Knit Finance AMA on Coin Crunch India TG with Sainath Gupta — Recap

Hello Readers!!!

Here is another AMA Recap of the Knit Finance on Coin Crunch India Telegram Group with Knit Finance CEO.

AMA started with Group Founder telling the community about Knit Finance.
Naimish Sanghvi said Knit Finance is an upcoming multi-chain Defi platform. It is going to the platform that allows trading, lending, borrowing on real-world assets like gold silver, and more. He also started with a few basic questions to Sainath Gupta.

Question 1

  • Question: How did you come up with the idea?
  • Sainath Response: We saw that Defi was like $13 billion and Crypto cap was $700 billion
    huge value that can still be added into defi world

Question 2

  • Question: How do we secure real-world assets in real world while trade on DeFi platforms?
  • Sainath Response: In our model, a trusted custodian ensures that (from our marketplace ) ensures the trust behind security behind real-world asset

Question 3

  • Question: How Token burning is scheduled for native tokens any special benefits we get apart from the regular price spike?
  • Sainath Response: Native coins are 1:1 collateralized so no burning for them

Question 4

  • Question: Why do you think there is value in synthetic assets?
  • Sainath Response: That’s the only model by which you can support multiple assets on multiple chains simultaneously

Question 5

  • Question: Yield farming is there?
  • Sainath Response: Yes. For providing liquidity we have yield farming

Question 7

  • Question: How do we secure real-world assets in real world while trade on DeFi platforms?
  • Sainath Response: In our model, a trusted custodian ensures that (from our marketplace ) ensures the trust behind security behind real-world asset

Question 8

  • Question: Can you share that custodian's name?
  • Sainath Response: Hypothetically when we launch and we are considering Real estate rentals as assets on Defi, then embassy REITs can behold by a custodian like Zerodha verified by a third trusted party which can be minted as synthetics available to be bought on any chain

Question 9

  • Question: Is there any legal problem with this in India?
  • Sainath Response: What made you say that?
  • Questionnaire: Like in India when all those assets come into play like gold silver then much regulatory body of government involves.
  • Sainath Response: Yes, in our first stage we are only supporting the crypto holding company from Singapore.

Question 10

  • Question: How will you ensure startup profitably, as crypto startups’ major source of income is by selling their reserve tokens as ripple did.
  • Sainath Response: Our way is to get product traction, every time a synthetic is minted we get a small revenue considering the scope is in billions of $. We should be good.

Question 11

  • Question: What other chains are you planning during the initial launch?
  • Sainath Response: Currently our POCs are on Etherum, Polka, and Matic

Question 12

  • Question: What is Most Special in Knit Finance and give me a unique feature or key that is in Knit Finance itself that is different from the others?
  • Sainath Response: We are providing each synthetic token 1:1 collateralized and will be available in multiple chains creating a number of Defi use-cases and advantages.

Question 13

  • Question: Which coins will you Support first apart from BTC?
  • Sainath Response: Privacy coins are focus areas.

Question 14

  • Question: Any specific reason to get privacy coins first when many top exchanges running away from it
  • Sainath Response: That’s the sole reason for privacy coins focus.

Question 15

  • Question: How will you ensure mass participation in this crowded defi landscape. What’s your plan for mass adoption.
  • Sainath Response: This product was conceived after lots of research and finding the actual need, so we are thinking it will get traction for sure. We have good ecosystem partnerships as well.

Question 16

  • Question: So multiple tokens, multiple chains. And how does the bridgework?
  • Sainath Response: Yeah, that has a separate announcement for it. Please be patient

Question 17

  • Question: why the token sale? here are multiple projects working fine without any need to launch tokens in the initial phase?
  • Sainath Response: Having a good Runway makes us concentrate on making and iterating products.

Question 18

  • Question: What's the revenue model for KNIT?
  • Sainath Response: Every time a synthetic token is made a small fee is charged which is our revenue, during deposit and withdrawal.

Question 19

  • Question: Indian exchanges listing Indian projects has nothing to do with them being Indians. Each exchange has to make some infra adjustments to list a new token. They do a cost-benefit analysis.

Binance is a multi-billion dollar exchange, but Indian exchanges aren’t at that level yet.

  • Sainath Response: Ultimately it becomes how much cost vs potential profit from the same.

Question 20

  • Question: What is the Knit Finance journey like? Was it hard to get to this point?
  • Sainath Response: It was crazy, but having a great team made it an exciting journey so far.

Question 21

  • Question: Is there any airdrops/public sale /IEO for KNIT tokens?
  • Sainath Response: No airdrops for now. Public sale: yes to create awareness and interest, will be a small amount though.

Question 22

  • Question: Why the name Knit?
  • Sainath Response: Two things behind choosing Knit:
    Knit means: to form by interlacing yarn or thread in a series of connected loops.
    2a: to link firmly or closely knitted my hands. 2b: to cause to grow together time

We at KnitFinance connect multiple projects chains/ tokens using bridges hence Knit
hence we also will be the reason for getting this disjoint asset to work together

Question 23

  • Question: Private sale status? Open or Closed?
  • Sainath Response: We are over-committed at the moment very good interests from strategic investors is all I can say.

Sanaith Gupta answered questions with the best possible answer and AMA came to an end after one hour.

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