Recapitulation of KNITFINANCE PROJECT AMA event held at AMA LOVERS CLUB.
Date: Tuesday, 18th May, 2021
Time: 12:00 UTC
The KNITFINANCE PROJECT team was represented by @SainathG who judiciously shared with us detailed knowledge and information about KNITFINANCE PROJECT.
1st Segment: INTRODUCTION
Q1: Can you please introduce yourself and your background, also introduce the team working on KNIT FINANCE?
ANS: Hello, I am Sainath Gupta, CEO of Knit Finance. I made India’s first mobile point of sale i.e Aasaanpay, in 2011. I have been a successful fintech entrepreneur since then. I come with a rich decade plus of innovative fintech execution experience.
I am responsible for general execution of Knit Finance.
Our tech team has cumulative experience of 20 years and business tea has experience of 19 years
All of us are Ogs.
Q2: Can you introduce KNIT FINANCE,what critical problems does it solve that existing solutions are not solving and what's the competitive advantage?
ANS: At present, the DeFi space is limited prominently to only two public networks. Due to this the ecosystem can only tap 3% liquidity out of the $2 trillion market space ( May 21)
Knit Finance is a unique decentralized protocol that combines wrapped assets across multiple chains, bridges, and real-world markets with yield, lend, trade, and margin services through smart contracts. It is the next generation of DeFi protocol that aims to bridge multiple non-Ethereum chains with ERC20 in Phase 1.
With Multichain Bridges, KNIT Finance creates a way for billions in liquidity to flow into DeFi. Any crypto hodler can convert their coin to an equivalent wrapped token of ERC-20 standard with KNIT Finance’s smart contract. The wrapped token thus generated is pegged to the original token in a 1:1 ratio. This token can then be lent, borrowed, or farmed. Likewise, ERC 20 tokens can also be wrapped into other blockchains.
This opens up the possibility of Decentralized Finance to many Non-ERC20 and Non-DeFi participant platforms and assets.The solution is the first of its kind, a Cross-chain Wrapped Assets system that is interoperable across various Blockchains. This is what makes Knit Finance different from other projects.
Q3: Can you briefly describe the top milestones you have achieved and your target milestones with timelines, also share your roadmap?
ANS: We have made good progress so far like
Alpha launch : Dec 2020 success
Beta launch : Jan 2021 success
Main net launch : On time
Our future plans:
Launch full-fledged products on Binance Smart Chain and Polkadot First, bringing in billion dollars unlock in near future & helping multi chains support and interoperability is what we are looking at.
For more information join our channel: https://t.me/knitfinanceann
Q4: Can you give brief description of your partnerships thus far?
ANS: Yes definitely. Few notable ones are as follows:
We have recently announced partnerships with Harmony, Dash, Neblio, Groestlecoin, FinNexus, Public Mint, Edgeware, API3, Nuls, Paid Network, Dragonchain etc. You can read more about our partnerships announcements in detail on our official blog: https://knitfinance.medium.com
Knit & Elrond collaboration will enable eGold & Elrond assets to be tokenized and issued on other blockchains,& vice versa. As a result,DeFi products on the Elrond mainnet will be able to include tokenized assets originating on other chains or outside of the blockchain space completely.
Q5: Can you give an overview of your Tokenomics, and the UTILITY of the KNIT FINANCE?
ANS: Token Distribution and Release Schedule
The token distribution and release schedule has been carefully planned and crafted to kickstart token liquidity by ensuring sufficient incentives for the platform users:
Strategic Round: 4%
Private Round: 13.5%
Public Sale: 3%
Foundational Reserve: 14%
Advisory Board: 5%
Building Asset Reserves: 16%
We have successfully raised $370,000 in our strategic funding round and $999,000 in a private funding round. With such significant achievements, we’ve now proceeded to our SEED SHO program on DAO Maker. A total of 290 lucky winners can win their share from a reward pool of $145,000 + $5,000 $KFT.
Knit.Finance believes in a high level of transparency. With this idea in mind, we are rolling out this informative token metrics guide to understand Knit $KFT metrics and distribution better. We have received enormous love and support from our community and hope for the same to continue throughout our journey.
Knit token will be used for governance, special access products and staking.
2nd Segment: LIVE Questions
Q1: Which researching I found out knit finance is built on etherium network. Considering the network fee, do you plan on switching platform or creating yours in the future.
ANS: Because of huge early adopters in Ethereum, we are starting there
We are already on 5different networks
etherum, binance smart chain, polka, matic and fantom.
Q2: Compared with traditional insurance functions, what are the main differences of KNIT Finance's entrusted asset insurance plan? How does the transferred asset value work in DeFi insurance?
ANS: original assets are with a custodian hence safe
and are real world insured as well.
Q3: Ethereum has increased transaction cost, was Ethereum your first choice or did you plan to launch on another chain? What advantages / benefits do you find in Ethereum?
ANS: We were multi chain from launch
hence Eth costs didn't matter much.
Q4: Knit finance as a platform is fully transparent and verifiable, how can users verify the accuracy of these features? Do you have regular audits?
we are in middle of huge audit
will share results post it.
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