Knit Finance AMA Summary Recap with Shin Chan Community
We held a live AMA with Sainath Gupta, CEO of Knit Finance on 12th May 10:00 PM (UTC+8). Here’s the recap for those who missed it.
Introduction
Serene: Before AMA start, can you introduce yourselves and the team background?
Sainath Gupta: Hello, I am Sainath G, 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.
Serene: Do you have any news/update about Knit Finance would like to share with us?
Sainath Gupta: We are soon doing SHO on Dao Maker, our investor Orion protocol did it from there and that did 300 x
so fingers crossed
We started in Feb 2020, working, refining product as we thought long term
KNIT Finance introduces its platform which 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 and this is what makes Knit Finance different from other projects.
Serene: Could you please provide some info about your roadmap and how Knit Finance progressing so far ?
Sainath Gupta: 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
AMA Twitter Section Begin:
Q1: One of the features that stands out in a project are the important use cases that the native token has, so my question is, what are the use cases of the KNIT token? What are the benefits for KNIT bridges? And how would $KNIT holders benefit from owning them?
Sainath Gupta: Knit Finance is a unique decentralized protocol that combines insured wrapped assets across multiple chains, Bridges, and real-world markets with yield, lend, trade, and margin services through smart contracts. Assets that are deposited to KNIT are held with an insured custody reducing the risk. Most importantly, Knit Finance is a multi-chain wrapper DeFi protocol which bridges the gap between DeFi and non-ERC20 tokens and also our solution helps liquidity move between multiple chains in addition to increasing liquidity which fits in the need as described. And this is how $KNIT will be useful. Knit token will be used for governance, special access products and staking.
Q2: What are the reasons why Knit Finance has decided to partner with the open source blockchain Dash? How do both projects hope to create new value within a blockchain ecosystem moving towards cross-chain solutions?
Sainath Gupta: Interesting Question. Dash is well known chain , it wanted to expand more hence, partnered with us.
Through this partnership, DASH tokens will be integrated onto Knit Finance’s multi-chain platform and wrapped K-DASH tokens will be developed. These wrapped K-DASH tokens can be transacted across multiple independent blockchains with ease.
Concurrently, Dash and Knit Finance will work together to synergize their tech and use their respective networks to create marketing awareness among users.
Q3: Smart contracts are prone to bugs, and even recently three big new DeFi projects fell victim to them, consuming user funds. How efficient is your smart contract secure and important? And have you ever audited it through outsiders?
Sainath Gupta: Good question. We are constantly auditing our smart contracts before releasing. We have a well experienced team with most in dev team experience of 4 years minimum
Q4: Knit Finance combines packaged assets across multiple chains, bridges, and real -world markets with yield, lending, goods, and services on margin through smart contracts. In this case, how Knit Finance project differ from any other platform that also have features like yours.
Sainath Gupta: 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.
Q5: The DeFi crypto-market continues to grow very rapidly in value and adoption. Unfortunately, DeFi’s participation is limited to most applications built on the Ethereum Blockchain. How Knit Finance addresses these issues and DeFi problems, What solution can you use?
Sainath Gupta: Excited. We are by the community and for the community.
Telegram Live AMA Begin:
Q6: 🔥 What are the advantages of k tokens for infrastructures such as Eth, PolkaDot, Binance Smart Chain and what is the advantage of the k standard for insured custody assets?
🔥 What does ensuring cross-chain fluidity of assets add to the market and what advantages does multi-chain APY optimization bring to users?
Sainath Gupta: Knit.Finance is the world’s first wrapped protocol for creating cross-chain wrappers for the top multi class assets on Polkadot. 97% of Crypto assets which is close to 2 trillion Dollars still doesn’t have access to all features of DeFi.
Holders whose Blockchain Assets do not support current DeFi operational architecture had to dump. This reduced the value of many non DeFi assets meanwhile much in DeFi is happening on the Ethereum chain, increasing gas prices and congestion. This resulted in considerably lower capital efficiency.
Knit.Finance opens up the possibility of DeFi to many Non-ERC20 and Non-DeFi participant chains and different asset classes.
With Multichain wrappers, KNIT creates a way for billions in liquidity to flow into different DeFi asset classes allowing any crypto holder to convert their assets into an equivalent insured wrapped token on any chain with the original asset being insured by real world insurance.
Knit.Finance can be expanded to other asset classes like Tesla shares, Gold bonds..et al. Hence, huge amount of assets can be moved into several blockchains to amplify DeFi.
Q7: Are you sure that your own project will progress and continue to develop in the future.. If so, what are your beliefs about your project and give a little picture for the future?
Sainath Gupta: great team, long term vision & good market product fit
Q8: Due to the incompatibility of different formats, blockchains form isolated islands with their own users, dApps and assets, which makes it very difficult to move assets or data from one chain to another. So how does Knit Finance solve this issue?
Sainath Gupta: very well yes, at least in matters of assets
Q9: DeFi is the new frontier and already buzzing in 2021, what roles do you play in innovativeness of DeFi and what’s your approach to DeFi and ultimate DeFi solutions?
Sainath Gupta: We help in assets interchangeable between various blockchains hence free flow of liquidity on multiple chains
Q10: What do you think is the biggest problem Knit Finance will solve which is not solved by other projects and why is the problem important to solve?
Sainath Gupta: 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:
1) Multi-Chain availability
2) Multiple-Assets of Crypto support
3) Multiple classes of assets support
Q11: I understand that Knite Finance gives the opportunity to create erc20 synthetic tokens, but if projects really need this protocol and this network, why not just develop your project in ETH? Or could it be that with this protocol the benefits of both chains can be obtained?
Sainath Gupta: Idea is to support all the chains not possible to do only through etherum though
Q12: 💗 What privileges will Knit Stackers have for ecosystem decisions? Can Knit Stackers make their own decisions for the growth and development of the Knit ecosystem in the future?
💗 What is the difference of KNIT Finance entrusted asset insurance program compared to traditional insurance features? How does the transferred asset value work in DeFi insurance?
Sainath Gupta: Stakers will have early access to the products, will have say in governance and decision making for new products
Q13: Can you tell us about the most iconic KNIT Features? Can Users trade and leverage any kind of coins in the DeFi space at KNIT’s Platform?
Sainath Gupta: Answered above
Q14: They recently mentioned that Knite Finanzas partnered with DASH to develop the kDASH tokens, like other projects, but could you really tell us what are the benefits of the coins having their k token?
Sainath Gupta: Assets will be integrated on Knit Finance’s multichain platform to allow its native FNX token to be transacted across multiple independent blockchains in a wrapped K-FNX token format enabling dex based trading, staking, lend, margin and borrow.
Q15: Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?
Sainath Gupta: yes we will work with local communities
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