Knit Finance AMA Recap On Pramod’s Crypto Community
Welcome, Dear Readers
Below is an AMA recap of Knit Finance’s AMA session Held on the 10th of January, 2021, at 2:00 PM UTC/ 3:00 PM WAT
Venue: Pramod’s Telegram Group with Sainath Gupta(The CEO of Knit Finance) where few questions were asked and answered. . The session was moderated by the Pramod Community Moderator.
NOW THE RECAP
INTRODUCTION
Pramod: Please welcome today Sainath from KNIT FINANCE team
Sainath: Hello everyone Thanks pramod for having me here
TEAM QUESTIONS (Questions asked by the Moderator)
QUESTION 1
Pramod: Could you brief about yourself and the project?
Sainath: Have been a Fintech Entrepreneur since almost a decade Idea behind Knit Finance is to bridge the movement of assets and as well multiply Defi adoptation between multiple chains…
QUESTION 2
Pramod: What coins are you looking to bring into Ethereum first?
Sainath: This are the ones currently integrated…
QUESTION 3
Pramod: Which L2 are you guys looking to build on?
Sainath: We will share that once the announcement comes from officially from there team . thanks for being patient.
We are exploring Polka as well for now due to strong ecosystem around them …
QUESTION 4
Pramod: What problem knit is trying to resolve?
Sainath: 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 …
QUESTION 5
Pramod: How different is Knit from existing solutions?
Sainath: Current solutions are currently limited to one chain or bridging between two chains . Our idea is to bridge between multiple chains’ assets…
1ST ROUND OF COMMUNITY QUESTIONS ( Questions asked by the Community Members)
COMMUNITY QUESTION 1 : 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: 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 victimized
COMMUNITY QUESTION 2 : As Education for crypto currency is necessary nowadays , what’s your plan to to attract those people who don’t know about cryptocurrency?
Sainath: We have proposed to Polka to work on educating the newbie interested in Crypto on Blockchain coding, will keep you posted
COMMUNITY QUESTION 3: We are living in the advent of YIELD FARMING and Liquidity Mining, can you share your personal opinion on Yield Farming and also Briefly explain your Liquidity Mining Program?
Sainath: Yes
We will inherently use it so that our synthetic tokens are easily available on every chain
COMMUNITY QUESTION 4: 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: We share it in public soon . Stay tuned.
Do follow our updated here ::
Channel for more updates
COMMUNITY QUESTION 5: 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: Team gets its first instalment of tokens after an year of TGE
This ensures that Team also looks at this in long term
COMMUNITY QUESTION 6: What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
Sainath: We are working on few things if you have any. please do suggest
COMMUNITY QUESTION 7: 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: Yes Its audited by third party after every built
COMMUNITY QUESTION 8: 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: Work hard and be consistent is our motto
Have a team which looks things long term and executes on short term targets
COMMUNITY QUESTION 9: 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: We will announce it soon
COMMUNITY QUESTION 10: Truly, you’ve done AMA in many telegram groups, so what next, what other way will you make your project more popular?
Sainath: You might have confused us
This is the first one officially :)
COMMUNITY QUESTION 11 : 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: yes, liquidity providers are back bone for the project
COMMUNITY QUESTION 12 : 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 investor and your project ?
Sainath: Every swap generates 0.25% fees which is our revenue source
COMMUNITY QUESTION 13 : 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: 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
COMMUNITY QUESTION 14 : 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???
Sainath: that would be lovely, please PM
COMMUNITY QUESTION 15 : You organized an AMA session very rewarding and received a lot of questions related to utilities and technology, future vision, …So now I want to ask what do you want to receive from the community?
Sainath: Talk about us with your friends :)
COMMUNITY QUESTION 16: 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: 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
COMMUNITY QUESTION 17 :
1-Increasing Token price
2- make Token Valuable
3-Building Community Trust
From 3 aspects above,. I want to ask,. Which one the most important for you??
If all above are important for you,. Which one that Will you do first??
Sainath: 3
We will work hard and be transparent
COMMUNITY QUESTION 18 : What is business model of your project? How it works ?
Who are your potential customers and which markets are you targeting on?
Sainath: our target users are the holders of non erc 20 tokens who are missing the DeFi boat
COMMUNITY QUESTION 19 : 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: Its just the first step, idea is to make non ERC 20 tokens to ERC 20 compatible. Then next steps involve taking ERC 20 to non ERC Blockchains
COMMUNITY QUESTION 20: 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: We have one of the best tokenomics
Will share soon
2ND ROUND OF COMMUNITY QUESTIONS ( Questions asked by the Community Members)
COMMUNITY QUESTION 21: I would like to have a long term investment with your project but at the moment I have doubts, how can you convince and convince me that this project is very promising?
Sainath: i will only say this
Normally Early adopters are always rewarded in Crypto world
COMMUNITY QUESTION 22: Can you indicate a feature or feature that you like best about the platform so that it can compete with other competitors? What are you most confident about for your platform? Do you have plans to get users to choose your platform ?
Sainath: Have a great experienced team :)
COMMUNITY QUESTION 23: Is the KNIT FINANCE meant to be possibly adopted by other crypto projects and outside of blockchain space as well? What kind of advantages does it bring to, for example, financial institutions adopting the protocol? 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 investor and your project ?
Sainath: Currently 6 projects are in pipeline for partnering 1 of the top 3 exchanges In India is also partner ( will announce after there official announcement ) So yes, we will get adoptability and as well help other projects grow with us
COMMUNITY QUESTION 24: Congratulations Sainath Sir!!
I have gone through your Medium Blog and i found this project super exciting, a Defi project that can help provide liquidity to non Erc-20 assets, a thing that’s needed for every good project to sustain in market.
I just have one question that’s regarding security. How will Knit Finance prevent phishing hacks like we have seen in current Defi hacks?
Sainath: We are working on a solution, need to see if it works after the launch
COMMUNITY QUESTION 25: 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: I am chatting from my own handle
We recently had a spear head phishing attack, luckily the cyber security precautions helped us to be safe and catch early on but makes us wary hence even though we are big bunch, only few of are active in telegram team is active in our group and answers Qs from time to time . Our early investors know the core team hence have invested nicely early one only on team strength
COMMUNITY QUESTION 26: Can you please explain more on the requirements of participating in KNIT FINANCE Ambassador Program, who can participate and what are the benefits of being an ambassador?
Sainath: Please drop us a message on our group :
We would be happy to get someone with passion onboarded quickly
COMMUNITY QUESTION 27: As we know, every successful project has a few stories behind the scene, what’s the story behind your project success? Are there any special prototypes or upcoming updates that you want to show/share with us?
Sainath: Yes , our Alpha testers loved trying our product
We will share few in future soon
COMMUNITY QUESTION 28: Most platforms take a substantial cut, meaning creators only a see a portion of their rewards. So How does the
Your project planning to solve this problem? Is the value that creators receive on the Your platform always optimal?
Sainath: We are working on a marketplace model so that platform like us only takes very less commission Making it Win-Win for everybody involved
COMMUNITY QUESTION 29: t is unfortunate that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make this project sustainable for its
Sainath: The token unlock for the team is spread over 3 years with first installment coming after one year after TGE
COMMUNITY QUESTION 30: Where does the project name come from? What does it mean for you and why did you choose that name for your project?
Sainath: We help multiple projects’ assets get connected as in getting knitted i.e., getting united / make (a garment, blanket, etc.) by interlocking loops of wool or other yarn
COMMUNITY QUESTION 31: How do you think with Asia market? Does your team have any plan approach INDONESIA which the potential market in crypto, there have many great teams and investors want work and earn money from crypto?
Sainath: Asian markets are growing markets for next 30 years hence core of our adoption , our idea is to make the project accessible for everyone
COMMUNITY QUESTION 32: Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choice for dApps in future, so do you think this is a threat for Your project and how could you overcome this barrier?
Sainath: Not all
but at least we will help congestion to be reduced no one can replace thanks to its wide adaptation but yes, we can definitely try taking a market share which is worth billions of dollars if successful
COMMUNITY QUESTION 33: What is your strongest advantage that you think will make your team leading the market? As I know a strong community is very important for every project. Do you plan to be a local or global project? What strategy will be used to expand the community?
Sainath: Its a global project . Team has players multiple locations
COMMUNITY QUESTION 34: What is the team’s orientation and development plan for 2020 in the Defi region, why do you think Defi, this immature term, has a future? What results do you expect to achieve?
Sainath: DeFi is still small, My persona belief . There is a huge growth for the same
COMMUNITY QUESTION 35: KnitFinance as you move forward through your route, what is your most important next priority? Does the Ramp team have enough fundamentals (Funds, Community, etc.) to achieve those milestones?
Sainath:
My view:
Experienced team : Check ( Cumulative experience :: 40years in Blockchain space)
Funds : Check
Community : getting good traction
COMMUNITY QUESTION 36: How will you prevent “copies” of tokens from being included for the purpose of defrauding users? Do you have a system to remove these tokens from the pool?
Sainath: We have an interesting solution for the same
lets see how it works after we start testing it in real world
COMMUNITY QUESTION 37: Is this project a Global project ?
Can local communities partake in it ?
Sainath: Its a Global initiative with many local communities support
COMMUNITY QUESTION 38: What is difficulties and chances that You face right now while crypto/blockchain market is still young and need time to grow?
Sainath: Finding scalable problems to solve
COMMUNITY QUESTION 39: Personally, I consider two things in any project: the security and ease-of-use. Does Knit Finance have these two things?
Sainath: Yes
by combination of various factors
The AMA came to an end at 3:38 PM UTC/4:38 PM WAT.
ABOUT KNIT FINANCE
KnitFinance is an unique decentralized protocol that combines synthetics across multiple chains, Bridges, and real world markets with yield, lend, trade and margin services through smart contracts. This also gives cross chain liquidity aggregation in a Completely transparent 100% verifiable. Community led initiative.
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