Knit Finance AMA Recap with the CryptoRoyals Community
On the 28th of February, 2021, Sainath Gupta, CEO & Founder of Knit Finance, was live on the CryptoRoyals Community Telegram group to provide the community with insights on Knit Finance, details on upcoming developments, and also attend to their questions and queries. The session was moderated by Mukul Sharma, 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 three segments; the first segment, gives full account of the questions asked by the moderator (Mukul Sharma) of this AMA session,the second segment gives account of the questions asked by Twitter Community members, while the last segment gives account of the questions asked by Telegram Community members.
Mukul Sharma — Good evening everyone, I am pleasured to have Founders of Knit Finance , Sainath Gupta to join our AMA today. Hello Sainath Gupta So nice to have you with ur AMA Session today.
Sainath — The pleasure is all mine
Mukul Sharma — Shall we start AMA?
Sainath — Excited
Mukul Sharma — Cool. Let’s start with some introduction Questions. Could you please introduce yourselves to the community and tell us about your background?
Sainath — I am Sainath G, founder Aasaanpay India’s first Mobile POS in2011, have a decade plus rich experience in Financial Technologies.
I am also a drop out from IIIT H
Mukul Sharma — Please tell the community about Knit Finance in detail?
Sainath — Our vision is make DeFi accesible on every chain
We at Knit.Finance provide the ability for any token ( crypto)/ asset ( Capital like Tesla shares) to be available on any chain using bridges and synthetics 1:1 collateralized.
Mukul Sharma — That’s great. Let’s move on to the Twitter questions.
Twitter Question 1— KNIT Finance is the next generation of DeFi protocol. Could you explain to us in simple terms what is the purpose of KNIT Finance?And how will you attract investors and build the trust and win the hearts of millions of people in your project?
Sainath — Purpose of Knit,Finance in stage 1 is to bring DeFi to every chain , by allowing any coin to accessible on any chain.
In Stage 2, purpose is allow any assest class ( Crypto, Captial ( Tesla, aapl shares ..et al) and bullion ( gold bonds..et al) to be available on any chain
We keep community first, and with constant feedback make the project a success. Please join our ever increasing community.
Twitter Question 2 — features and security is an important aspect of a project. What unique features does KNIT Finance have today. Will there be any updates in the future? then what security system does your platform have at the moment?
Sainath — We are already multichain (Polka, Binance smart chain, Ethereum and Polygon), much more chains to be supported helping Chain focused DeFis to develop. Another unique thing is our team, which is experienced
We are getting audited by some well known guys + we are also insured with tidal finance for peace of mind for token holders
Twitter Question 3 — Are you a global project? Can anybody use your services from anywhere?
Sainath — Yes, we are DeFi based ecosystem supporters, hence we are truly global project and can use our services from anywhere
Watch for more updates: Knit Announcement Channel.
Twitter Question 4— Could you tell us about the knitfinance team and some of their backgrounds? I have personally seen many projects launch with inexperienced team members, and some of those didn’t go so well due to easily avoidable mistakes.
Sainath — I am Sainath G, founder Aasaanpay India’s first Mobile POS in2011, have a decade plus rich experience in Financial Technologies. Tech team cumulative experience is 20 years and so is business team is 15 years. with many of them with crypto background.
Twitter Question 5— The Ethereum blockchain is presenting extremely high fees lately and many users are stopping using this blockchain, how do Knit plan to solve this problem?
Sainath — I am a big fan of Ethereum as it has showed what can be achieved through blockchain and smart contracts. This made it a hot bed of early adopters and innovations like Defi, but the updates to Ethereum network didn’t kept upto to date with total number of crypto users.
Our solution is to create a system by which at least any crypto asset is available for DeFi on any chain, hence reducing the constraints on Ethereum network solely. Hence reduced congestion on Ethereum, reduced fees making it faster while helping DeFi grow bigger and unlocking billions of assets.
Mukul Sharma — Thank you for answering the questions from twitter. Shall we move on to the live session now?
Sainath — Please do
Telegram Question 1 — one of the big developing projects has a solid and strong team financially, what about the KNIT Finance team is it financially able to build projects in the future?
Sainath — Our team members are very experienced, hence with proper planning will make the project a success.
Telegram Question 2— We all know partnership is very important to strengthen a project, does Knit Finance plans to add partnerships? If so can we know who or what projects that you’ve been looking forward to work with?
Sainath — There are 22 partnerships in pipeline. Watch out for our next two weeks for announcements.
Telegram Question 3— Adoption & Awareness about Platform is very important for any Creator as well as Users! So, What are your plans to attract More users as well as Creators with Non-crypto users too?
Sainath — Sticking close to the community is our plan.
Telegram Question 4— Does KNIT conduct any Presale/Tokensale at this moment? If so, What are the requirements for being able join $KNIT PRESALE/TOKENSALE event, Does KYC is a must?
Sainath — Our private sale is complete with many good guys in the round
Will share details soon.
Telegram Question 5— 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 — Many thanks. We have some safe gaurds against same
please be patient for the same.
Telegram Question 6— Which area does focus on at the moment? (DeFi, Nft, DApps, Stake, Yield Farming.)
Sainath — DeFi, Staking and Yield farming.