Knit Finance AMA Recap with the Razor Network Community
On the 24th of June, Sainath Gupta, CEO & Founder of Knit Finance, was live on the Razor Network Community Telegram group to provide the community with insights on Knit Finance, details on their recent partnership with Razor Network, and also attend to their questions and queries. The session was moderated by Michael Norton, 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 2 (two) segments; the first segment, gives full account of the questions asked by the moderator (Mike) of this AMA session, while the second segment gives account of the questions asked by Telegram Community members.
SEGMENT 1 : Interview with AMA Moderator
Mike — Good evening everyone and welcome! If you are new here, my name is Mike, I am a community manager for Razor Network. Today we are hosting Knit Finance’s CEO, Mr. Sainath Gupta, for an AMA. Sainath Gupta, Hello and welcome!
Sainath — Many thanks Mike
Mike — Great to have you in here for an AMA! We are really excited to be working with Knit Finance and I know our community is excited to hear more about your wonderful project. We have a few introductory questions we would like to ask and then we will open the floor for our community to ask questions!
Let’s start with the basics, could you please tell us a little about yourself and Knit Finance?
Sainath — First of all thanks to you and your community for giving me this opportunity
I am Sainath Gupta, CEO of Knit Finance. I made India’s first mobile point of sale i.e Aasaanpay, in 2011. I have been a successful fintech entrepreneur since then. I come with a rich decade plus of innovative fintech execution experience.
I am responsible for general execution of Knit Finance. 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.
Mike — Very rare to see a leader have such a strong background in digital payments. It’s also incredible to see a project build a cross platform DeFi product.
Sainath — Thank you. That experience helped a lot in making secure applications
Mike — Top priority in this space when so many have been struggling to stay secure. Let’s move on to our next question, one I think our community is excited to hear about!
We would love to know how Knit Finance would be leveraging Razor partnership. Would you be able to throw some light on that?
Sainath — Our product works on multiple chains for wrapping assets and liquidity staking, we are working closely with Razor and as well using PoA bridges for oracle and cross chain asset management functionality
Mike — Interesting! There is a definitely a need in this industry to have such capabilities with oracles. Can you also tell us about how Razor will be integrated into the Knit Finance ecosystem?
Sainath — When it comes to Razor Token :
Knit Finance gives RAZOR token holders the ability to use the token as a payment instrument in our marketplace. $razor token will be available on multiple chains using knit finance multichain architecture
Mike — Very nice! I think everyone in our community loves to see more RAZOR utility and I know the Knit Finance marketplace is going to be massive! Tell us more about connecting blockchains, why it is important to build bridges between blockchains? I would also love to hear how how your wrapped assets work.
Sainath — Currently its very hard to bridge assets between two chains and most are concentrated around couple of chains only leading to capital inefficiency and user experience is really hard.
Our vision is to make the movement of assets seamless between multiple chains for a better user experience and better capital efficiency. Talking about the importance of the bridges varies with users’ demands and requirements.
Suppose users want to hold any non DeFi token they have the least option to utilise these token, Now with our solution farming using a wrapping solution they can keep those assets with custodians and gain more using wrapped assets in the ecosystem. At the time of withdrawal it will be much more amount that users actually hold or gain through farming
Mike — That’s really good. In the bigger scope of things, adoption is never going to come with the current limitations. Every day I work with people in private messages helping them figure out bridges and many find it too confusing to even attempt. To have a product like this is massive to connect various dApps and bring real world adoption into light.
Who would you say is the target customer for Knit Finance? In the current stage, is your team focused on catering to the masses or position as leaders to a niche market?
Sainath — Product has been made after feedback from multiple stakeholders.
As its a new market, its niche and we are aiming to be product leaders.
Our target audiences are :
- Non-DeFi Token holder who wants to participate in Defi
- Token staker who wants liquudity for his token which is staked
- Chains which want DeFi on there chains to start
- Chains which want tokens to be present on multiple chains
Mike — Interesting! Here at Razor we also see the massive benefit to catering a product to stakeholders and partnerships. It helps build a much better product fit and build something that is not just a copy of everyone else but is something useful to projects.
I have not seen too many projects like Knit Finance. Who would you say are Knit Finance competitors and what are your unique selling points over them?
Sainath — We support multiple chains and wrapped tokens that are 1:1 collateralized and 100% verifiable. While some projects are providing single tokens for multiple coins which we think might create confusion to users while maintaining the portfolio and converting tokens to its original form.
Above that, Our vision is to enable DeFi on multiple chains, our execution is matching our vision thanks to a great team
- Multi Chain availability
- Multiple assets of Crypto support
- Multiple classes of assets support
Mike — That is great to hear. No need for more confusing bridges and multiple tokens. Okay last question and we will open it up to the community for questions! This question is focused on your token. What are the tokenomics of your project?
Sainath — Visit the link for more information. The token distribution and release schedule has been carefully planned and crafted to kickstart token liquidity by ensuring sufficient incentives for the platform users:
Strategic Round: 4%
Private Round: 13.5%
Public Sale: 3%
Foundational Reserve: 14%
Advisory Board: 5%
Team: 10%
Partnership: 9%
Marketing: 5.5%
Building Asset Reserves: 16%
Liquidity: 20%
We have successfully raised $370,000 in our strategic funding round and $999,000 in a private funding round. With such significant achievements, we’ve now proceeded to our SEED SHO program on DAO Maker. A total of 290 lucky winners can win their share from a reward pool of $145,000 + $5,000 KFT.
Knit Finance believes in a high level of transparency. With this idea in mind, we are rolling out this informative token metrics guide to understand Knit KFT metrics and distribution better. We have received enormous love and support from our community and hope for the same to continue throughout our journey.
Mike — Awesome! Great to see such transparency!
SEGMENT 2 : Community Questions
Community Question 1 — What’s your motivation in making KNIT FINANCE Token, and what we will see in future? How can token holders benefit with KNIT FINANCE tokens?
Sainath — KFT Token Use Cases.
Governance
KFT is the governance token for Knit finance platform. All protocol-level changes shall be governed by voting using KFT tokens. We’re exploring converting it into an independent SaaS offering so developers and projects can build unique offerings for the different pools.
Staking
KFT token will be considered to be part of all major staking wrapped asset projects , enabling token holders to stake KFT tokens and earn a bunch of other wrapped assets where possible.
Premium Pools
Knit Finance would be launching several premium pools and offering, which would be available to KFT token holders on a TIER structure.
Premium Offerings
Knit.finance is collaborating with several chains, projects, launchpads, platforms and service providers to synergies with them for special access etc. This would be made available to KFT token holders on a TIER structure.
Add-ons Access
Knit.Finance is working on adding several add-ons (such as on-chain insurance, farming of NFTs etc.). These would be made available to KFT token holders for a TIER structure.
Paying Fees
As we move towards a SaaS model, all limited access features would be accessible to developers and projects by paying fees in KFT token. Essentially, it would be the utility token for building on Knit.finance.
Community Question 2— Security & safety are the most important thing that project must focus to build. Investor will look and if they feel save, then they will invest. So how are then security system in Your project?
Sainath — Multi level : We have an experienced team. Very good process, Original assets are secured by insurance from real world companies and secured by licensed custodians.
Community Question 3— What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
Sainath —Every swap produces 0.25% fees for us.
Community Question 4— When is the PUBLIC SALE for KFT?
Sainath — Once market becomes better.
Community Question 5 — How do you determinate the top-200 assets? What makes RAZOR be on that TOP?
Sainath — All our partners projects are on top.
Community Question 6— With which feature does Knit Finance differ from other DeFi projects?
Sainath — We support multiple chains and wrapped tokens that are insured, 1:1 collateralized and 100% verifiable. While some projects are providing single tokens for multiple coins which we think might create confusion to users while maintaining the portfolio and converting tokens to its original form.
In addition to that
Our vision is to enable DeFi on multiple chains, our execution is matching our vision thanks to a great our team
Some of our USP’s mentioned below are:
- Multi-Chain availability
- Multiple-Assets of Crypto support
- Multiple classes of assets support
Community Question 7— How Easy Your project to use for anyone? Including those who do not understand crypto will also use your platform?
Sainath — Very easy to use actually.
Community Question 8—How is your team experience? Has your team background been effective in the success of your project so far?
Sainath — Our tech team has cumulative experience of 20 years and business tea has experience of 19 years. All of us are OGs.
Community Question 9—What are the benefits of holding KNIT FINANCE token as long term investment? Can you tell us about the motivation and benefits for investors to keep the KNIT FINANCE token in the long run?
Honey — 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.
Community Question 10—Can you please tell the story behind naming of your project? How did you decide for this name? Where did you get the inspiration? How will this name effect the people in your opinion?
Honey — We worked on several problems, then zeroed on this after satisfying two things :
Is the problem to solve real?
Is it highly scalable?
We worked on this for nearly 8 months hence the feedback and love from the community helps us keep inspired and also this is the reason we chose Knit Finance as the name for our project.
Essentially we connect various chains in DeFi for a coherent availability of liquidity and cross chain functions.
Community Question 11 — What are the key milestones on your roadmap — both things you have already achieved and things that we can look forward to? Any partnerships and short/long term technical milestones that you want to talk about or bring some attention to?
Honey — 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 Polygon, 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.
Community Question 12 —Can you give a little explanation why we have to join your project? The advantages of your project?
Honey — 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.
Community Question 13 — How do you plan to spread your understanding of the project in different countries where spoken English is not good? Do you have a local community for them to use to better understand your project?
Honey — We are growing big day by day and are in talks with many different communities. Also have indulgenced ourselves with the Chinese community.
We have a long way to go. Stay tuned.
Community Question 14 — What are your marketing strategies for mass adoption and how do you plan to increase awareness for non-English speaking users?
Honey — Mostly partnerships, we have some well-known agencies backing up for enhancing the results.
yeah, seed was done in a day, private got over committed very soon as well Currently we are focused on enabling our product on multiple chains, we will do co marketing with the chains which partner for growth.
For more information and resources about Knit Finance, visit:
