Knit Finance AMA Recap with Pramod’s Global Crypto Community
On the 10th of January, 2021, Sainath Gupta, CEO & Founder of Knit Finance, was live on the Pramod’s Global Crypto Community Telegram group, to provide the community with insights on what Knit Finance is all about, details on upcoming developments, and also attend to their questions and queries. The session was moderated by the Pramod Community Moderator, who kicked off the session by launching an interactive session with the CEO. Afterwards, Community members were then given ample opportunity to ask questions.
In order to ensure clarity to my readers, this article has been divided into two segments; the first segment, gives full account of the questions asked by the moderator of this AMA session, while the second segment gives account of the questions asked by Pramod community members.
SEGMENT 1
Pramod — Please welcome today Sainath Gupta from KNIT FINANCE team
Sainath — Hello everyone. Thanks Pramod Community for having me here
Pramod — Could you brief about yourself and the project?
Sainath — Have been a Fintech Entrepreneur since almost a decade. Idea behind Knit Finance is to bridge the movement of assets and as well multiply DeFi adoption between multiple chains.
Pramod — What coins are you looking to bring into Ethereum first?
Sainath — These are the ones currently integrated.
Pramod — Which L2 are you guys looking to build on?
Sainath — We will share that once the announcement comes from officially from there team. Thanks for being patient.
We are exploring Polka as well for now due to strong ecosystem around them.
Pramod — What problem knit is trying to resolve?
Sainath — DeFi currently is 2% market ($20 billion in December 3rd week)
While Crypto cap is near a trillion. Few of the reasons is the moot between multiple chains, high gas fees, non easy to use interoperability of assets and non usability of existing system. We are trying to solve the above issues.
Pramod — How different is Knit from existing solutions?
Sainath — Current solutions are currently limited to one chain or bridging between two chains. Our idea is to bridge between multiple chains’ assets.
SEGMENT 2
Community Question 1 — Smart contracts are prone to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you audit it through any of the parties?
Sainath — Thanks for this question. Our tech team is highly experienced with combined experience of 15 years. Coming from Fintech background.
7 years ago, I got my hands on company PCI DSS, which involved 600 tests and certifications. We will use best of Non crypto and crypto world policies, code bases and counter checks to avoid getting victimized.
Community Question 2— As Education for crypto currency is necessary nowadays , what’s your plan to to attract those people who don’t know about cryptocurrency?
Sainath — We have proposed to Polka to work on educating the newbie interested in Crypto on Blockchain coding, will keep you posted.
Community Question 3— We are living in the advent of YIELD FARMING and Liquidity Mining, can you share your personal opinion on Yield Farming and also Briefly explain your Liquidity Mining Program?
Sainath — Yes. We will inherently use it so that our synthetic tokens are easily available on every chain.
Community Question 4— Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Sainath — We share it in public soon, Stay tuned. Do follow our updated Channel for more updates.
Community Question 5— Earning the trust of investors is extremely important in a project. How do you manage to gain their trust and make them stay in the long term?
Sainath — Team gets its first instalment of tokens after a year of TGE.
This ensures that Team also looks at this in long term.
Community Question 6— What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
Sainath — We are working on few things. If you have any, please do suggest.
Community Question 7— How secured is your smart contracts code, did you ever audit it via any third party? What has been the biggest challenge you have faced in KNIT FINANCE development?
Sainath — Yes. Its audited by third party after every built.
Community Question 8— Many new projects made a good impression at first but were suddenly abandoned. My question is, how will you manage the project and token to gain a place in the market and become a best token in the blockchain world?
Sainath — Work hard and be consistent is our motto. Have a team which looks things long term and executes on short term targets.
Community Question 9— 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 amount of $KFT I can earn?
Sainath — Yes, liquidity providers are back bone for the project.
Community Question 10— What are the ways that KNIT FINANCE generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both investor and your project?
Sainath — Every swap generates 0.25% fees, which is our revenue source.
Community Question 11— Where did you get the inspiration for this unique project idea? And what influence will we have on the crypto industry due to the project?
Sainath — Seeing the DeFi on Ethereum being so un wieldy (High fees, Slow, Front running of the bots) was our inspirations to make the DeFi space better.
Community Question 12 — Can you please talk about the choice to have such a low total supply of tokens in the context of yield farming/DeFi? What are the pros and cons of this particular tokenomic model? With such a low supply, how does this affect long term sustainability? What happens after 3 years?
Sainath — We want to concentrate on making a good product and get market adaptation for the same hope with right feed back and adaptation we should be doing great 3 years down the line.
Community Question 13 — What is business model of your project? How it works? Who are your potential customers and which markets are you targeting on?
Sainath — Our target users are the holders of non ERC20 tokens who are missing the DeFi boat.
Community Question 14— We all know that the Ethereum Network has many problems: scalability issues, high fees, slow speeds, and many more, Why did KNIT FINANCE choose to build its own token on the ERC20 network over the other networks that more fast and scalable?
Sainath — Its just the first step, idea is to make non ERC 20 tokens to ERC 20 compatible. Then next steps involve taking ERC 20 to non ERC Blockchains.
Community Question 15 — What is the release schedule of tokens? What jurisdictions are eligible to participate in the sale? Will the sale be fairly distributed over the different membership tier levels or can we expect higher tiers to have the option to invest more?
Sainath — We have one of the best tokenomics . Will share soon.
Community Question 16— I would like to have a long term investment with your project but at the moment I have doubts, how can you convince and convince me that this project is very promising?
Sainath — I will only say this. Normally Early adopters are always rewarded in Crypto world.
Community Question 17— Is the KNIT FINANCE meant to be possibly adopted by other crypto projects and outside of blockchain space as well? What kind of advantages does it bring to, for example, financial institutions adopting the protocol? what are the ways that KNIT FINANCE generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both investor and your project ?
Sainath — Currently, 6 projects are in pipeline for partnering. 1 of the top 3 exchanges In India is also partner (will announce after there official announcement). So yes, we will get adoptability and as well help other projects grow with us.
Community Question 18— I have gone through your Medium Blog and i found this project super exciting, a DeFi project that can help provide liquidity to non Erc-20 assets, a thing that’s needed for every good project to sustain in market. I just have one question that’s regarding security. How will Knit Finance prevent phishing hacks like we have seen in current DeFi hacks?
Sainath — Thanks Samyak Jain. We are working on a solution, need to see if it works after the launch.
Community Question 19— 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 chatting from my own handle. We recently had a spear head phishing attack, luckily the cyber security precautions helped us to be safe and catch early on but makes us wary hence even though we are big bunch, only few of are active in telegram team is active in our group and answers Qs from time to time. Our early investors know the core team hence have invested nicely early one only on team strength.
Community Question 20— Can you please explain more on the requirements of participating in KNIT FINANCE Ambassador Program, who can participate and what are the benefits of being an ambassador?
Sainath — Please drop us a message on our group. We would be happy to get someone with passion onboarded quickly.
Community Question 21 — As we know, every successful project has a few stories behind the scene, what’s the story behind your project success? Are there any special prototypes or upcoming updates that you want to show/share with us?
Sainath — Yes, our Alpha testers loved trying our product. We will share few in future soon.
Community Question 22 — Most platforms take a substantial cut, meaning creators only a see a portion of their rewards. So How does the
Your project planning to solve this problem?
Sainath — We are working on a marketplace model so that platform like us only takes very less commission. Making it Win-Win for everybody involved.
Community Question 23 — It is unfortunate that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make this project sustainable for itself.
Sainath — The token unlock for the team is spread over 3 years with first installment coming after one year after TGE
Community Question 24— Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Sainath — We help multiple projects’ assets get connected as in getting knitted i.e., getting united / make (a garment, blanket, etc.) by interlocking loops of wool or other yarn
Community Question 25 —How do you think with Asia market? Does your team have any plan approach INDONESIA which the potential market in crypto, there have many great teams and investors want work and earn money from crypto?
Sainath — Asian markets are growing markets for next 30 years hence core of our adoption , our idea is to make the project accessible for everyone.
Community Question 26— Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choice for dApps in future, so do you think this is a threat for Your project and how could you overcome this barrier?
Sainath — Not all, but atleast we will help congestion to be reduced
no one can replace thanks to its wide adaptation but yes, we can definitely try taking a market share which is worth billions of dollars if successful.
Community Question 27 —Knit Finance as you move forward through your route, what is your most important next priority? Does the Ramp team have enough fundamentals (Funds, Community, etc) to achieve those milestones?
Sainath —
- Experienced team: Check (Cumulative experience: 40 years in Blockchain space)
- Funds: Check
- Community: getting good traction
Sainath — We have an interesting solution for the same
lets see how it works after we start testing it in real world
Community Question 28 — Is this project a Global project ?Can local communities partake in it ?
Sainath — Its a Global initiative with many local communities support.
Community Question 29 — How will you prevent “copies” of tokens from being included for the purpose of defrauding users? Do you have a system to remove these tokens from the pool?
Sainath — We have an interesting solution for the same. Lets see how it works after we start testing it in real world.
Community Question 30— What is difficulties and chances that You face right now while crypto/blockchain market is still young and need time to grow?
Sainath — Finding scalable problems to solve.
For more information and resources about Knit Finance, visit:
