KNIT Finance AMA on Neng Yuni Forum with Sainath Gupta — Recap

  • Project Introduction Session
  • Twitter Question Session
  • LIVE Question Session

Project Introduction Session

Question 1

  • Question: Can you tell us what is KNIT Finance? And a short story of how you came up with idea for KNIT Finance?
  • Sainath Response: Knit.Finance is a multi-chain synthetic DeFi protocol that 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 What option is available. 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.

Question 2

  • Question: Can you briefly describe KNIT Finance’s main advantages over its competitors?
  • Sainath Response: We will support multiple chains and synthetic token is 1:1 collateralized 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 their original form.

Question 3

  • Question: Can you please tell us more about the token economics of the project? What utilities does the token have and what benefits will tokens holders get?
  • Sainath Response: Tokenomics is not released yet. Stay connected with our announcement channel and we will release it soon.

Question 4

  • Question: To sum up, can you please share with us your nearest milestones that you plan to achieve by the next month/year?
  • Sainath Response: In next month we are targeting to complete our token sale and make the product ready for launch from the feedback received from the alpha testers.

Twitter Question Session

Question 1

  • Question: Does the KNIT Finance system hold something called a token burning of $KNT tokens? and how can I go with their pre-sale on the KNIT Finance $KNT token?
  • Sainath Response: Good question, we are waiting.
    We had a great response to our personal sales, so we are trying to find the best people for the project in the long term. If you can help the project in the long term, please contact our admin team in our group.

Question 2

  • 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 3

  • Question: In your roadmap for 2021, you have planned the issuance of $KNIT Finance stable coin! What role will it play on the platform?
  • Sainath Response: We are evolving with the market, let the time decide for the same

Question 4

  • Question: We all know that Ethereum Network has many problems: scalability issues, high fees, and slow speed. Why did KNIT Finance choose to build its own token on the ERC20 network over the other networks that more fast and scalable?
  • Sainath Response: Etherum has the highest concentration of early adopters hence makes sense to start our alpha version there so was our token decided there. Do expect the support of other chains as well near our product launch.

Question 5

  • Question: Staking is the new trend. What staking options are available for KNIT FINANCE Token? Are there any incentives for staking? What are the various ways to earn the KNIT FINANCE token and are there any limits to the amount of $KFT I can earn?
  • Sainath Response: Yes, we are making a system by which liquidity providers will get kft tokens. There is a limited number of tokens hence there will be a limit of tokens one can earn.

LIVE Question Session

Question 1

  • Question: Is KNIT Finance a global or a local project? Can anybody use your services from anywhere? Is there any restrictions on using your service?
  • Sainath Response: Anywhere Crypto or defi has no restrictions knit can be used

Question 2

  • Question: Could you briefly describe the top achievements and goals that #KnitFinance wants to achieve in 2020 and what we want to do for the future?
  • Sainath Response: Successfully found a usable problem to solve, made a proof of concept, did some dry runs to get feedback. So far so good

Question 3

  • Question: What is the long-term vision of KNIT FINANCE for it’s users?
  • Sainath Response: Make Defi user-friendly and unlock billions of crypto market in the Defi world

Question 4

  • Question: KNIT Finance claims that it Will create multiple Bridges between real-world Markets and Defi, so How many “Real Markets” do you have planned to integrate?
  • Sainath Response: So far we tested with gold bonds and few shares as well.

Question 5

  • Question: How do you plan to spread awareness about your project in different countries/regions where English is not spoken well like in Asia which has a large population and has the potential to be your users?
  • Sainath Response: We will figure local ambassadors to support us with the same

Question 6

  • Question: KNIT Finance works under the synthetization model, where any Erc20 can be converted to a synthetic, but there exists any guide or tutorial that explains How mint your synthetics?
  • Sainath Response: Yes, We will share that soon+

Question 7

  • Question: From one of your explanations, the KNIT token has the ability to help in Lowering the cost of computation/transactions and DeFi on blockchains. The problem of high gas especially with Etherium blockchain has been a huge bottleneck which has been a source of concern. However, your token, KNIT, is an ERC-20 token that is issued on the Etherium blockchain. How can you effectively solve the problem of high network fees associated with blockchains as an Etherium token? What aspect of KNIT allows it to reduce computational and transaction costs in blockchain?
  • Sainath Response: As Ethereum has the highest number of early adopters. We had to start there. As we support multiple chains the issues associated only with Ethereum will be dealt with

Question 8

  • Question: Most of the projects are nowadays doing Rug Pulls and exit scams, how can users trust KNIT finance project? And how you are different from others?
  • Sainath Response: We have a product on testnet, the team is experienced and well known
    We have marquee investors.

Question 9

  • Question: What are the features that make me choose KNIT and does it have good protection?
  • Sainath Response: Our code is audited, so you needn’t worry

Question 10

  • Question: DeFi project is very popular and there are many DeFi projects right now, what are your plans for now? what makes $KNIT unique?
  • Sainath Response: Multichain support

Question 11

  • Question: The strength of their financial structure is very important for projects to be successful. What sources of income does KNIT FINANCE have? Are these resources enough for you?
  • Sainath Response: Every time a token gets swapped, a 0.25% fees are generated. that’s our source of revenue

Question 12

  • Question: Can I stake Your Token?. What are your Staking criteria?
  • Sainath Response: Post-launch yes

Question 13

  • Question: Smart contracts are vulnerable to bugs, and even recently three big new DeFi projects were victims of this, costing users funds. How efficient and secured is your smart contract, and did you ever audit it via any external party?
  • Sainath Response: Team which is making it is experienced. And as well the code is audited

Question 14

  • Question: At the moment, where you are focusing right now? building and developing products or getting customers and users, or partnerships? Could you share it?
  • Sainath Response: Testnet launch was done on Ethereum. We are doing all the above

Question 15

  • Question: What is your strongest advantage that you think will make your team leading the market?
  • Sainath Response: Great team

Question 16

  • Question: KNIT Finance looks like a good solution to avoid the huge transaction fees of the Ethereum Network, but how much higher are your fees?
  • Sainath Response: Ours is a small flat fee

Question 17

  • Question: Where do I get information about your team? Why do you prefer to be anonymous? Do you have a plan to identify your team later?
  • Sainath Response: I am a decently known guy. Using same telegram handle for 5 years

Question 18

  • Question: What are the benefits for long-term investors? what makes $KNIT unique?
  • Sainath Response: When the project gets wider adoption price of the token might increase as well.

Question 19

  • Question: When will its full potential be unlocked? where can I see your roadmap?
  • Sainath Response: Soon. Watch our telegram group for announcements

Question 20

  • Question: What is the main obstacle to the widespread adoption of cryptocurrencies? What measures are knit finance taking to popularize the use of crypto even more, especially in the traditional financial sector?
  • Sainath Response: Personally, Usability is the issue. We are trying to make one that is easy to use and secure

See social media links below

Telegram
Channel
Twitter
Youtube

Official Website

THANKS FOR READING

I am Bee 🐝

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