Hello! I have prepared for you a short recap from the AMA between Bithumb and UniLend.
On 14th of October 2020, Bithumb TG channel (https://t.me/bithumbglobal_EN) had a live AMA session with Unilend's Founder & CEO, Chandresh Aharwar (twitter: @chandresh1091).
Segment 1: Collected Questions
Natasha (Bithumb admin):
Hello everyone, we are glad to have the AMA with Chandresh Aharwar , founder&CEO of UniLend
Chandresh Aharwar:
Hi Everyone
Natasha (Bithumb admin):
We have collected some hot questions for UniLend, and Aharwar will answer these questions, then we will move to the live Q&A section, 5 lucky guys will be chosen to be answered and get the airdrop of UFT, which is equivalent to 5 USDT
Natasha (Bithumb admin):
Q1. Can you please give us an overview of UniLend and your mission?
Chandresh Aharwar:
Sure. UniLend is a permission-less DeFi protocol that combines spot trading services and lending/borrowing functionality within the same platform. Think of UniLend like Uniswap but with lending and borrowing services also added, that’s the simplest way to think of it. As we all know, DeFi is gaining huge traction. There is now more than $10B locked in DeFi protocols. However current DeFi protocols are very limited in the amount of assets which can be utilized for DeFi services. This excludes the vast majority of assets, and therefore their owners, from the DeFi ecosystem. Our mission is to open the DeFi space up to all ERC20 assets, hence our motto ‘unlocking the true potential of decentralised finance’. The permissionless listing aspect of UniLend will enable anyone to list any ERC20 token on the platform without the need to get approval from a centralized entity or DAO. By making listings permissionless we are enabling $29B of Ethereum-based assets to enter the DeFi space. Check out the video:
Natasha (Bithumb admin):
Thanks for your sharing. Video can make it easier to understand.
Chandresh Aharwar:
Yeah. Video is really great for quick & simple understanding. Great job by our design team.
Natasha (Bithumb admin):
Q2. What makes Unilend different from existing cryptocurrency money markets such as Compound, Aave, or Maker?
Chandresh Aharwar:
Yeah, well. They are not welcoming all tokens to DeFi, we are welcome. To share in more detail. 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 is bridging that gap by combining the decentralization aspect of enabling any ERC20 to be utilized as collateral for lending & borrowing whilst providing the flexibility for users to also trade their assets in-platform. The permissionless nature of UniLend is what makes us unique among DeFi platforms that provide decentralized borrowing or lending services. Current DeFi protocols offer support for around 30 assets, however UniLend will be able to provide all of the 6000+ Ethereum-based assets which currently exist with DeFi functionality. 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.
Natasha (Bithumb admin):
That’s a great approach.
Natasha (Bithumb admin):
Q3. You have said that any token can be listed on UniLend, so that means certain tokens listed on UniLend might not have any liquidity. Does the team think that might be an issue?
Chandresh Aharwar:
Great question. Let me explain this in detail. Some tokens will be more popular than others, and those tokens will naturally garner more liquidity. It is also possible that some tokens might not gain any popularity among traders, borrowers or lenders. However, that is not a problem to be dealt with, that is merely the free market at work. Free markets are highly competitive because of the sheer amount of projects competing for the users attention, and naturally the most popular projects will gather more liquidity while less popular projects won't gather nearly as much. There are many projects with Ethereum-based tokens which have high market caps and vibrant communities, which are currently excluded from DeFi. This includes tokens such as CRO, BNB, HT, OKB, LEO, MATIC, and many, many more. Holders of such tokens will no doubt appreciate the opportunity to take part in the DeFi ecosystem. Liquidity providers will be incentivised with a portion of the fees generated on the UniLend platform, as well as liquidity mining of our native UFT utility token. This will encourage the growth of a strong liquidity provider ecosystem.
Natasha (Bithumb admin):
Indeed.
Natasha (Bithumb admin):
Q4. You mentioned trading fees and liquidity mining of UFT tokens for liquidity providers, can you expand a bit more on that?
Chandresh Aharwar:
Yes, we have.
- Liquidity Mining
- Yield farming
Both the things for our protocol users. Let me explain in detail. 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. Firstly, 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. Also please join our channels for more information on UniLend
Telegram Announcement: @UniLendAnnouncement
UniLend Chat: @UniLendFinance
Twitter: https://twitter.com/UniLend_Finance
Natasha (Bithumb admin):
The media have recently been covering your successful fundraising rounds & the public sale is 300X oversubscribed. Congratulations on building so much support early on!
Chandresh Aharwar:
Yeah. It's been crazy.
Natasha (Bithumb admin):
Then our last question for you.
Natasha (Bithumb admin):
Q5. What are the next steps for UniLend?
Chandresh Aharwar:
We got huge traction on our public sale & multiple media houses also covered our fund raising news. Thank you! It was excellent to see our vision for a new era of inclusive DeFi resonate some of the highest calibre VCs and investors in the space. They will be assisting us on multiple fronts to generate awareness of UniLend globally and to ensure a healthy amount of platform liquidity from the start. The next major steps in UniLend’s journey are our public token distribution event and platform launch, which will both take place in October. We’re very excited to share more details on both fronts soon! The platform is looking awesome, our tech team is doing an excellent job. I wish I could reveal it now, but you’ll have to wait a little bit longer. Early community members will also get the chance to secure some UFT for their support, we’ll be releasing the details of this in the coming few days.
Natasha (Bithumb admin):
Thank you so much for sharing these useful info with us!
Chandresh Aharwar:
Thanks
Natasha (Bithumb admin):
Let’s move to the next section then. Ask UniLend anything you want to know about them, and they will choose 5 of these to answer.
Segment 2: Live Q&A Section
Q1. Do you have any new partneship recently? And what advantage of this partnership to the project?
Chandresh Aharwar:
Yeah, we have already partnered with Chainlink. They are the first we announced.
Q2. Unilend allows any ERC20 token to be used as collateral for lending and borrowing, but what multiple use cases will the $UFT token have? Will they be related to the governance and usefulness of the platform?
Chandresh Aharwar:
Yes. Multiple factors like base pair addition, asset delisting, collateralization ration etc.. Will be decided by governance. All $UFT holders will be able to participle in voting.
Q3. Security & User Interface are the Most Important Aspect that Users see on a platform. How has Your Project worked on this? Is Platform suitable for Newbies in the crypto field?
Chandresh Aharwar:
Yeah. We give utmost important to security. We recently also announced that our smart contract are audited by certik.
Q4. On moving forward through your roadmap, what are your most important next priorities/Milestone? Does Your Project have enough fundamental (Funds, Community, ect) to achieve those milestones?
Chandresh Aharwar:
Yeah. Our next major milestone is platform launch. It's going to be crazy. We have already completed most of the development foe initial version & have brainstormed some great ideas for upcoming versions too. Stay tuned. Thanks everyone for inviting & this awesome questions. Please feel free to join
Telegram Announcement: https://t.me/@UniLendAnnouncement
Chat: https://t.me/@UniLendFinance
Twitter: https://twitter.com/UniLend_Finance
Natasha (Bithumb admin):
Thank you all for your enthusiasm! Here comes an end of today’s AMA. Hope UniLend will achieve great success in the near future, good luck to you all.
