Hi friends!
Here's a recap of another AMA session with UniLend, this time on the Get Rich With Mandy Community Telegram group, (https://t.me/getrichwithmandygroupchat).
A total of 15 questions were answered by the UniLend's CEO, check below everything that happened in this AMA.
Segment 1: Intro and pre-asked questions
Mandy (TG admin):
Hey everyone I am pleased to have with us Chandresh Aharwar Ceo at @UniLendFinance
Unilend Finance aims to compete with Compound Finance.
Welcome Chandresh to our group and it's a pleasure to have you here..:blush:
Chandresh Aharwar:
Hi Everyone! Glad to be here! Thanks Mandy for inviting me for AMA.
Mandy (TG admin):
While most of us know Chandresh, however can we have a quick introduction about yourself and how you came up with idea of Unilend.
Chandresh Aharwar:
Sure.
Mandy (TG admin):
I have been contributing to blockchain space from 2016 & have been leading marketing & strategy of Matic from 2019.
This thread does describe my expereince in crypto to some extent:
My other 2 co-founders have been working on https://metatransact.com/ which a open source & live protocol.
We have been brainstorming on the idea of permission-less lending/borrowing platform from quite some time & when we solved the bigger problem, it was just about taking it to community.
Have received huge response overall from all the community members & things are going great.
We have just started our journey!
Mandy (TG admin):
Before we start our live ama.. let's try to understand Unilend better so let's address 5 preasked questions
Q1. Can you please give us an overview of UniLend and your mission.
Chandresh Aharwar:
UniLend is a permission-less DeFi protocol that combines spot trading services and lending/borrowing functionality within the same platform ( UniLend = Uniswap + Compound/Aave in permission-less way).
Think of UniLend like a project which is taking forward the Uniswap Defi Revolution ahead with lending and borrowing services also added, that’s the simplest way to think of it.
Mandy (TG admin):
Q2. What makes Unilend different from existing cryptocurrency money markets such as Compound, Aave, or Maker?
Chandresh Aharwar:
As we all know, DeFi is gaining huge traction.
There is now more than $13.6B locked in DeFi protocols. However current DeFi protocols are very limited in the amount of assets which can be utilized for DeFi services. Our mission is to open the DeFi space up to all ERC20 assets, hence our motto ‘unlocking the true potential of decentralised finance’.
Have a look at our explainer video, in case anyone needs more clarification:
Like, I mentioned - Some protocols offer lending and borrowing with a limited set of tokens (such as Maker DAO and Aave) while others offer the freedom to trade any ERC20 assets but neglect the lending and borrowing aspect (Uniswap and Balancer, for example).
UniLend will support all 6k+ Ethereum based tokens as it is permissionless and open, while compound, aave supports less than 30 assets. Here are think of our DeFi Dissected Serier where we compared UniLend with all major Defi Protocols:
By adopting a permissionless approach UniLend is providing a free market for borrowing and lending tokens, which will naturally provide users with far more options compared to one that is restricted.
Mandy (TG admin):
Q3. You mentioned trading fees and liquidity mining of UFT tokens for liquidity providers, can you expand a bit more on that?
Chandresh Aharwar:
In order to foster the growth of a strong participant ecosystem, from liquidity providers to general platform users, there will be a number of incentives for those who utilize the UniLend protocol.
- Governance
- Liquidity Mining Rewards
- Yield farming rewards
and $UFT holders will have added benefit in all of this activities. Let me elaborate on this in detail.
UFT token is used to facilitate governance of the UniLend protocol.
A number of factors relating to the proper functioning of the protocol, will be decided by UFT holders via proposals which require majority consensus to be implemented. Liquidity providers are a key component in ensuring the sustainability of a decentralized finance protocol by facilitating liquidity within the protocol. They will therefore be rewarded with UFT tokens via liquidity mining, in addition to a percentage of trading and borrowing fees.
Platform users are the lifeblood of any DeFi product.
In a system which aims for maximum decentralization like UniLend, distributing governance power to the users is crucial. Therefore, ecosystem participants who use UniLend for lending, borrowing or trading will be rewarded with governance power in the form of UFT tokens to encourage not only use of the platform’s services, but also to facilitate distributed governance.
Mandy (TG admin):
Q4. You have been announcing many new partnerships like OpenDeFi, Bluzelle, in the past couple weeks. Congratulations on building so much support early on! What are the next steps for UniLend?
Chandresh Aharwar:
Journey till now have been great & fullfulling for us.
Many protocols are keen on integrating our platforms & our use cases & targeted market cap are also increasing with our ecosystem partners like OpenDeFi. We have many more upcoming things on our ecosystem front in coming days which, obviously can't be revelated atm.
Our Next major step in coming days are recealing our Roadmap to community, which is most awaited.
We are also getting ready for our MVP launch soon.
Mandy (TG admin):
Q5. As UniLend is supporting more assets than other DeFi money markets platforms, is the platform as secure as other major protocols?
Chandresh Aharwar:
Great question. I would say we are much more secure than other money markets protocol. Current protocols are dependant on other DEXes like uniswap etc.. for liquidations ( Which is a major concern for adding illiquid & more volatile assets) Nobody has any sort of control on this DEXes, whereas in case of UniLend, we are deriving the lending/borrowing capacity of assets based on the liquidity available on our protocol. Hence, we are not dependant on any other protocol for liquidation & everything is handled withing UniLend ecosystem. The problem we are solving is quite big & it requires a complete ecosystem to be built for catering to such problem.
Segment 2: TG live questions
Q1. Unfortunately, most crypto projects these days are made by young people who are not ready with any business equipment such as the know how, solid experience, branding, marketing, positioning etc. Hence, business can't be built on pure luck. Now I want to know how competent Unilend Protocol team members are?
Chandresh Aharwar:
Our all co-founding team is very expereinced tbh.
I am coming from a heavy Marketing background with a well-known Binance IEO Project Matic & other 2 co-founders have also open sourced their past work at Meta transact which has been used by giants like Maker DAO, Binance etc..
So, in terms of expereince & understanding, I guess we are very well placed.
Also, our project has received great support from all the well known investors. Our public sale was 300x oversubscribed & prices are already more than 5-6x for investors.
That proves a lot about us. You can check out the continuos progress on our announcement channel: @UniLendAnnouncement
Q2. Any asset can be listed on UniLend platform, but once it does, what trading pairs are created? Is it an automatic feature or the owner has the possibility to decide it?
Chandresh Aharwar:
Our starting base pair will be ETH.
Other base pairs will be added through governance. Community will be able to put proposal for base pairs & it will be accepted/rejected through governance.
Initially the added assets will be controlled by team & slowly we will make it permission-less & everything will be managed by governance
Q3. What are the plans to educate and raise awareness and adoption among the community to make more people understand about the project easily?
Chandresh Aharwar:
We have already started series like DeFi Dissected after community feedback, so that community can understand our protocol & architecture in detail. Till now we have already compared UniLend with other major protocols like compound, uniswap, balancer etc. You can check out all comparisions here:
this was the comparision with Compound.
Q4. Many DeFi smart contracts have bugs & prone to security breaches. How secured is yours in UNILEND FINANCE ?
Chandresh Aharwar:
Yeah, every great opportunity comes with it's pros & cons.
We are continuosly evaluating all the hacks which are happening to different platforms currently.
Most of them are realted to flash loans & price oracles & we are making sure we are safe from all such hacks.
Also, our protocol will go under multiple audits before we make it live to our audience.
We are taking our sweet time & not hurrying into anything, as security is the highest for us.
Q5. What will be benefits of holding $UFT toknes in long-term? Can I do the staking for UFT tokens on the platform in the future?
Chandresh Aharwar:
Yes. $UFT holders will enjoy many benefits on our platform, including more reawrds with liquidity mining, yield farming etc..
We will also release the plan of staking in our upcoming roadmap release news.
Some really exciting things related to NFT's are also planned for $UFT holders.
Keep watching our announcement channel for same.
Mandy (TG admin):
nft + yield farming thats a great news
Q6. As Asian is the largest democracy in the world, how you are seeing Asian Market for project adoption and growth?
Chandresh Aharwar:
Our platform is meant for global usage.
We do have lot of support from asian countries but our followers are from all over the world & everyone is super excited about the upcoming platform release.
We are also initiating our world wide marketing plan soon, which will attract lot of followers from all over the world.
We also plan to launch our platform in multiple languages, as our approach is customer first.
Q7. What requirements must a token meet to be listed on UniLend? Does it only need to be an ERC-20 token? How would UniLend prevent scam tokens from being listed?
Chandresh Aharwar:
All ERC-20 tokens will be eligible for listing on our platform & we won't act as a gatekeeper for listing of assets like other platforms.
We also plan to expand our ecosystem by supporting other blockchains like Binance smart chain etc.. in near future.
We also plan to work on our layer 2 strategy in upcoming year & will share more details on this.
Also for scam tokens, just like it's handled on uniswap, in the similar way it will be handled on unilend. WE don't see it as a big problem for our protocol, once it's open sourced.
Q8. What was your Motivation to build Your Project ? and what is your vision and mission now?
Chandresh Aharwar:
The huge untapped market cap of $29 Billion, which is more than 50% of ERC-20 assets was the major motivation.
We wanted to build something which was most needed in the industry & no doubt that this is one of the feature which everyone is looking for in the market currently.
We want to serve the complete DeFi space as a one stop solution.
Q9. Yeild farming is a new trending so do you have any plan to yeild farming system development?
Chandresh Aharwar:
Yes.
Our platform will have liquidity mining ( Like uniswap) & Yield farming ( Like compound ) also.
It's important to reward the platform users for long term growth & community building & we plan to keep it our focus for attracting as many users as possible.
Q10. What is your long-term vision about the industry which #UniLend Network project is working at?Cryptocurrency industry is always thriving, what plans do you have to keep up with technology trends?
Chandresh Aharwar:
We beleive that DeFi is here to completely revolutionize the traditional finance space.
Growth of DeFi is testimony to that.
It has 2 major parts of trading & Money markets like lending/borrowing.
Some protocols have been targeting lending/borrowing ( in permissioned way )& some were targeting trading.
We want to play a major role in this DeFi revolution, by acting as a single point of contact for all the needs of community.
We are showing the world how it is acheivable in permission-less way & this will bring the next wave in DeFi we beleive Mandy, so many great questions! I tried my best to choose 10 best.
Mandy (TG admin):
Yess so many interested to know uft. Let me thank Chandresh Aharwar from Unilend team for joining our chat group today and sharing insights on the project :sunglasses: we wish you and your team great success for future.
Thank you everyone for participating in this exciting AMA.. too many questions however time is always a limitation.
Also keep an eye on Unilend Finance $UFT in coming weeks.. Many interesting news coming up.
With this we close our AMA.. for more queries please feel free to join @UniLendFinance
Chandresh Aharwar:
This was a great AMA session & you have got a vibrant community I must say.
Loved this AMA! Thanks Everyone!
