DeFiRaccoons
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DeFiRaccoons

AMA RECAP : DeFi Raccoons x KNIT Finance.

Date : 18 May 2021
Host : Wolf Of Vladyland
Guest :KNIT Finance Team (SainathG — CEO)

INTRODUCTION .

Wolf Of Vladyland:

Hello everybody, thank you for joining us today for another DeFi Raccoons AMA session! Today we’ll be talking with @SainathG from Knit Finance!

Knit is a protocol for creating cross-chain wrappers for the top-200 assets. Deposit to insured custody and mint K-Assets.

Institutions, developers, farmers, and traders tap into trusted custody to mint Knit’s K-Assets.
K-Assets can be minted on any EVM compliant blockchain and then moved among all EVM compliant layer-1.

Q1.I hope you’ve made yourself comfortable and will enjoy today’s session, so let’s get started. Welcome aboard, please tell Raccoons a bit about yourself!

Sainath@Knit.Finance:
Thanks for having @wolfofvladyland
To introduce our project to wonderful community here

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.

Q2.Wolf Of Vladyland:
Cool. Can you tell us in short what is Knit Finance all about?

Sainath@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 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 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 native token of any chain 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, BEP 20 tokens can also be wrapped into other blockchains and vice versa

This opens up the possibility of Decentralized Finance to many Non Etherum 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.

Wolf Of Vladyland:
Thanks.

Q3.Tell us about the team working on the project! What are their backgrounds? How many of you are currently engaged in it?

Sainath@Knit.Finance :
Our tech team has cumulative experience of 25 years and the business team has 30 years. All of us are well experienced.
We are a team of 16 full timers and we have only shown 9 for security purposes.

Wolf Of Vladyland:
I see.

Q4.To deep dive into Knit… What are K-Assets?

Sainath@Knit.Finance :
K-Assets are wrapped version of Token/Coin in different chains , as of now we are supporting BSC matic polka eth chain to issue the K standard tokens , these tokens are 1:1 collateralized

Wolf Of Vladyland:
Q5.My next question is about blockchains, glad you touched it… So you are definitely supporting different platforms. How hard was this to secure? Will there be more in the future?

Sainath@Knit.Finance :
Its hard
but not impossible for a team which is passionate

Wolf Of Vladyland:
What would be your main features?

Sainath@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.

In addition to that our vision is to enable DeFi on multiple chains, our execution is matching our vision thanks to a great our team
Some of our USP’s mentioned below are:
1) Multi-Chain availability
2) Multiple-Assets of Crypto support
3) Multiple classes of assets support

Wolf Of Vladyland:
Q6.Funding round was quite successful, congrats on this. How will you use those funds now?

Sainath@Knit.Finance :
Yeah we received a good response from the community so it’s a plus point for us that the community loves us and our project .
Coming to the second part of question
These funds will totally be used on Knit Finance ecosystem & business development

Wolf Of Vladyland:
Community sure is excited about it…

Q7.What are the benefits of holding the KFT token?

Sainath@Knit.Finance :
Most importantly, Knit Finance is a multi-chain wrapper DeFi protocol which bridges the gap between DeFi and non-ERC20 tokens and also our solution helps liquidity move between multiple chains in addition to increasing liquidity which fits in the need as described. And this is how $KNIT will be useful and will benefit the holders.
Knit token will be used for governance, special access products and staking.

Wolf Of Vladyland:
Q8.Just to make it clear for the community, is it $KNIT or $KFT?

Sainath@Knit.Finance :
Knit if project name
kft is token name

Wolf Of Vladyland:
Q9.What do the terms Custodians, Merchants, Customers on your platform represent for?

Sainath@Knit.Finance :
Custodians:

Custodians are a key aspect of Knit Finance’s operations and they work along with Merchants and Customers/Users. Custodians are established to handle the exchange of assets for wrapped tokens as requested by merchants. They initiate requests for creation of wrapped tokens for issuance and burning for redemption or value control.

Merchants:

Merchants are Knit Finance’s key entity that operates between Custodians and Users to initiate, confirm and manage transactions with the use of smart contract capabilities on the Ethereum Blockchain. They authorize creation and burning of wrapped tokens, verify user identities, and accelerate distribution of tokens.

Customers are users of the platform

Wolf Of Vladyland:
Q10.You are offering tokenization of real world assets, correct? How will this work? Are you compliant with regulations?

Sainath@Knit.Finance :
Yes, once legalities are clear around it , we will

Wolf Of Vladyland:
Q11.Looking forward to this…
Partner’s list is also impressive. Any new partnerships coming?

Sainath@Knit.Finance :
Yes, some big partnerships going to be announced soon

Wolf Of Vladyland:
But no names for now, right? 😜

Sainath@Knit.Finance :
yes, surprise

Wolf Of Vladyland:
Q12.We like to finish off by taking a look into the future, can you share what can the community look forward to in the upcoming months?

Sainath@Knit.Finance :
huge traction if the market is right

LIVE AMA QUESTIONS .

Draisaitl — Q1.As Knite Finance aims to make different asset classes available across multiple chains, then just as it will create erc20 synthetic tokens, can it also create BEP20 and other network synthetic tokens that may be compatible with other chains?

Sainath@Knit.Finance :
Yes
idea is to support multiple assets on multiple chains

Chapito — Q2.Can you please tell us about KNIT Features? Can Users trade and leverage any kind of coins in the DeFi space at KNIT’s Platform?

Sainath@Knit.Finance :
Some of our USP’s mentioned below are:
1) Multi-Chain availability
2) Multiple-Assets of Crypto support
3) Multiple classes of assets support

Andrei — Q3.I read on your website that you can navigate between blockchains through Knit bridges, this is great. Could you tell me more about this? What would be the cost of gas fees to move from one blockchain to another? What are the benefits for the different blockchains?

Sainath@Knit.Finance :
Cost would be flat 0.25% fees

Fernando I Investor — Q4.Using the KNIT can I create my own wrapped version of a token which is not on the top 200 list?

Sainath@Knit.Finance :
No
but our idea is to support multiple assets so we will cover your favourite coin soon

Los Putas De El Paso — Q5.There have been many projects recently aimed at allowing operations across multiple chains, but they are unable to fill up due to the difficulties of this functionality. Did Knit really do this job?

Sainath@Knit.Finance :
yes
because of our unique model

IMPORTANT LINKS.

Visit their website here: https://knit.finance/
Here’s their Telegram: https://t.me/knitfinance
And Twitter: https://twitter.com/KnitFinance

Group’s Description:

An investor community for everything related to DeFi, NFT, IDO, Blockchain, and much more. We share our analysis, fundamentals and hold AMAs with all sorts of projects!

That’s all we have time for today, until next time, consider joining our socials underneath to join our DeFi Discussion!

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Now for a disclaimer — I’m not a financial advisor, anything you read on my Medium isn’t financial advice, it’s a log of myself doing due diligence on projects, please verify any and all information presented (error reporting welcome) and make your own decisions.

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cryptocurrency enthusiast,WRITER and reader.