AMA Recap: Knit.Finance × Dash Next
On June 2, we got an opportunity to conduct a joint AMA session with our partner Dash Next. During this session, our CEO, Sainath Gupta, and the Dash Next Co-Founder, Felix Mago answered the Knit community questions on our various topics related to both the platforms, its goals, mission, partnership, and more.
SUMMARY
Knit.Finance has started cooperating with Dash Next, a platform driving adoption worldwide, after becoming a strategic partner to the platform.
Dash Next integrated end-to-end crypto payment solutions to their partner’s protocols and support in their marketing and community development requirements. Dash Next aims to build a large community of happy users who can make payments with Dash wherever they go.
Introduction Segment
Admin: Hello Everyone, we are now going to start a joint AMA session with our CEO Sainath Gupta and Dash Next Co-Founder Felix Mago.
Felix: Hi everyone! Thanks for having me! honored to be here with you all. I have been in crypto since 2015, it seems like forever.
Dash is digital cash designed to offer financial freedom to everyone. Dash allows millions of individuals across the globe to carry out instantly re-spendable and secure transactions, with near-zero fees. Built to support real-life use cases, Dash is the leading decentralized payment solution: it is accepted at merchants globally, accessible via ATMs and exchanges worldwide. Dash has pioneered groundbreaking features including a two-tier network with incentivized nodes and decentralized project governance (Masternodes), instantly settled payments (InstantSend), instantly immutable blockchain (ChainLocks) and more.
Dash is not a traditional organization. We are a truly decentralized company. Dash NEXT is part of the decentralized Dash ecosystem. We are pushing forward partnerships, integrations, biz dev and marketing for Dash in Asia and globally.
Sainath: Great to see Co-founder of DashNext to be in our group. Hello guys, I am Sainath Gupta, CEO of Knit. Finances. I made India’s first mobile point of sale that is Aasaanpay in 2011. I have been a successful fintech entrepreneur since then. I have had a rich experience in fintech since then. I Am responsible for the success of the project.
Admin: Alright, thanks for introducing yourselves to us Sainath and Felix.
Q #1: What is Dash doing in the DeFi space? What is the strategy?
Felix: Since 2014 Dash has been pioneering the “Be your own bank” movement that has become vital to what is now called DeFi. In fact, many of our community members are bankless for many years as they are using our established system of merchants and financial solutions. But; we also believe that the Blockchain world is evolving and cross chain solutions are an important building block to create the next generation of financial solutions. So, our strategy is to provide all the advantages of Dash such as a huge merchant network, fiat exists or partnership in the payment space to users of other blockchains. At the same time, we want to enable Dash use cases such as lending, yield farming or staking to users of other communities.
Admin: Awesome, thanks for that detailed answer Felix. Let’s move to the next question
Q#2: What is the partnership between Knit and Dash all about?
Felix: Through this partnership, DASH coins will be integrated onto Knit Finance’s multi-chain platform and wrapped K-DASH tokens will be minted on multiple chains as per user selection. These wrapped K-DASH tokens can be transacted across multiple platforms and services. In the next version KnitFinance will have its own ecosystem and partners ecosystem where these Assets can be utilised. KnitFinance uses a custodian model to keep original Assets insured and protected from any harms or unexpected activities. Users will have not to worry on the liquidity part as it’s a straightforward process. All the assets used for wrapping are collateralized 1:1. We will have multiple custodians to support maximum assets under insured custodians.
Q#3: Can you explain why it is important to build bridges between blockchains and explain how wrapped assets work?
Felix: I guess @SainathG is best to take that question
Sainath: Thanks @magofx. Through this partnership, DASH tokens will be integrated onto Knit Finance’s multi-chain platform and wrapped K-DASH tokens will be developed. These wrapped K-DASH tokens can be transacted across multiple independent blockchains with ease. They will be available for lending, borrowing, yield and margin trading on multiple chains.
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 obviously varies with users’ demands and requirements. We think this way: Suppose users want to hold any token they have the least option to utilise these token, say 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.
Felix: Excited to get this ready together indeed!
Q#4: What blockchains will be available for Dash and when?
Sainath: Dash is currently available in BSC ETH HECO MATIC FANTOM MOONBEAM testnets through our solution currently. We are migrating to mainnet in the next 40–45 days
Q#5: Can you explain why it is important to build bridges between blockchains and explain how wrapped assets work?
Sainath: 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 make the movement of assets seamless between multiple chains for a better user experience and better capital efficiency
Q#6: can you tell when our community will be able to use the bridge and how it looks like from the user perspective
Sainath: We are excited to partner with Dash, i think by next quarter end we should be launching kDash on many more chains. From a user perspective our GUI is optimal,we have simple & understandable user flow , user just needs to select the network in his/her wallet on which he wants to get the kDash, after the successful deposit of Dash to our platform submit the transaction hash and kDash will be minted and sent to the connected wallet address , We are constantly improving users interface , suggestions are always welcomed
Q#7: What makes Knit different from other bridge providers?
Sainath: 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 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.
Admin: Awesome🔥 Thanks Sainath. The next question will be for @magofx
Q#8: What are the biggest opportunities for Dash working with Knit? What might be a challenge?
Felix: Great question. Thank you. Knit is building an interesting solution to solve the issue of transferring Dash across different chains. We at Dash see it as a great opportunity to easily and safely wrap and unwrap assets across the different chains, whereas Binance Smart Chain and Ethereum are our top priorities in terms of potential users we can attract and use cases we can create.
Sainath: Very nicely put @magofx hope it’s a win for both the projects
Admin: Awesome, sounds exciting🔥 thanks for that Felix. Let’s move forward to the last question that should be answered by @magofx
Q#9: Where can I find more information on Dash? @magofx
Felix: Please follow Dash’s or my personal social media to receive the latest updates.
Twitter: https://twitter.com/Dashpay
Twitter Felix: @FelixMago_Dash
https://www.linkedin.com/in/felix-mago/
We also have a decentralized dev fund call Dash incubator. I recommend everyone to check that out too.
Sainath:Secret
I still use Dash where possible to do payments as its fast and low transaction fees
Community Round
Q. How do you think of the future of DeFi?? What are the factors that DASH could make a big difference since there are a lot of projects involved in DeFi? What’s the superiority of your solutions and how do you aim to achieve Global Adoption? One more, what do you think are the future benefits of this partnership to both the project and investor?
Felix: Great question, thank you. For me DeFi is gonna grow massively in the future. And for sure we don’t know what will come out next month. For me with Dash its important to arrange integrations and partnerships with all those great projects across chains.
Q. There are 3 major issues dominant in crypto and blockchain: Security, Interoperability, and Scalability. So How does Your Project plan to overcome and solve these issues?
Sainath: Our protocol has gone through 4 major revisions looking at this. Team is experienced and we got some great feedback from the community. Hope we solve all the issues
Q. How do you plan to spread awareness about your project in a country where English is not spoken? Do you have a local community for them to make them better understand the project?
Felix: Please check out our channels. we translate our content to so many languages
Q. What kinds of challenges or hurdles have you run into along the way? Also can you expand on some of the major updates that your project is bringing to the table in the short-term?
Felix: We are pioneering so many things like crypto payments, be your own bank movement. Running into issues is part of the game. One example: how payments are processed depends very much on the region and local regulations. So you have to learn and adopt on the way
1. great payment and merchant ecosystem, amazing technology, first and longest running DAO, 2. I guess we all live and breathe crypto 🙂 and want a censorship resistant world of financial freedom for everyone. 3. I wish mass adoption would be faster
Q. There will be many hacker attacks. How can Dash handle it and provide security to user data?
Felix: Features such as masternode quorums and chainlocks make us one of the most secure projects out there
Q. I am intrigued by the name of your project so could you tell me what is the origin of it and what does it have to do with your project in general?
Sainath: We help multiple projects’ assets get connected as in getting knitted i.e., getting united / made (a garment, blanket, etc.) by interlocking loops of wool or other yarn. Knit connects any two blockchains with each other, thus bridging the gap between them for free movement of assets. Knit’s logo also represents multi chains interlinking with the other. And We worked on this for nearly 8 months hence the feedback and love from the community helps us keep inspired.
Q. Staking is the new trend. What staking options are available for KNIT FINANCE Token? Are there any incentives for staking? What are the various ways to earn KNIT FINANCE tokens and are there any limits to the amount of $KFT I can earn?
Felix: With the Masternode idea, Dash has in fact started all the staking movement.
Sainath: Yes, We will allow staking for both KFT and kAssets. Will announce soon.
Q. What makes you feel confident about the survival & sustainable success of Your project in the near future?While you build your project, do you take into account community feedback and demands?
Felix: we are working hard to provide value for users and grow an amazing community with that approach. But you are right. with so many projects in the space, there is a lot of competition
Q. What’s the uniqueness of your project that can not be found in other projects that’s been released so far? Give me 3 reasons why I should choose your project ?
Sainath: 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
Q. Tell us about your plans for 2021, what are you currently working on, and are you going to expand the list of big exchanges?No one can achieve anything valuable on its own, please tell us about your current and future partnerships that will lead you to success in this highly cramped crypto space?
Felix: Dash NEXT is really focussed on bringing Dash into DeFi and more payment partnerships
Q. What is your motive behind the creation of this project?
Sainath: For KnitFinance, Seamless movement of assets across multiple chains and optimum capital utilization for holders.
Admin: Awesome Felix, thanks for being with us today. It’s been an honor to have you here in our community. Wishing all the best for DASH🔥
