Feb 7, 2021
Knit Finance AMA Recap with the Neng Yuni Forum
On the 15th of January, 2021, Sainath Gupta, CEO & Founder of Knit Finance, was live on the Neng Yuni Forum, 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 Dicky, one of the moderators of the Neng Yuni Forum.
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 of this AMA session (Dicky), the second segment gives account of the questions asked by Twitter community members, while the third segment gives account of questions asked by Telegram community members, during the session.
SEGMENT 1
Dicky — Before we start our first session can you introduce yourself?
Sainath — I am Sainath Gupta, CEO of Knit Finance. I made India’s first mobile point of sale in 2011. Have a decade of rich experience in fintech
Dicky — Can you tell us what is KNIT Finance? And a short story of how came up with 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.
Dicky — Can you briefly describe KNIT Finance’s main advantages over its competitors?
Sainath — We will support multiple chains and synthetic token is 1:1 collateralized and 100% verifiable. While some projects are providing single token for multiple coins which we think might create confusion to users while maintaining the portfolio and converting tokens to its original form.
Dicky — 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.
Dicky — To sum up, can you please share with us your nearest milestones that you plan to achieve by the next month/year?
Sainath — In next month we are targeting to complete our token sale and make product ready for launch from the feedback received from the alpha testers.
SEGMENT 2 : Twitter Question
Q1. Does the KNIT Finance system hold something called a token burning of KNT tokens? and how can I go with there 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 collateralized and will be available in multiple chains creating a number of DeFi use cases and advantages.
Q3. In your roadmap for 2021, you have planned the issuance of $KNIT Finance stable coin! What role will it play on the platform?
Sainath — We are evolving with market , let the time decide for the same
Q4. We all know that Ethereum Network has many problem: scalability issues, high fees and slow speed. Why did KNIT Finance choose to build it’s own token on the ERC20 network over the other networks that more fast 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 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.
SEGMENT 3: Live Question
Q1. Is KNIT Finance a global or a local project? Can anybody use your services from anywhere? Is 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 Knit Finance 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 is the long-term vision of KNIT FINANCE for it’s users?
Sainath — Make DeFi user-friendly and unlock billions of crypto market in DeFi world.
Q4. KNIT Finance claims that Will create multiple Bridge 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 synthetization model, where any Erc20 can be converted to a synthetic, but there exists any guide or tutorial that explains How 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 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 project are nowadays doing Rug Pulls and exit scam How can users trust KNIT finance project? And how you are different from others?
Sainath — We have a product on test net. Team is experienced and well known. 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. 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% fees is generated. That’s our source of revenue.
Q12. Can I stake Your Token? What are your Staking criteria?
Sainath — Post launch, Yes.
Q13. Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
Sainath — Team which is making it is experienced and as well the code is audited.
Q14. At the moment , where you are focusing right now ? building and developing product 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.
Q15. What is your strongest advantage that you think will make your team leading the market?
Sainath — Great team.
Q16. KNIT Finance looks like a good solution to avoid the huge transactions fees of the Ethereum Network, but how much higher are you fees?
Sainath — Ours are a small flat fees.
Q17. 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 decently known guy. Using same telegram handle since 5 years.
Q18. What are the benefits for long-term investors? what makes $KNIT unique ?
Sainath — When the project gets wider adoption price of them token might increase as well.
Q19. when will its full potential be unlocked? where can i see your roadmap?
Sainath — Soon. Watch our telegram group for announcements.
Q20. 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.
For more information and resources about Knit Finance, visit:
