Thank you to everyone who joined AMA Blockelite x Knit Finance on 5th March at 10:00 AM UTC I 05:00 PM UTC+7. Here is the recap for those who missed this AMA.
Our special guest today is Sainath Gupta – Founder and CEO of Knit Finance
Segment 1: Introduction about Knit Finance and Sainath Gupta – Founder and CEO of Knit Finance
Q1: Can you briefly introduce yourself as well as KNIT Finance?
Sainath Gupta – Founder and CEO of Knit Finance: Hi guys I am Sainath G, made India’s first mobile pos Aasaanpay in 2011.
Have been a successful fintech entrepreneur with a decade + experience.
Knit.Finance is a multi-chain synthetic DeFi protocol which bridges the gap between DeFi and Multiple Chains which have billions of dollars in locked state.
We observed the problem when we thought what if we wanted to use non-erc20 tokens in DeFi or ERC 20 tokens in other chains, We saw our options were limited. Sadly in the market there are almost no solutions available which we wanted to address.
Hence the start of Knit.Finance
Initial plan launch is in Binance Smart Chain and then Polka dot
Q2: Can you give us more details about your competitive advantages and positioning? What makes KNIT Finance special?
Sainath Gupta – Founder and CEO of Knit Finance: Our vision is to enable DeFi on multiple chains, our execution is matching our vision thanks to a great team , some of the things that make us special are :
1) Multi Chain support
2) Multiple assets of Crypto support
3) Multiple classes of assets support
Q3: Security is an important issue with all projects, can you share how Knit Finance keeps users’ funds safe when using your products? Do you have an audit plan through a third party?
Sainath Gupta – Founder and CEO of Knit Finance: At KnitFinance prime focus is to help everything secured,
We have an highly experienced team to avoid mistakes, few of them developed exchanges before,
We are getting our code audited as well
Also, we are being insured on tidal as well to make users feel safe about their funds
Blockelite Host: A great team, are your teams from India?
Sainath Gupta – Founder and CEO of Knit Finance: A big part of the team is,
we also have from US, Vietnam and South Korea
Q4: Let’s talk about your plan for global expansion. Which markets will you focus on? What are your plans for building and growing to gain users and partners?
Sainath Gupta – Founder and CEO of Knit Finance: Our idea is to be close to community , figure right synthetics on right platform, try getting innovative assets that will get good traction, incentivize users to use our synths where possible
Q5: What is the progress and roadmap of KNIT Finance for 2021?
Sainath Gupta – Founder and CEO of Knit Finance: Launch full-fledged product on Binance Smart Chain and Polkadot first, bringing in Billions of dollars unlock in near future and helping multi chains support and interoperability is what we are looking at
So far our plan :
Alpha launch in Dec : Successful
Beta launch in Jan : Successful
Main net launch in April : On time
Blockelite Host: Can you explain why the project is Knit? Why you choose this name?
Sainath Gupta – Founder and CEO of Knit Finance: Essentially our idea is to connect multiple chains with bridges similar to knitting using needles and threads
Segment 2: 5 best questions from Twitter
Q1: On the alpha phase that you are currently at, you are able to have support for Apple and Tesla. Could you tell us what other things will KnitFinance be able to support? What digitally lockable assets do you have in mind to support in your platform and when will we see them there?
Sainath Gupta – Founder and CEO of Knit Finance: We are currently exploring shares like tesla, appl..et al bullion like gold bonds onto the chain,
Our current vision is to enable defi on every chain possible and in future any fungible token on defi
Q2: Can you give us an overview of Knit Finance token economics? Is the token designed to rise and fall with the success of the platform, and does it include any scarcity paths such as stake, store, or burn?
Sainath Gupta – Founder and CEO of Knit Finance: We are ultra low cap and raised 1 million at $7.4 valuation,
Had $4 million in commitments though
Knitfinance token is called kft and it’s an utility token. Most in private are locked.
One can get it in public round or by staking our synthetics
Yes staking is possible
Q3: Currently most investors only care about profits at the moment but ignore the long-term benefits. So can you give them some advice why they should buy and hold #Knit Finance in the long term?
Sainath Gupta – Founder and CEO of Knit Finance: We are product and traction focused project, i have nothing more to say in this regard
But projects similar to us
Ren is $1.2 billion
& Synthex.io is $4 billion
while we are only $7.4 million which says we have huge change to grow
Q4: How can we generate synthetic tokens within Knit Finance? Is it something that any user can do, or does it require a specific process?
Sainath Gupta – Founder and CEO of Knit Finance: Generating synthetic token is very simple 3 step process , A tutorial video will be shared to public soon
Q5: What is the main obstacle to widespread adoption of cryptocurrencies? What measures is knit taking to popularize the use of crypto even more, especially in the traditional financial sector?
Sainath Gupta – Founder and CEO of Knit Finance: One of the reasons for wide spread adaptation I think is concentration of most of Defi on few chains, not being user friendly.
We are helping assets on be multiple chains hence solving first part, we will try to make it user friendly so 2nd one as well is handled a bit . We will try to get assets from traditional fintech to Defi as well to level the playground a bit 👍
Segment 3: Live questions
Q1: How do you plan to spread awareness about your project in different countries/regions where English is not spoken well? Do you have local communities for them to let them better understand about your project?
Sainath Gupta – Founder and CEO of Knit Finance: Yes, If there are enough community interested we are looking at local grass roots communities
Q2: Is the Knit Finance ecosystem complete or evolving? Currently the blockchain market grows very rapidly. What will Knit Finance do to keep your project in the forefront and bring the best return to investors?
Sainath Gupta – Founder and CEO of Knit Finance: Always listen to the users and try getting innovative products out
Q3: As a community based project, how can I donate my quota for your success? Do you have a Global Ambassador Program or a Referral Rewards System?
Sainath Gupta – Founder and CEO of Knit Finance: Active ambassadors are always welcome
Please join our group
Q4: Which area are you focusing on at the moment? (DeFi, Stake,Dapps..) and what is your goals in this year?
Sainath Gupta – Founder and CEO of Knit Finance: Defi adoptation on multiple chains
Q5: Apart of do synthetic with ERC-20 tokens , knit Finance also allow create synthetics with ERC-721 ( non Fungible token)?
Sainath Gupta – Founder and CEO of Knit Finance: Not supporting nfts currently
Q6: Since the first AMA here, I didn’t think I’d see KnitFinance go this far, congratulations! How have you felt about all these achievements and what do you think it takes to keep KnitFinance on its great path? What advances do you plan to implement for the token and its system?
Sainath Gupta – Founder and CEO of Knit Finance: Hard work and great team
More information about Knit Finance