AMA session Recap between Knit Finance and Pramod’s Global Crypto 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 Pramod’s Global Crypto Community, a huge community with almost 3500 members.
The Pramod’s Global Crypto Community hosted the Knit Finance and asked few beneficial questions that required succinct answers.
On the 10th of January, 2021, The managing partner at pSquare.capital 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 Pramod crypto 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, Pramod’s Global Crypto Community, and answers provided by Sainath, the Founder, Knit Finance.
Pramod | Psquare.Capital: Could you brief the community about yourself and the project?
Sainath | Knit Finance: I’ve been a Fintech Entrepreneur for almost a decade. The idea behind KnitFinance is to bridge the movement of assets and as well multiply Defi adaptation between multiple chains
Pramod | Psquare.Capital: What coins are you looking to bring into Ethereum first?
Sainath | Knit Finance: Stellar, ripple, litecoin, bitcoin, bitcoin cash, dash, bitcoin SV, ethereum, zcash and dogecoin are currently implemented on the Knit Finance
Pramod | Psquare.Capital: Which L2 are you guys looking to build on?
Sainath | Knit Finance: e will share that once the announcement comes from officially from there team. Thanks for being patient! We are also exploring Polka as well for now due to strong ecosystem around them
Pramod | Psquare.Capital: What problem knit is trying to resolve?
Sainath | Knit Finance: Defi currently is 2% market ( $20 billion in December 3rd week) while Crypto cap is near a trillion. Few of the reasons is the moot between multiple chains, high gas fees, non easy to use interoperability of assets and non usability of existing system. We are trying to solve the above issues
Pramod | Psquare.Capital: How different is Knit from existing solutions?
Sainath | Knit Finance: Current solutions are currently limited to one chain or bridging between two chains. Our idea is to bridge between multiple chains’ assets
This section involves few questions asked by the community and answers given by Sainath, the Founder, Knit Finance.
Tình đồng chí: Hi Saunath, Smart contracts are prone to failure and many projects fall victim to this, costing users money and the project discrediting. How reliable and secure is your smart contract? Have you audit it through any of the parties?
Sainath | Knit Finance: Thanks for this question , Our tech team is highly experienced with combined experience of 15 years. Coming from Fintech back ground, 7 years ago i hands on got my company PCI DSS , which involved 600 tests and certifications. We will use best of Non crypto and crypto world policies, code bases and counter checks to avoid getting victimised
Lizzie: As Education for crypto currency is necessary nowadays , what’s your plan to to attract those people who don’t know about cryptocurrency?
Sainath | Knit Finance: We have proposed to Polka to work on educating the newbie interested in Crypto on Blockchain coding, will keep you posted.
Jake: We are living in the advent of YIELD FARMING and Liqiudity Mining, can you share your personal opinion on Yield Farming and also Briefly explain your Liquidity Mining Program?
Sainath | Knit Finance: Yes, we will inherently use it so that our synthetic tokens are easily available on every chain
Moonlord: Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team??
Sainath | Knit Finance:We will share it to the public soon, stay tuned!
Thai Anh Son: Earning the trust of investors is extremely important in a project. How do you manage to gain their trust and make them stay in the long term?
Sainath | Knit Finance: Team gets its first instalment of tokens after an year of TGE. This ensures that Team also looks at this in long term
Undisclosed Person: What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
Sainath | Knit Finance: We are working on few things. If you have any, please do suggest.
Xilliem: How secured is your smart contracts code, did you ever audit it via any third party? What has been the biggest challenge you have faced in KNIT FINANCE development?
Sainath | Knit Finance: Yes, it’s audited by third party after every built
Alexander Carlos: Many new projects made a good impression at first but were suddenly abandoned. My question is, how will you manage the project and token to gain a place in the market and become a best token in the blockchain world?
Sainath | Knit Finance: Work hard and be consistent in our motto. Have a team which looks things long term and executes on short term targets
DomGod: 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 KNIT FINANCE token and are there any limits to amount of $KFT I can earn?
Sainath | Knit Finance: We will announce it soon!
Kiza Ma: Truly, you’ve done AMA in many telegram groups, so what next, what other way will you make your project more popular?
Sainath | Knit Finance: You might have confused us. This is the first one officially
Shiria Anne: What are the ways that #KNIT FINANCE generates profits/revenue to maintain your project and what is its revenue model ? How can it make benefit win-win to both invester and your project ?
Sainath | Knit Finance: Every swap generates 0.25% fees which is our revenue source.
Alexander Carlos: Where did you get the inspiration for this unique project idea? And what influence will we have on the crypto industry due to the project?
Sainath | Knit Finance: Seeing the DeFi on Ethereum being so un wieldy ( High fees, Slow, Front running of the bots) was our inspirations to make the DeFi better.
beatingbitcoin: As I am a developer with knowledge of programming languages such as solidity, C ++, Java etc., can I create Dapps on your platform ? And HOW easy to create dapps on you platform??? Can you please talk about the choice to have such a low total supply of tokens in the context of yield farming/Defi? What are the pros and cons of this particular tokenomic model? With such a low supply, how does this affect long term sustainability? What happens after 3 years?
Sainath | Knit Finance: That would be lovely, please PM. We want to concentrate on making a good product and get market adaptation for the same
hope with right feed back and adaptation we should be doing great 3 years down the line
Undisclosed: What is business model of your project? How it works ?
Who are your potential customers and which markets are you targeting on?
Sainath | Knit Finance: our target users are the holders of non erc 20 tokens who are missing the DeFi boat.
Undisclosed: We all know that the Ethereum Network has many problems: scalability issues, high fees, slow speeds, and many more,
Why did KNIT FINANCE choose to build its own token on the ERC20 network over the other networks that more fast and scalable?
Sainath | Knit Finance: Its just the first step, idea is to make non ERC 20 tokens to ERC 20 compatible.Then next steps involves taking ERC 20 to non ERC Blockchains
Williams: What is the release schedule of tokens? What jurisdictions are eligible to participate in the sale? Will the sale be fairly distributed over the different membership tier levels or can we expect higher tiers to have the option to invest more?
Sainath | Knit Finance: We have one of the best tokenomics. We will share soon
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.
For More Information about Knit Finance:
Telegram Group: https://t.me/UniLendFinance