AMA Session between KNIT and CoinCrunch
Hey guys, it's Godswill. In this article, I will be giving you a recap of the AMA session done between Knit Finance CEO, Mr. Sainath Gupta, and the members of Coincrunch.
The AMA session was hosted by Naimish Sanghvi, founder of CoinCrunch and the questions were thrown to Mr Sainath Gupta — CEO KNIT Finance.
The summary of the conversation goes thus:
Q1: Let’s start with a quick introduction about yourself and Knit Finance and how did you come up with the idea?
Mr. Sainath Guputa: Knit Finance is a multi-chain synthetic DeFi protocol that 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. For more information about knit finance, check this link knit.finance
Q2: How do we secure real world assets in real-world while trade on DeFi platforms?
Mr. Sainath Guputa: We saw that Defi was like $13 billion and the Crypto cap was $700 billion huge value that can still be added into defi world.In our model, a trusted custodian ensures that (from our marketplace ) ensures the trust behind security behind real-world assets.
Q3 : why is token burning is scheduled for native tokens andany special benefits we get apart from regular price spike?
Mr. Sainath Guputa: Native coins are 1:1 collateralized ao no burning for them.
Q4 : why do you think there is value in synthetic assets?
Mr. Sainath Guputa: That’s the only model by which you can support multiple assets on multiple chains simultaneously.
Q5: Yield farming is there?
Mr. Sainath Guputa: Yes. Revenues is automated by platform for same.
Q6: How will you ensure that coincrunch users get first priority in your token sale? What are your plans for it?
Mr. Sainath Guputa: 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 dollars. We should be good.
Q6: What other chains are you planning during the initial launch?
Mr. Sainath Guputa: Currently our POCs are on Ethereum, polka, and Matic.
Q7: What is the 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. Sainath Guputa: We are providing each synthetic token 1:1 collaterized and will be available in multiple chains creating a number of DeFi use-cases and advantages.
Q8: How will you ensure mass participation in this crowded DeFi landscape. What’s your plan for mass adoption?
Mr. Sainath Guputa: 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.
Q9:Whats the revenue model for KNIT?
Mr. Sainath Guputa: Every time a synthetic token is made, a small fee is charged for our revenue.
Q10:What is the knit Finance journey like? Was it hard to get to this point?
Mr. Sainath Guputa: It was crazy. But having a great team made it an exciting journey so far.
Q11:Is there any airdrops/public sale/IEO for KNIT tokens?
Mr. Sainath Guputa: No airdrops for now. Public sale, yes to create awareness and interest, will be a small amount though.
Q11:Why choose the name ‘KNIT’?
Mr. Sainath Guputa: Two things behind choosing ‘KNIT’. knit means to form by interlacing yarn or thread in a series of connected loops. It also means to link firmly or closely to cause growth over time.We at KnitFinance connect multiple project chains/tokens using bridges hence we also will be the reason for getting this disappointing assets to work together.
Q11:Why token sale? Here are multiple projects working fine without any need to launch tokens in the initial phase
Mr. Sainath Guputa: Having a good runway makes us concentrate on making and iterating products
Q11: Private Sale status? Open or closed?
Mr. Sainath Guputa: We are overcommitted at the moment. Very good interests from strategic investors is all I can say.
Thanks to Mr. @SainathG who gave us the time to share this knowledge, for more information about KNIT Finance.
Telegram: https://t.me/knitfinance
Channel: https://t.me/knitfinanceann
Twitter: https://twitter.com/KnitFinance
Youtube: https://www.youtube.com/channel/UC-mz2uRsrxLSs5p-_qEUOZA
HAVE A GREAT DAY