AMA Recap Crypto Library with Knit Finance

                                          


On 15th May 2021, Knit Finance conducted an AMA in the Crypto Library Community. Our guest is Sainath Gupta. Lots of questions as usual from the Community about Knit Finance progress. The Knit Finance team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into Knit Finance.

Let’s take a look at the most interesting points of our conversation.

INTRODUCTION
Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Sainath Gupta (Knit Finance) : Hello, I am Sainath Gupta, CEO of Knit Finance. I made India’s first mobile point of sale  that is 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.
FIRST SEGMENT (HOST)
Crypto Library Team : Could you tell us what is Knit Finance in detail?

Sainath Gupta (Knit Finance) : 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. 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.

Crypto Library Team : What are the special advantages that Knit Finance want to offer to us?

Sainath Gupta (Knit Finance) : We support multiple chains and Wrapped tokens that are insured, 1:1 collateralised and 100% verifiable. While some projects are providing single tokens for multiple coins which we think might create confusion to users while maintaining the portfolio and converting tokens to its original form. Above that, our vision is to enable DeFi on multiple chains, our execution is matching our vision thanks to a great team.
Some USPs can be : 
  • 1) Multi Chain availability
  • 2) Multiple assets of Crypto support
  • 3) Multiple classes of assets support
Crypto Library Team : Could you share some information about your roadmap, and how is Knit Finance progressing so far?

Sainath Gupta (Knit Finance) : 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

Crypto Library Team : Please share some information about your recent partnership, And what we can expect from that partnership?

Sainath Gupta (Knit Finance) : Yes definitely. Few notable ones are as follows:
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.We have recently announced partnerships with 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
Few stats as below:
  • 15+ Projects already signed and integrating,
  • 22+ Projects in pipeline, 
Read more here:
Crypto Library Team : What are the future goals of Knit Finance?

Sainath Gupta (Knit Finance) : Our vision Unlock trillion Dollar into DeFI. Our future plans are:
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
SECOND SEGMENT (TWITTER)
Crypto Library Team : What is the structure of this project, is it decentralised or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?

Sainath Gupta (Knit Finance) : Whole DeFi is about being open source, governance token will be used for features deciding.

Crypto Library Team : How do they achieve total effectiveness (100%) in the aggregation of liquidity making it transparent and verifiable? Is this really thanks to the community? What role does the community play in $KFT?

Sainath Gupta (Knit Finance) : We are by the community for the community. We will be close to the community and figure best ways to achieve our target.
THIRD SEGMENT (LIVE QUESTIONS) 
Crypto Library Team : Lots of lending Borrowing and other DeFi services are repeated frequently in the DeFi project, so what real innovation has Knit Finance brought to DeFi? What can you do that no one else can ?

Sainath Gupta (Knit Finance) : We will be close to the community and figure best ways to achieve our target.

Crypto Library Team : The project allows great flexibility so that users can transact with a diversity of tokens in the DeFi space, but what differentiates the Knit Protocol from other proposals available in the current market and what would be the growth and scalability potential of the protocol?

Sainath Gupta (Knit Finance) : Our vision is to enable DeFi on multiple chains, our execution is matching our vision thanks to a great team 
Some USPs can be : 
  • 1) Multi Chain availability
  • 2) Multiple assets of Crypto support
  • 3) Multiple classes of assets support
Crypto Library Team : Can you briefly explain the top milestones deployed by Knit Finance before the end of the year or in the future, how it will help succeed and what will Knit Finance look like in 2022 and beyond?

Sainath Gupta (Knit Finance) : 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
Crypto Library Team : Investigating the project, they affirm that they eliminated the restrictions that prevented including real world assets from entering the decentralized one, but what benefits do the platform and users obtain by wrapping assets such as stocks, gold or fiat money on the platform?

Sainath Gupta (Knit Finance) : Yes, any asset which can be legally bought onto chain will be supported.

Crypto Library Team : What is the current Knit Finance record? as a fan of Knit Finance, I expect my favorite project to be listed on major exchanges. Do you have any plans for this?

Sainath Gupta (Knit Finance) : We have made good progress so far like:
  • Alpha launch : Dec 2020 success
  • Beta launch : Jan 2021 success
  • Main net launch : On time
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