SUMMARY THE AMA BETWEEN RAZOR NEWORK AND KNIT FINANCE
Here is a summary of the AMA between Razor Network and knit finance. Its was moderated by Mike ( the Community moderator of Razor Network) and the “Sainath Gupta “ the CEO of knit finance. Make sure to read all.
Mike | I do not PM first:
Good evening everyone and welcome! If you are new here, my name is Mike, I am a community manager for Razor Network. Today we are hosting KnitFinance’s CEO, Mr. Sainath Gupta, for an AMA.
Don't panic, you have not been banned, we have muted the chat for some initial questions before opening it up to the group!
@SainathG Hello and welcome!
SainathG:
Many thanks Mike
Mike I do not PM First:
Great to have you in here for an AMA! We are really excited to be working with Knit Finance and I know our community is excited to hear more about your wonderful project
We have a few introductory questions we would like to ask and then we will open the floor for our community to ask questions!
Let's start with the basics, could you please tell us a little about yourself and Knit Finance?
SainathG:
First of all thanks to you and your community for giving me this opportunity
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.
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 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.
Mike I do not PM first:
Very rare to see a leader have such a strong background in digital payments!
It's also incredible to see a project build a cross platform DeFi product.
SainathG:
Thank you
that experience helped a lot in making secure applications
Mike I do not PM first
Top priority in this space when so many have been struggling to stay secure.
Let's move on to our next question, one I think our community is excited to hear about!
We would love to know how Knit Finance would be leveraging Razor partnership. Would you be able to throw some light on that?
SainathG:
Our product works on multiple chains for wrapping assets and liquidity staking, we are working closely with Razor and as well using PoA bridges for oracle and cross chain asset management functionality
Mike I do not PM first:
Interesting! There is a definitely a need in this industry to have such capabilities with oracles.
Can you also tell us about how Razor will be integrated into the Knit Finance ecosystem?
SainathG:
When it comes to Razor Token :
Knit Finance gives $razor holders the ability to use the token as a payment instrument in our marketplace. $razor token will be available on multiple chains using knitfinance multichain architecture
Mike I do not PM first:
Very nice! I think everyone in our community loves to see more RAZOR utility and I know the Knit Finance marketplace is going to be massive!
Tell us more about connecting blockchains, why it is important to build bridges between blockchains? I would also love to hear how how your wrapped assets work.
SainathG:
Currently its very hard to bridge assets between two chains and most are concentrated around couple of chains only leading to capital inefficiency and user experience is really hard
Our vision is to make the movement of assets seamless between multiple chains for a better user experience and better capital efficiency.
Talking about the importance of the bridges varies with users' demands and requirements.
Suppose users want to hold any non DeFi token they have the least option to utilise these token, Now with our solution farming using a wrapping solution they can keep those assets with custodians and gain more using wrapped assets in the ecosystem. At the time of withdrawal it will be much more amount that users actually hold or gain through farming
Mike I do not PM first:
That's really good. In the bigger scope of things, adoption is never going to come with the current limitations. Every day I work with people in private messages helping them figure out bridges and many find it too confusing to even attempt. To have a product like this is massive to connect various dApps and bring real world adoption into light.
Who would you say is the target customer for Knit Finance? In the current stage, is your team focused on catering to the masses or position as leaders to a niche market?
SainathG:
Product has been made after feedback from multiple stakeholders.
As its a new market, its niche and we are aiming to be product leaders.
Our target audiences are :
1) Non Defi Token holder who wants to participate in Defi
2) Token staker who wants liquudity for his token which is staked
3) Chains which want DeFi on there chains to start
4) Chains which want tokens to be present on multiple chains
Mike I do not PM first:
Interesting! Here at Razor we also see the massive benefit to catering a product to stakeholders and partnerships. It helps build a much better product fit and build something that is not just a copy of everyone else but is something useful to projects.
I have not seen too many projects like Knit Finance. Who would you say are Knit Finance competitors and what are your unique selling points over them?
SainathG:
We support multiple chains and wrapped tokens that are 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
1) Multi Chain availability
2) Multiple assets of Crypto support
3) Multiple classes of assets support
Mike I do not PM first:
That is great to hear. No need for more confusing bridges and multiple tokens.
Okay last question and we will open it up to the community for questions!
This question is focused on your token. What are the tokenomics of your project?
SainathG:
Sure here is link to our tokenomics
https://knit.finance/docs/KnitFinanceTokenomics.pdf
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.
Mike I do not PM first:
Awesome! Great to see such transparency!
Thank you Sainath for letting me ask you these questions! It's time now for us to open the chat up to our community.
Community: Please ask your questions for Sainath to answer! The best questions will receive a reward 🔥. Please limit yourself to only a question or two, please do not spam.
Chat will go back to mute in 1 minutes!
Ready....
Set....
Quynh Anh:
What’s your motivation in making KNIT FINANCE Token, and what we will see in future? How can token holders benefit with KNIT FINANCE tokens?
SainathG:
$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 $KFT token. Essentially, it would be the utility token for building on Knit.finance.
Johon:
Q. Security & safety are the most important thing that project must focus to build. Investor will look and if they feel save, then they will invest. So how are then security system in Your project?
SainathG:
Multi level :
We have an experienced team
Very good process
Original assets are secured by insurance from real world companies and secured by licenced custodians
Rosa:
What are the ways for your project to generate revenue in the long run? What is the progress of business development and what are some of your commercial partnerships?
SainathG:
Every swap produces 0.25% fees for us
Martin Saul:
@SainathG When is the PUBLIC SALE for
KNIT ?
SainathG:
Once market becomes better
Radu|$RAZOR Network Romania
@SainathG How do you determinate the top-200 assets? What makes $RAZOR be on that TOP?
SainathG:
All our partners projects are on top
Mert-F&B
With which feature does Knit Finance differ from other DeFi projects?
SainathG:
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
Mike I do not PM first
Thank you Sainath for answering our questions and joining us in this AMA!
I know I learned a lot and really enjoyed this session.
I am going to open up chat now and @honeyknit will take over and answer a few more questions!
SainathG:
My pleasure Mike
Its great meeting the awesome community here.
Razor socials
Telegram:https://t.me/razornetwork
Twitter: https://twitter.com/razor_network
Knit finance socials
Twitter: https://twitter.com/KnitFinance
Telegram: http://t.me/knitfinance
