RECAP OF KNIT FINANCE AMA WITH OPENDEFI BY ORO POCKET
Here is a Recap of Knit Finance AMA Session with OpenDeFi by ORO Pocket
The CEO of Knit Finance SAINATH joined OpenDeFi Telegram community to provide the community with insights on what Knit Finance is all about, road maps, information on how to achieve the road map, details on upcoming events.The session was moderated by CryptoKen, one of the moderators of OpenDeFi.
To ensure clarity, this article is divided into two sections; the first section gives full account of questions asked by moderators while the second section gives full details of questions asked by community members.
SECTION A
CrptoKen: Before starting the AMA, can you give us a brief introduction about yourself and Knit Finance @SainathG ? Hello and Welcome to OpenDefi by OroPocket Community .
Sainath: Hi guys I am Sainath G, made India’s first mobile pos Aasaanpay in 2011. Have been a successful fintech entrepreneur with a decade + experience. Knit.Finance is a multi-chain synthetic DeFi protocol which bridges the gap between DeFi and Multiple Chains which have billions of dollars in locked state. We observed the problem when we thought what if we wanted to use non-erc20 tokens in DeFi or ERC 20 tokens in other chains, We saw our options were limited. Sadly in the market there are almost no solutions available which we wanted to address. Hence the start of Knit.Finance Initial plan launch is in Binance Smart Chain and then Polka dot
CryptoKen: Can you please evaluate the Knit tokenomics for our users ? Regarding the usecases and even what happened during token launch?
Sainath: We are ultralow cap and raised 1 million at $7.4 valuation, had $4 million in commitments though Knitfinance token is called knit and it’s an utility token. Most in private are locked. One can get it in public round or by staking our synthetics.
Cryptoken: In connection to this awesome figures and commitments — investors would normally check and verify team member’s credibility especially in this industry. Can you please tell us about the team behind the Knit Finance?
Sainath: We have an highly experienced team to avoid common mistakes, few of them developed exchanges before. Tech team experience is 20 years and business team is another 20 years. I have been a coder and business guy so another 10 years on both sides please.
CryptoKen: We at OroPocket are honored to be partnered with Knit Finance! With that, how will this partnership with Oropocket will help the users of both Oropocket and Knit finance?
Sainath: OroPocket offereings using our solution will be available on multiple chains like Polkadot, Binance Smart Chain…et al.
CrptoKen: Can you now explain in simple language how does cross-chain bridges going to work?
Sainath: Our swap protocol works in three simple steps
1) Go to our swap page
2) select token and synthetic you want on which chain and input your address
3) do the deposit, once its confirmed automatically the synthetic will be issued for the user vice versa to get back your orginal token as well.
CyptoKen: There are few other projects working on synthetics, so can you briefly describe KnitFinance and what makes KnitFinance unique from other projects?
Sainath: Our vision is to enable DeFi on multiple chains, our execution is matching our vision thanks to a great team, some of the things that make us special are :
1) Multi Chain support
2) Multiple assets of Crypto support
3) Multiple classes of assets support
CrptoKen: How will knit finance build trust and competitiveness especially to the community given that developments on defi space has been advancing one step at a time? What are your plans for the next couple of years?
Sainath: Our idea is to be close to community, figure right synthetics on right platform, try getting innovative assets that will get good traction, incentivize users to use our synths where possible our road map is for 5 years currently only posted for one, will post bigger one after we launch.
CrptoKen: Looking forward to share that to this community as out partnered project!
SECTION B (COMMUNITY MEMBERS)
QUESTION: What are your thoughts on the current myth that NFT is the future of DeFi? Do you think it’s viable and do you have plans for tapping into the digital art marketplace?
Sainath: Our idea is to support fungible tokens on multple chains, in version 3, we might support NFTs as well.
QUESTION: What’s the story behind Knit Finance ‘s success? What was that vision when it first emerged as an idea? Are there any special prototypes or upcoming Knit Finance updates that you want to show/share with us?
Sainath: We observed the problem when we thought what if we wanted to use non-erc20 tokens in DeFi or ERC 20 tokens in other chains, We saw our options were limited. Sadly in the market there are almost no solutions available which we wanted to address. Hence the start of Knit.Finance.
QUESTION: Do you think your system is secure enough? How safe is your system in securing funds and user data?
Sainath: At KnitFinance prime focus is to help everything secured, We have an highly experienced team to avoid mistakes, few of them developed exchanges before,We are getting our code audited as well. Also, we are being insured on tidal as well to make users feel safe about their funds.
QUESTION: Is this project a Global project ? Can local communities partake in it ?
Sainath: yes its grass roots and global at the same time.
QUESTION: What is your top 3 things for priorities in 2021? Could you share some plans for the upcoming year?
Sainath: Build loyal community Unlock Billion dollars worth of assests launch on 4 chains before dec 2.
A very big thanks to the CEO of Knit Finance for Creating time to Share this insightful information about Knit Finance. It was Indeed a great pleasure with you @SainathG
Telegram: https://t.me/knitfinance
