Dear Community,
Thanks to all for participating in our AMA with Knit Finance. We really appreciate all your support. There were really good and thoughtful questions that were asked. For those who missed our AMA, this AMA recap is for you.
Introduction!
Manpreet – Hello Sainath, we’re glad to have you today for the AMA
How is it going?
Sainath – Its going great
Love to be part of your community
Manpreet – Good to hear that from you ☺️
Shall we proceed with the session?
Sainath – would be lovely
Manpreet – Let’s start with the intro
Please introduce yourself to the community
Sainath – Hello guys, I am Sainath Gupta, CEO of Knit Finance. I made India’s first mobile point of sale that is Aasaanpay in 2011. I have been a successful fintech entrepreneur since then. I come with a rich decade plus of innovative fintech execution experience.
Manpreet – That’s impressive
Now, please introduce the community about the Knit Finance
Sainath – Knit Finance is a multi-chain wrapper DeFi protocol which bridges the gap between DeFi and non-ERC20 tokens. We observed the problem when we tried to see if there is a way to use non-erc20 tokens in DeFi, Sadly found no viable options, Some solutions/ projects are coming up but there are still many issues which we wanted to address. Hence we started with Knit Finance. Initial launch plan is in the Polkadot, Binance Smart Chain, Matic and Ethereum.
Manpreet – Knit Finance solving problems 😎
Sainath – Yes huge problems.
Manpreet – Before we proceed for the next round let me ask you some questions regarding Knit Finance.
Q1. Why did you chose Knit Finance as the project’s name?
Sainath – We worked on this for nearly 8 months hence the feedback and love from the community helps us keep inspired and this is the reason we chose this name for our project.
Essentially we connect various chains in DeFi for a coherent availability of liquidity and cross chain functions.
Manpreet – That’s thrilling like the project.
Q2. Who are Knit Finance competitors and what are your USPs over them?
Sainath – We support multiple chains and Wrapped tokens that are insured, 1:1 collateralised 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
Some USPs can be:
1) Multi Chain availability
2) Multiple assets of Crypto support
3) Multiple classes of assets support
Love from all the community is also our huge plus point
Manpreet – That’s called a well-planned project 🥇
Sainath – Thanks, its niche
Manpreet –
Q3. We would also love to know about the Knit Wrapped assets. Could you please throw some light on them?
Sainath – Our wrapped assets are 1:1 collateralised, real world insured and 100% verifiable and mainly consist of altcoins who are partnering with us, some physical entities like gold, silver bonds etc and in near future stocks like Tesla, apple etc. We have a variety of options available and it will be made available for public use one by one. Stay tuned to our Announcement channel for getting regular updates https://t.me/knitfinanceann
As these are real world insured and enables non eth coins to participate in DeFi
this will enable many billions to be pumped into DeFi world
Manpreet – That’s distinctive I think. Isn’t it?
Sainath – Yes
Twitter Questions
Q1. What are the main targets, partnerships that trying to achieve in the near future? And do you already have collaborative connections with strategic partners in the crypto world?
Sainath – Few notable ones ::
Knit & Elrond collaboration will enable eGold & Elrond assets to be tokenized and issued on other blockchains,& vice versa. As a result, DeFi products on the Elrond mainnet will be able to include tokenized assets originating on other chains or outside of the blockchain space completely.
We have recently announced our partnerships with PlotX , Paid Network and with Dragonchain. You can read in detail about it here : t.ly/WunG for the former, followed by the one in between http://t.ly/vGK5 & http://t.ly/9lZa for the latter.
Also Here are some of the other Partnerships:
OroPocket partnership will enable offerings of OpenDeFi on multiple chains with KnitFinance multi chain solutions. This partnership will enable deeper penetration of OpenDeFi in binance smart chain and polkadot ecosystem soon and multiple chains later supported by Knit Finance later builds.
Elrond , oroPocketx tidal are few of them.
Some of the upcoming projects which are already in the pipeline:
10 + already signed
12 + in pipeline
Q2. The goal of the DeFi app is to create a new financial system that eliminates subjectivity, bias, and inefficiency by relying on programmable terms. Does the Knit Finance network support this vision and how does it participate in the DEFI space?
Sainath – Well said. Knit Finance is a multi-chain wrapper DeFi protocol which bridges the gap between DeFi and non-ERC20 tokens.
Our solution helps liquidity move between multiple chains in addition to increasing liquidity hence fits in the need as described by you.
Q3. Could you please provide some progress on your Roadmap and what results KNIT has achieved so far? And any sneak peek into 2021 plans for KNIT?
Sainath – 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
Quiz Questions
Q1. Who is the CEO of Knit finance?
Cosmo – Sainath Gupta
Q2. Name 3 recent partnerships of Knit Finance.
Rosana – PlotX , Paid Network and with Dragonchain.
Q3. What is token ticker of Knit Finance?
LittleSoul – KFT
Telegram Questions
Q1. What are your key features that you are very proud of and feel very confident about that makes you ahead over any project out there?
Sainath – Unique solution, great and experienced team and community love.
Q2. DeFi is one of the hottest topics in the blockchain field. Can you share your opinion about DeFi with us? Do you think DeFi will destroy the existing financial system? What is your project Approach towards DeFi?
Sainath – There is no destruction. Only evolution happens when ever a new solutions comes in.
Q3. Security is an important issue with all projects, can you share how Knit Finance keeps users’ funds safe when using your products?
Sainath – Assets with us are with certified and insured custodians.
Q4. What is the purpose of creating a standard for non-ERC-20 coins to convert to synthetic ERC-20 tokens? How is this a solution that may help KNIT Finance to revolutionize the crypto space?
Sainath – By this technique, Assets which aren’t compatible with each other can also work together and make it big.
Q5. Could you please provide some info about your Roadmap and how Knit Finance is progressing so far?
Sainath – 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
Q6. Knit Finance last Sticker Competition was held in March, is it in your plans to hold any more events like that in the future? Have you considered holding competitions that involve the adoption of digital art content creators around the world? Would you mind telling me who is in charge of developing Knit Finance’s artwork?
Sainath – Not sticker but other things yes.
Q7. Are you working to promote this project? What are your moves to increase the price after listing?
Sainath – Many things are planned
stay tuned
Q8. Every projects uses different ways in promoting their project, do you have plans using ambassador program to promote your project globally?
Sainath – We already have a great team
but still looking for bright and loyal ambassadors from community
if interested please do join our community and request for the same
Thank you Sainath Gupta (CEO) and Community for participating in the AMA. Have a nice day.
