AMA session Recap between Knit Finance and Im Community
The Knit Finance is known for unlocking the full potential of DeFi using its cross-chain synthetics and bridges. In showing the world what it stands to offer, a Public Ask-Me-Anything (AMA) session had to be done. One of the sessions was with Im Community, a huge community with almost 33,000 members.
The Im Community hosted the Knit Finance and asked few beneficial questions that required succinct answers.
On the 26th of January, 2021, The Moderator at the Im Community hosted the AMA Session with the Sainath, the Founder of Knit Finance, and few questions were asked and the conversation was thus:
N.B. The question would be divided into two sections, one having questions and answered between the moderator and the Founder of Knit Finance and the second segment would involve a few questions and answers between the Im Twitter Community and the Founder of Knit Finance. Q stands for Question asked and A stands for Answers to the above question.
This section involves few questions asked by the moderator, Im Community and answers were provided by Sainath, the Founder, Knit Finance.
Sainath | Knit Finance: I am Sainath G, founder of Aasaanpay India’s first Mobile POS in2011, have a decade-plus rich experience in Financial Technologies. KnitFinance Tech team's cumulative experience is 20 years and so is the business team is 15 years.
Moderator | Im_Community: Thanks for the introduction.
Q1: Hi Sainath, could you please introduce yourself and the team members of Knit Finance?
Sainath | Knit Finance: I am Sainath G, founder Aasaanpay India’s first Mobile POS in2011, have a decade plus rich experience in Financial Technologies. KnitFinance Tech team cumulative experience is 20 years and so is business team is 15 years.
Q2: Can you tell the Outstanding differences that make the Knit Finance project Different from other projects?
Sainath | Knit Finance: Ours is ultra low cap, going to be on multiple chains and going to support multiple coins / assets hence have many advantages
Q3: Staking is the new trend. What staking options are available for KNIT FINANCE Token? Are there any incentives for staking?
Sainath | Knit Finance: You can stake both Knit tokens and knit synthetics making it win win for all, there is no limit.
Q4: Could you share the milestones of the Knit make so far,In addition, What’s next for Knit in 2021? Can you share it with us?
Sainath | Knit Finance: Alpha launch : Dec 2020 success
Beta launch : Jan 2021 success
Main net launch : Mar 30 : On time
Do check https://t.me/knitfinanceann for continuous updates
Q5: We all know that the Ethereum Network has many problems: scalability issues, high gas fees, slow speeds, and many more. How does Knit help in this.
Sainath | Knit Finance: One of the reasons I think is concentration of most of Defi on few chains, not being user friendly.
We are helping assests 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.
This section involves few questions asked by the, Im Twitter Community and answers were provided by Sainath, the Founder, Knit Finance.
Q1: What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
Sainath | Knit Finance: Every time a assets gets swapped we gets 0.25% which is our sole revenue .
Q2: Can you list 1–3 killer features of Your Project that makes it ahead of its competitors? What is the competitive advantage your platform has that you feel most confident about?
Sainath | Knit Finance: Here it goes :
1) Multi Chain availability
2) Multiple assets of Crypto support
3) Multiple classes of assets support
Q3: I want to ask, Which one the most important for you in developing the community and increasing the value of the project? Which one that Will you do first?
Sainath | Knit Finance: Loyal Community is important for long term growth of the project, hence community is the first priority
Q4: DeFi is so popular that many platforms are competing with each other..when blockchain projects started building protocols & applications to support DeFi
Sainath | Knit Finance: Our strategy is to be quicker, faster and easy to use interfaces
Q5: I read that KnitBTC and KnitAlts are synthetic tokens that can be easily transferred from one chain to another. Do these tokens have a 1:1 ratio? Is it possible to transfer liquidity into a pool to use both tokens? Where does the value of each token come from?
Sainath | Knit Finance: Yes, crypto assets on our platform are 1:1 collateralised , we are trying to be liquidity aggregators as well for better trades and better yield .
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.