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Knative is completely free and open source, a CNCF project. You run it on your own Kubernetes cluster.
Knative adds serverless capabilities to Kubernetes. It handles request-based autoscaling, event-driven workloads, and simplified deployments on top of K8s.
Knative is more feature-rich but complex. OpenFaaS is simpler to get started with. Both bring serverless to Kubernetes in different ways.
Source: knative.dev