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SparkPoint and KnitFinance AMA Session: The Recap

Understanding the Knit Finance Project with #SparkCommunity

On July 9, 2021, SparkPoint conducted an AMA Session with Knit Finance and the #SparkCommunity. The Knit Finance CEOSainath Gupta attended to meet the Community and responded to their questions.

Knit Finance is a unique decentralized protocol that integrates its wrapped protocol across multiple chains, bridges, and real-world markets with yield farming, lending, trading, and margin services through smart contracts. Knit bridges multiple non-Ethereum blockchains, allowing both crypto and real-world assets to move across these chains as wrapped tokens.

KnitFinance collaborates with SparkPoint to integrate $SRK Token into their multi-chain platform by producing wrapped K-SRK tokens and will provide staking options with K-SRK or KFT token rewards.

The Recap

Introduction

Karan: Hi community! It's time for another SparkPoint AMA session-
This time for the AMA, we have Sainath G from Knit Finance. Sainath can you please give a small introduction about you before we could start the AMA?

Sainath: Hello, I am Sainath G, 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 the general execution of Knit Finance.

Karan: That’s an impressive introduction. Let’s get started with AMA.

Community Round

Karan: Firstly would you please introduce Knit Finance to our community?

Sainath: 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.

Q2.What products is Knit Finance developing? Why did Knit Finance choose Cross-Chain for development?

Sainath: Knit Finance is developing a Multichain bridge with liquidity Staking provision. 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 of ERC-20 standard with 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 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.

Q3.What role does the KFT token play in the Knit Finance ecosystem? What benefits will KFT Token holders get?

Sainath:

KFT Token Use Cases
Governance
KFT is the governance token for Knit.finance platform. All protocol-level changes shall be governed by voting using KFT tokens. We’re exploring converting it into an independent SaaS offering so developers and projects can build unique offerings for the different pools.

Staking
KFT token will be considered to be part of all major staking wrapped asset projects , enabling token holders to stake KFT tokens and earn a bunch of other wrapped assets where possible.

Premium Pools
Knit.Finance would be launching several premium pools and offering, which would be available to KFT token holders on a TIER structure.
Premium Offerings

Knit.finance is collaborating with several chains, projects, launchpads, platforms and service providers to synergies with them for special access etc. This would be made available to KFT token holders on a TIER structure.

Add-ons Access
Knit.Finance is working on adding several add-ons (such as on-chain insurance, farming of NFTs etc.). These would be made available to KFT token holders for a TIER structure.

Paying Fees
As we move towards a SaaS model, all limited access features would be accessible to developers and projects by paying fees in KFT token. Essentially, it would be the utility token for building on Knit.finance.

Q4. What are the plans for 2021 for Knit Finance?

“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. User can now also be able to stake their stackable asset and use wrapped asset for trading lending margin trade and earn revenue through liquidity pools. For more information join our channel: https://t.me/knitfinanceann

Q: Do you guys have any plan on staking services, since you will receive assets that can be staked? How user can earn through that?

Sainath: Yes we are working with few Top notch staking service providers who will help us to stake user assets using the Delegated proof of stake method .
That means users can now send us their assets and we issue 1:1 wrapped assets. The original asset is sent to custodians and delegated to staking companies which will yield user rewards while they can provide wrapped K-Assets in AMMS and generate profit there as well. When staking rewards come, we airdrop them in form of wrapped assets to the holders
hence double benefit.

Karan: Cool. Let’s get questions from Twitter.

Q: I’m very excited to know your vision of how decentralized this world is 10 years from now & what kind of role KNIT & all of its partners has at that time?

Sainath: Our vision is to enable DeFi on multiple chains, our execution is matching our vision thanks to a great team. Our mission is to enable Trillion Dollar into DeFi.

Some of our specialities are:
1) Multi Chain availability
2) Multiple assets of Crypto support
3) Multiple classes of assets support
4) Our mission for Knit finance is to Build loyal community

Q: Do you have a solution so that the price of your coin project does not depend on the price of bitcoin? If there is, please explain.

Sainath: As we are aware, price is decided by the market; actually no individual or group can do so. We believe in our product which will drive our token price by our community members. It’s obvious that the majority of token prices are following bitcoin price but in some cases it depends on the product too.

Q: Vast majority of Crypto projects are built just for the sole purpose of amassing wealth for themselves. So, I want to know the value you aim to add to the crypto industry that will bring greater abundance to the industry?

Sainath: First of all , we are a project for the community and by the community. KnitFinance’s sole purpose is to bring revolution in DeFi space through its multichain wrapper solution . We saw a problem in DeFi space and we are addressing it . Currently all stakable assets are locked and not tradeable we are providing a solution where user can stake/lock their asset to generate revenue and also at same time users will be able to earn money through trading etc . second thing we are multichain wrapper solution through this assets which were out of DeFi space can now enter the DeFi world by leveraging the Knit Finance solution.

Q: How secure & feature-rich is KNIT compared to others and how will you attract Investors? I mean what is the best selling point? Why should I invest and & how will you generate the required financial aid in the long run?

Sainath: Knit Finance is secure as its being continuously audited by top tier smart contract auditor and security firms , in term of user funds security we dont store any funds with us all the funds are sent directly to custodians which insure those funds in case of any mishaps we are 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.

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 and this is what will attract the investors.

Some of our USP’s mentioned below are:

1) Multi-Chain availability
2) Multiple-Assets of Crypto support
3) Multiple classes of assets support
4) Staked assets can now be traded and used to generate revenue

We are backed by industries biggest investors like DaoMaker, BSCpad, etc revenue is generated from wrapping of assets and we charge 0.25 % per wrapping.

Q: Collaborations and partnerships are some of the most important cornerstones to help improve adoption. Can you tell us about your current partners, plans for partnerships, and what everybody stands to gain from these partnerships?

Sainath: Yes definitely. Few notable ones are as follows:

We have recently announced partnerships with DIA, Tribe one, Kardia Chain, Cryption Network, Harmony, 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

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.

Few stats as below
35+ Projects already signed and integrating,
12+ Projects in pipeline,
Read more here https://t.me/knitfinance/
https://knitfinance.medium.com

Karan: Cool. Get ready with your questions community!

The next round during the session was for the live questions.

The Live Questions

Q: In the current market there are many platforms/projects which are widely used so what are your plans for its more adoption- which attracts users' eyes? Currently, what are the problems Knit is facing?

Sainath: Some of our USP’s mentioned below are:

1) Multi-Chain availability

2) Multiple-Assets of Crypto support

3) Multiple classes of assets support

4) Staked assets can now be traded and used to generate revenue

Q: On moving forward through your roadmap, what are your most important next priorities? Does the team have enough fundamentals (funds, community, etc)?

Sainath: Our vision is Get a billion dollar into DeFi in MidTerm and Trillion Dollar into Defi in Long term.

Q: Where does the project name come from? What does it mean for you and why did you choose that name for your project?

“We worked on this for nearly 10 months hence the feedback and love from the community helps us keep inspired and also this is the reason we chose Knit Finance as the name for our project.

Essentially we connect various chains in DeFi for a coherent availability of liquidity and cross chain functions.”

Q: The idea of the project is really unique and incredible, how did this idea come about?

Sainath: We observed the problem when we thought what if we wanted to use non-erc20 tokens in DeFi We saw our options were limited. 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.

Hence we started Knit Finance.

Q: As a community-based project, how can I donate my quota for your success? Do you have a Global Ambassador Program or a Referral Rewards System?

“We are for the community and by the community.”

Sainath: Please join our group : https://t.me/knitfinance/
and ping our admins for the details

Q: With regard to usability, how easy is it to access the Knit Finance platform? Is your interface simple enough so that a user not used to it can use your platform without problems?

“It is super easy even for the one’s not from a crypto background”

Q: Can you give an overview of your tokenomics and the utility of the token?

Answer:

Token Distribution and Release Schedule
The token distribution and release schedule has been carefully planned and crafted to kickstart token liquidity by ensuring sufficient incentives for the platform users:
Strategic Round: 4%
Private Round: 13.5%
Public Sale: 3%
Foundational Reserve: 14%
Advisory Board: 5%
Team: 10%
Partnership: 9%
Marketing: 5.5%
Building Asset Reserves: 16%
Liquidity: 20%

“We have successfully raised $370,000 in our strategic funding round and $999,000 in a private funding round. With such significant achievements, we’ve now proceeded to our SEED SHO program on DAO Maker. A total of 290 lucky winners can win their share from a reward pool of $145,000 + $5,000 KFT.

Knit.Finance believes in a high level of transparency. With this idea in mind, we are rolling out this informative token metrics guide to understand Knit KFT metrics and distribution better. We have received enormous love and support from our community and hope for the same to continue throughout our journey.”

Knit Finance Official Links
Website | Twitter | Telegram | Coinmarketcap | Facebook | LinkedIn

The AMA session with Knit Finance team was a blast! As always, the SparkPoint team is grateful for the time dedicated by Knit Finance to share their goals, mission, and vision with everyone to make them understand the project that they indulge in. And indeed, in the crypto world, knowledge is everything!

Watch out for more AMA Series, #Sparkies! We’ll be glad to always see you in every AMA session we will conduct. 🚀

Learn more about SparkPoint and SparkDeFi from the following links:

SparkPoint Website: https://sparkpoint.io/
SparkDeFi Website: https://srk.finance/

Trade SRK: https://srk.sh/trade
Trade SFUEL: https://srk.sh/tradesfuel
SRK-ETH on Uniswap: https://srk.sh/uniswap

Telegram Announcements (SparkPoint): https://t.me/sparkpoint
Telegram Announcements (SparkDeFi): https://t.me/SparkDeFiOfficial
SparkPoint Community on Telegram: https://t.me/SparkPointOfficial
SparkDeFi Community on Telegram: https://t.me/SparkDefi
SparkPoint Twitter:
https://twitter.com/sparkpointio
SparkPoint Facebook:
https://facebook.com/sparkpointio
SparkPoint Instagram: https://instagram.com/sparkpointio
SparkDeFi Twitter: https://twitter.com/SparkDeFi
SparkDeFi Facebook: https://www.facebook.com/SparkDeFi
SparkDeFi Instagram: https://www.instagram.com/sparkdefi/

LinkedIn: https://www.linkedin.com/company/sparkpointio
GitHub: https://github.com/sparkpointio
SRK on CMC: https://coinmarketcap.com/currencies/sparkpoint/
SFUEL on CMC: https://coinmarketcap.com/currencies/sparkpoint-fuel/

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Be updated with the latest developments about SparkPoint. The project that aims to fast track mainstream adoption of blockchain and cryptocurrency through an ecosystem of practical products and services.

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Duchesne Sarza

Duchesne Sarza

Senior Marketing Specialist at SparkPoint

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