AMA session Recap between Knit Finance and Coin Crunch

6 min readFeb 8, 2021

The Knit Finance Project has been outpouring a lot of enthusiasm in making sure decentralized finance ( DeFi) is made available to everyone. After the success of the AMA sessions between the Pramod Crypto Community and the Neng Yuni Forum. It moved further to enhance its pace to success in bringing good tidings to the Coin Crunch India Community.

The AMA session is recorded as the third AMA session done so far in unlocking the full potential of DeFi using its cross-chain synthetics and bridges. The Coin Crunch India Community discusses the latest news and updates from the world of Blockchain and crypto, having almost 6500 members.

The Coin Crunch India Community hosted the Knit Finance and asked few beneficial questions that required succinct answers.

On the 22nd of January, 2021, Naimish Sanghvi, the founder of Coin Crunch India Community hosted the AMA Session with the Sainath, the Founder of Knit Finance, and few questions were asked and the conversation was thus:

Q1.

Naimish Sanghvi | Coin Crunch: Hi and welcome to our AMA with Knit Finance, we welcome the founder and CEO Sainath Gupta for the AMA. We will start just a couple minutes. We are not muting the group so feel free to ask the questions you have for Sai. However, we will slow down the group to avoid influx of messages and Mute people temporarily if needed. Welcome SainathG how are you?
Sainath | Knit Finance: I am doing very good Naimish. Thanks to you and for the community to have me here.

Q2.

Naimish Sanghvi | Coin Crunch: 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. Sai, although I have a list of few basic questions, please feel free to pick up questions for other users as well. Let’s start with a quick introduction about yourself and Knit Finance. And how did you come up with the idea?
Sainath | Knit Finance: Good question, we saw that Defi was like $13 billion and Crypto cap was $700 billion, huge value that can still be added into defi world

Q3.

Naimish Sanghvi | Coin Crunch: How do we secure real world assets in real world while trade on DeFi platforms?
Sainath | Knit Finance: In our model, a trusted custodian ensures that (from our marketplace ) ensures the trust behind security behind real world asset

Q4.

CryptoMaster | Coin Crunch: How Token burning is scheduled for native tokens any special benefits we get apart from regular price spike ?
Sainath | Knit Finance: Native coins are 1:1 collateralized so no burning for them

Q5.

Anand | Coin Crunch: Is there yield farming?
Sainath | Knit Finance: Yes, for providing liquidity we have yield farming.

Q6.

Naimish Sanghvi | Coin Crunch: Sainath users in PM are also saying they don’t know much about Knit. Could you please share some relevant links?
Sainath | Knit Finance: Here is the medium link: https://knitfinance.medium.com/

Q7.

Naimish Sanghvi | Coin Crunch: can you share the trusted custodian name?
Sainath | Knit Finance: Hypothetically when we launch and we are considering Real estate rentals as assets on Defi. Then embassy reits can be hold by a custodian like Zerodha verified by a third trusted party which can be minted as synthetics available to be bought on any chain

Q8.

Naimish Sanghvi | Coin Crunch: can you share the trusted custodian name?
Sainath | Knit Finance: Hypothetically when we launch and we are considering Real estate rentals as assets on Defi. Then embassy reits can be hold by a custodian like Zerodha verified by a third trusted party which can be minted as synthetics available to be bought on any chain

Q9.

Ayush | Coin Crunch: how will you ensure startup profitably, as crypto startups major source of income is by selling their reserve tokens like ripple did.
Sainath | Knit Finance: 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

Q10.

CryptoHero| Coin Crunch: 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 | Knit Finance: We are providing each synthetic token 1:1 collateralised and will be available in multiple chains creating a number of DeFi usecases and advantages.

Q11.

Pleb| Coin Crunch: Which coins will you Support first apart from BTC?
Sainath | Knit Finance: Privacy coins are focus areas
Pleb| Coin Crunch: Any specific reason to get privacy coins first when many top exchanges running away from it.
Sainath | Knit Finance: That’s the sole reason for privacy coins focus

Q12.

Aayush| Coin Crunch: how will you ensure mass participation is this crowded defi landscape. What’s your plan for mass adoption.
Sainath | Knit Finance: 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.

Q13.

Naimish Sanghvi| Coin Crunch: So multiple tokens, multiple chains. And how does the bridge work.
Sainath | Knit Finance: Yeah, that is an separate announcement for it. Please be patient!

Q14.

Aayush| Coin Crunch: why token sale? here are multiple projects working fine without any need to launch tokens in Initial phase?
Sainath | Knit Finance: Having a good Run way makes us to concentrate on making and iterating products.

Q15.

Pleb| Coin Crunch: Whats the revenue model for KNIT?
Sainath | Knit Finance: everytime a synthetic token is made
a small fees is charges which is our revenue.

Q16.

Naimish Sanghvi| Coin Crunch: 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 | Knit Finance: ultimately it becomes how much cost vs potential profit from the same.

Q17.

Naimish Sanghvi| Coin Crunch: What is the Knit Finance journey like? Was it hard to get to this point?
Sainath | Knit Finance: It was crazy, but having a great team made it an exciting journey so far

Q18.

Alone Musk| Coin Crunch: Is there any airdrops/public sale /IEO for KNIT tokens?
Sainath | Knit Finance: Whats an ISO ? No air drops for now. Public sale : yes to create awareness and interest , will be small amount though

Q19.

Naimish Sanghvi| Coin Crunch: Sainath Why the name Knit?
Sainath | Knit Finance: Two things behind chosing 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. b : 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 assets to work together

Q20.

Pleb| Coin Crunch: Sainath, it would great if you can share TG link here so we all can subscribe/join to get instant updates on the project.
Sainath | Knit Finance: Hope this is okay : https://t.me/knitfinance

Q21.

Pleb| Coin Crunch: Sainath, it would great if you can share TG link here so we all can subscribe/join to get instant updates on the project.
Sainath | Knit Finance: Hope this is okay : https://t.me/knitfinance

About Knit Finance

KNIT.Finance unlocks the entire crypto ecosystem to DeFi using cross-chain synthetics and bridges. Existing DeFi protocols determine which tokens and projects get to participate. KNIT Finance’s decentralized protocol leverages smart contracts to combine DeFi pools with billions of assets from non-ERC-20 chains. By creating a standard for non-ERC-20 coins to convert to synthetic ERC-20 tokens, KNIT Finance opens up an entire world of new possibilities.