Thank you to the NanoNews Community for participating in Ask Me Anything (AMA) with Knit Finance March 6, 2021. This guest star Sainath Gupta, CEO & Founder of Knit Finance. If you were unable to join the live AMA, no worries, here comes our 107th AMA recap!
We are glad to meet here:
Sainath Gupta, CEO & Founder of Knit Finance
For taking your time out from busy schedule for the AMA!
Introduction Session
Q1. Could you give an introduction of yourself And how you can play an important role in Knit Finance?
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 the business team is 15 years.
That’s great! Its really amazing background and have many experience.
Q2. What is Knit Finance? And how is the story behind the Knit Finance Creation?
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 We saw our options were limited. 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.
Hence the start of Knit.Finance
Initial plan launch is in Binance Smart Chain and then Polka dot
Host: Knit Finance has also recently worked with Elrond to build a joint DeFi, is this possible to get lots of investors in the future?
Sainath: If the product is good and solves a need for sure it will get good traction
Q3. What is so exciting about Knit Finance, which might make Knit Finance different from all other projects out there?
Our vision is to enable DeFi on multiple chains, our execution is matching our vision thanks to a great team
1) Multi Chain availability
2) Multiple assets of Crypto support
3) Multiple classes of assets support
Q4. Please provide some information about your Roadmap, How Knit Finance is progressing so far? And what Knit Finance is currently focused on?
So far our plan :
Alpha launch in Dec : Successful
Beta launch in Jan : Successful
Main net launch in April : On time
KnitFinance is focused on getting traction and good users
Host: Great, are there any plans for token sale or ido and ifo too?
Sainath: IDO or IEO, deep level discussions happening
Q5. Please tell us more about Token (Knit Finance) Whaten! What utilities does the token have, and what benefits will tokens holders get?
We will announce that soon, please keep in loop by joining
https://t.me/knitfinanceann
Q6. What are some achievement that Knit Finance has achieved so far? And what are Knit Finance upcoming plans, Especially in 2021?
So far our plan :
Alpha launch in Dec : Successful
Beta launch in Jan : Successful
Main net launch in April : On time
On Partnerships : Elrond , oroPocket are few of them
10 + already signed
12 + in pipeline
Host: Before we move to Twitter Sessions, everyone can fill this form to participate on Quiz:
https://forms.gle/fkkXMYTuMpRfW8Pb6
Twitter Session
Q1. Partnerships are an integral component of any project’s journey. Which types of partnerships Knit Finance has already attained and what are the plans on this front moving forward?
Partnerships : Elrond , oroPocket are few of them announced
10 + already signed
12 + in pipeline
Q2. How will #KnitFinance be synthesizing stocks, gold, and even fiat, all real-world assets into the DeFi ecosystem? How is prices going to be determined and How do you intend on providing Liquidity for the numerous multi-chain bridges you’re developing?
We are working on a market place model with custodians to do the same, there are two models, either its 1:1 collateralized or KFT token is collateralized to generate synthetic token.
Q3. Knit wants to synthesize real world assets such as fiat money, stocks and gold, to incorporate them into Defi, but besides this, what other types of assets can be synthesized? Can you synthesize cars, real estate or some precious metal?
We can only support fungible assets, probably v3 of our model can support real estate, art and other non fungible assets
Q4. You have a lot of tokens locked for rewards and other incentives. This is a huge number! Explain us how are they unlocked? who is deciding that? What kind of activities can be rewarded?
There are tokens for specific activities, will announce soon more details, Join our ever growing community https://t.me/knitfinance for more details and chance to get the incentives
Q5. What types of DApps can develop on Knit Finance platform? What are the advantages that Knit Finance offers to DApps developers?
Very early to say what can be developed , but anything which needs to work on different types of assets or on multi chain can use KnitFinance
Live AMA
Q1. How do you plan to solve the problem that Ethereum is presenting regarding high commissions?
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
Q2. What ways are you doing to win more people interested in your project?
Create useful products , take continuous customer feedback, make users part of product development is some of the ways we want to do it
Q3. Within its possibilities, is it possible to carry NFT token between chains using multichain bridges?
On version 3 of our platform it might be possible
Q4. How is the user interface of Knit Finance and how easy is it to use? Is it designed so that novice users can handle it without problems?
Generating synthetic token is very simple process , A tutorial video will be shared to public soon
Q5. What are your main long-term goals? Can you give us a brief preview?
This year end, unlock billion dollars of assets
have 5 chains supported
2 assests classes supported
Thank you for trusting NanoNews as the organizer of the event today, hopefully everyone can understand about Knit Finance
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