KNIT FINANCE AMA RECAP WITH THE COIN CRUNCH INDIA COMMUNITY
On the 22nd of January, 2021, at 7:00 PM IST, Sainath Gupta, the CEO of Knit Finance, explained in-depthly to the community, the drive behind the Knit Finance ecosystem, it’s great features as well as the benefits accrued to using it.
The AMA took place in the Coin Crunch India community.
This recap was carefully coined from the live AMA session with the Knit Finance CEO, Sainath Gupta, where he gave a full insight about the Knit Finance ecosystem and its features.
Sainath Gupta, is the CEO of Knit Finance, an upcoming Multi chain DeFi platform. It is going to be the platform that allows trading, lending, borrowing on real world assets like gold, silver and more.
GENERAL QUESTIONS AND ANSWERS
Q1. How do we secure real world assets in the real world while trading on DeFi platforms?
Sainath: In our model, a trusted custodian ensures that (from our marketplace) ensures the trust behind security behind real world assets.
Q2. Can you share that custodian name?
Sainath: Hypothetically when we launch
and we are considering Real estate rentals as assets on DeFi, then embassy reits can be hold by a custodian like Zerodha verified by a third trusted party which can be minted as synthetics available to be bought on any chain.
Q3. How is token burning scheduled for native tokens? Any special benefits we get apart from regular price spikes ?
Sainath: Native coins are 1:1 collateralized so no burning for them.
Q4. Why do you think there is value in synthetic assets?
Sainath: That’s the only model by which you can support multiple assets on multiple chains simultaneously.
Q5. Is there Yield farming?
Sainath: Yes, for providing liquidity we have yield farming.
Q6.Is there any legal problem in this in india? Like in India when all those assets come into play like gold silver then many regulatory bodies of government are involved?
Sainath: Yes, in our first stage we are only supporting crypto holding company is from Singapore
Q7. How will you ensure startup profitably, as crypto startups major source of income is by selling their reserve tokens like ripple did?
Sainath: Our way is to get product traction, every time a synthetic is minted we get a small revenue considering the scope is in billions of $
We should be good
Q8. What other chains are you planning during the initial launch?
Sainath: Currently our POCs are on
Etherum, Polka and Matic.
Q9. 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?
Sainath: We are providing each synthetic token 1:1 collateralised and will be available in multiple chains creating a number of DeFi use cases and advantages.
Q10. Which coins will you Support first apart from BTC?
Sainath: Privacy coins are focus areas.
Q11. Any specific reason to get privacy coins first when many top exchanges are running away from it.
Sainath: That’s the sole reason for privacy coins focus.
Q12. How will you ensure mass participation is this crowded defi landscape. What’s your plan for mass adoption?
Sainath: This product was conceived after lots of research and finding the actual need, so we are thinking it will get traction for sure. We have good ecosystem partnerships as well
Q13. So multiple tokens, multiple chains. And how does the bridge work?
Sainath: Yeah. There is a separate announcement for it, Please be patient.
Q14. Why token sale? There are multiple projects working fine without any need to launch tokens in the Initial phase?
Sainath: Having a good Run way makes us concentrate on making and iterating products.
Q15. What’s the revenue model for KNIT?
Sainath: Everytime a synthetic token is made,
a small fees is charged, during deposit and withdrawal, which is our revenue
Q16. Indian exchanges listing Indian projects have nothing to do with them being Indians. Each exchange has to make some infra adjustments to list a new token. They do a cost benefit analysis.
Binance is a multi billion dollar exchange, but Indian exchanges aren’t at that level yet.
Sainath: ultimately it becomes how much cost vs potential profit from the same.
Q17. What is the Knit Finance journey like? Was it hard to get to this point.
Sainath: It was crazy, but having a great team made it an exciting journey so far.
Q18. Is there any airdrops/public sale/IEO for KNIT tokens?
Sainath: No airdrops for now
Public sale: Yes, to create awareness and interest, will be a small amount though.
Q19. Why the name Knit?
Sainath: Two things behind choosing Knit.
Knit means: to form by interlacing yarn or thread in a series of connected loops
2a: to link firmly or closely knitted my hands.
b: to cause to grow together time
We at KnitFinance connect multiple projects chains/ tokens using bridges hence Knit
hence we also will be the reason for getting these disjoint assets to work together.
Q20. What’s the Private Sale status? Open or closed?
Sainath: We are over committed at the moment
very good interests from strategic investors is all I can say.
The AMA started out on the right foot and was concluded after lots of questions had been answered by the Knit Finance CEO.
For more information about Knit Finance, we have provided some useful links: