet .
So benefits are immense

@iloveallah1000Hello sir💯💯According to the roadmap, what are your most important next priorities? ❤️Does your team have enough funds and strong community to achieve those milestones?According to the roadmap, what are your most important next priorities? 🙂Does your team have enough funds and strong community to achieve those milestones?😐

Honey Knit Finance :
Yes our roadmap is launched you can visit here to read it
https://knit.finance/docs/KnitRoadmap.pdf

We have made good progress so far like
Alpha launch : Dec 2020 success
Beta launch : Jan 2021 success
Main net launch : On time

Our future plans:
Launch full-fledged products on Binance Smart Chain and Polkadot First, bringing in billion dollars unlock in near future & helping multi chains support and interoperability is what we are looking at.
For more information join our channel: https://t.me/knitfinanceann

Stay tuned for more mate. ☺️

Thank you for trusting Infinity Chain as the organizer of the event today, hopefully everyone can understand about KNIT Finance.

Join our Telegram Group and you can talk directly with other Communities and enjoy some of the events that we created. We are always here to support.

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