KNIT Finance AMA Recap With Neng Yuni Forum

7 min readJan 18, 2021

Dear Community, Welcome to the recap of our AMA with KNIT Finance.

Our vibrant and enthusiastic community had a lot question to ask. To those who want to know quickly what KNIT Finance is about, we are sure this recap gonna help you. So without further, continue reading.

Speaker : Sainath Gupta — CEO of KNIT Finance

First Session Project Introduction

Before we start our first session can you introduce yourself?

Mr. Gupta: I am Sainath Gupta, CEO knit.finance

I made India’s first mobile point of sale in 2011. Have a decade of rich experience in fintech

Q1. Can you tell us what is KNIT Finance? And a short story of how came up with idea for KNIT Finance?

Mr. Gupta: Knit.Finance is a multi-chain synthetic DeFi protocol which 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.

Q2. Can you briefly describe KNIT Finance’s main advantages over its competitors?

Mr. Gupta: We will support multiple chains and syntetic token is 1:1 collateralised and 100% verifiable. While some projects are providing single token for multiple coins which we think might create confusion to users while maintaining the portfolio and converting tokens to its original form.

Q3. 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?

Mr. Gupta: Tokenomics is not released yet. Stay connected with our announcement channel and we will release it soon.

Q4. To sum up, can you please share with us your nearest milestones that you plan to achieve by the next month/year?

Mr. Gupta: In next month we are targeting to complete our token sale and make product ready for launch from the feedback received from the alpha testers.

Second Session “Twitter Question”

Q1. Does the KNIT Finance system hold something called a token burning of $KNT tokens? and how can I go with there pre sale on the KNIT Finance $KNT token.

Mr. Gupta: 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.

Q2. 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?

Mr. Gupta: We are providing each synthetic token 1:1 collateralised and will be available in multiple chains creating a number of DeFi usecases and advantages.

Q3. In your roadmap for 2021, you have planned the issuance of $KNIT Finance stablecoin! What role will it play on the platform?

Mr. Gupta: We are evolving with market , let the time decide for the same

Q4. We all know that Ethereum Network has many problem: scalability issues, high fees and slow speed. Why did KNIT Finance choose to build itt’s own token on the ERC20 network over the other networks that more fasr and scalable?

Mr. Gupta: 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 support of other chains as well near our product launch

Q5. 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?

Mr. Gupta: 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.

The Third Session “Live Question”

Q1. Is KNIT Finance a global or a local project? Can anybody use your services from anywhere? Is there any restrictions of using your service?

Mr. Gupta: Anywhere Crypto or defi has no restrictions knit can be used

Q2. 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?

Mr. Gupta: Successfully found a usable problem to solve

Made a proof of concept

Did some dry runs to get feedback

So far so good

Q3. What’s is the long-term vision of KNIT FINANCE for it’s users?

Mr. Gupta: Make Defi user-friendly and unlock billions of crypto market in Defi world

Q4. KNIT Finance claims that Will create multiple Brigde between real world Markets and DeFi, so How many “Real Markets” do you have planned to integrate?

Mr. Gupta: So far we tested with gold bonds and few shares as well

Q5. 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?

Do you have local communities for them to let them better understand about your project?

Mr. Gupta: We will figure local ambassadors to support us with the same

Q6. KNIT Finance works under the sythetization model, where any Erc20 can be coverted to a synthetic, but there exists any guide or tutorial that explains How mint your synthetics?

Mr. Gupta: Yes

We will share that soon+

Q7. 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 which 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?

Mr. Gupta: As ethereum has 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

Q8. Most of the project are nowdays doing Rug Pulls and exit scam How can users trust KNIT finance project? And how you are different from others?

Mr. Gupta: We have a product on test net

Team is experienced and well known

We have marquee investors

Q9. What are the features that make me choose KNIT and does it have good protection?

Mr. Gupta: Our code is audited

So you needn’t worry

Q10. DeFi project is very popular and there are many DeFi projects right now, what are your plans for now? what makes $KNIT unique ?

Mr. Gupta: Multi chain support

Q11. 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?

Mr. Gupta: Every time a token gets swapped

A 0.25% fees is generated

That’s our source of revenue

Q12. Can I stake Your Token?

What are your Staking criterias ?

Mr. Gupta: Post launch yes

Q13. 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?

Mr. Gupta: Team which is making it is experienced

And as well the code is audited

Q14. At the moment , where you are focusing right now ? building and developing product or getting customers and users, or partnerships ? Could you share it?

Mr. Gupta: Test net launch was done on ethereum

We are doing all the above

Q15. What is your strongest advantage that you think will make your team leading the market?

Mr. Gupta: Great team

Q16. KNIT Finance looks like a good solution to avoid the huge transactions fees of the Ethereum Network, but how much higher are you fees?

Mr. Gupta: Ours are a small flat fees

Q17. 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?

Mr. Gupta: I am decently known guy

Using same telegram handle since 5 years

Q18. What are the benefits for long-term investors? what makes $KNIT unique ?

Mr. Gupta: When the project gets wider adoptation price of them token might increase as well

Q19. when will its full potential be unlocked? where can i see your roadmap?

Mr. Gupta: Soon

Watch our telegram group for announcements

Q20. What is the main obstacle to widespread adoption of cryptocurrencies? What measures is knit finance taking to popularize the use of crypto even more, especially in the traditional financial sector?

Mr. Gupta: Personally

Usability is the issue

We are trying to make one which is easy to use and secure

Thanks to Mr. @SainathG who gave us the time to share this knowledge, I hope we will understand more about KNIT Finance.

Well…

We declare AMA’s Series Neng Yuni with KNIT Finance, is Done. 🥳🥳🥳🥳

thank you to the participants who have attended this event to the end.

the winners will be announced soon🥳🥳🥳

Telegram: https://t.me/knitfinance

Channel: https://t.me/knitfinanceann

Twitter : https://twitter.com/KnitFinance

Youtube : https://www.youtube.com/channel/UC-mz2uRsrxLSs5p-_qEUOZA