UniLend Finance was invited to participate in an AMA session on April 27th on the BearKingGroup TG channel (https://t.me/bearking_group) and Ayush Garg, UniLend's marketing & ops leading were in this session. Below a recap of this event.
Segment 1: Introduction and basic questions
Hello, welcome to BEAR kING BKG, nice to meet you here.
Same here. Super excited for this AMA.
Q1. What is UniLend for our audience members who don’t already know? Can you please give us a brief overview? And while you're making introductions, can you please also introduce yourself and tell us what inspired this concept?
Let me 1st Introduce myself. I am from a Computer Science background with experience working at companies like Uber and Box8. I have also worked with the startup Oasis — Initiated by IIM Ahmedabad and Rajasthan Government.I have been part of the Crypto space since early 2017. At UniLend I lead Marketing and Operations. In regards to your question, UniLend is a comprehensive DeFi protocol with the mission to unlock the true potential of decentralized finance. The concept for UniLend came from the simple idea of allowing every token to access DeFi. Essentially, UniLend Finance will offer every DeFi capability imaginable for any ERC20 asset, including the $29B+ of assets which are currently excluded from DeFi. I have heard people say UniLend is like a combination of Uniswap and Aave. That’s one way to think of our protocol. In addition to an intuitive UI, our team has recently introduced our Permissionless Flash Loan product, which is launching on March 30th. I’m sure we’ll highlight our products a little today so stay tuned! You can see that we have already 3 token for staking, and we are enabling Flash loans over the locked tokens. Today we have CyberFi listing on UniLend. You can earn Airdrop and Rewards, when you Lend your tokens! We recently Airdropped $10,000 worth of Oddz tokens to the stakers.
We encourage everyone to look over our links to better familiarize themselves with any further questions they may have about UniLend Finance.
Sound great, thank you for the brief introduction. Alright, for a more detailed understanding of the Unilend Finance , we will move on to the next question. Q2. What kinds of challenges or hurdles have you run into along the way? Also can you expand on some of the major updates that UniLend is bringing to the table in the short-term?
To be fair, we are trying to do what is not done before, our efforts goes a lot into looking for scenarios that we can not even imagine in current Defi World. I mean look at the FlashLoans for Tokens like $UFT $ODDZ, $CFI. It was impossible before, now that we are enabling this, we are opening newer opportunities in Defi. I think everyone should be excited about our new flash loans product and the tokens which we will bring. This isn’t just another flash loan product to add to the market though. Our iteration is very competitive being that it will be nearly 3x more gas and cost efficient than the current leading solution. In addition, our flash loan product will be permissionless, which means we’ll be tapping into a much larger and unexplored market. Please watch this video to understand the Flash Loans Better.
Q3. This all sounds really exciting. One question about security - how can users be sure they are safe while using your protocol? Is it audited?
Great question. I would say we are much more secure than other money market protocols. For instance, current protocols are dependent on other DEXs like Uniswap etc. for liquidations (which is a major concern for adding illiquid &/or volatile assets). Nobody has any sort of control on these DEXs, whereas in the case of UniLend, we are deriving the lending/borrowing capacity of assets based on the liquidity available on our trading platform. Hence, we are not dependent on any other protocol for liquidation & everything is handled within the UniLend ecosystem. The problem we are solving is quite large and catering to it requires a complete ecosystem. Progress on this front is going strong. Maximum security is a key priority of UniLend Finance. We’re picking up where key DeFi protocols like Uniswap left off and continuing the development of the decentralized finance revolution. Also we recently completed an extensive audit with Certik, they vigorously audited our smart contracts and we can now say we’ve passed inspection. We know that some of you may not know who Certik is, they’re best-in-class within our industry and for various other technology spaces. Their team heils from academia to enterprise to ensure the correctness and security of blockchain projects. Our community can now rest assured that they’re in safe hands. Everyone please stay tuned to our announcement channel, this is where you can find our team updates. https://t.me/UniLendAnnouncement
Q4. Okay, so the community is safe., that’s great to hear. I’m sure everyone was excited to hear the audit went well. So UniLend has made some really big announcements already in 2021. What would you say is the single most important development to come out this year?
Our 2021 Bigshot announcements are not even started yet, but we don’t believe that any of our updates are necessarily more important than the others. Each and every update we bring to the table is hard hitting and valuable for the future of DeFi. The Major 2 product updates have been the Initium and our Flash Loans. Recently we also announced that UniLend’s flash loans will be the first ever flash loan product to deploy to the Binance Smart Chain. This cross-chain expansion should open many doors that haven’t even come into existence yet. It’s wild to think any BNB, BUSD and BEP-20 token holder will now be able to utilize their assets for decentralized trading, lending, borrowing, flash loans, yield farming and much more using UniLend. This is entirely revolutionary! To clarify, UniLend’s flash loan product and mainnet have already launched on the Ethereum mainchain. Though many of the updates we’ve talked about today will go live on the Binance Smart Chain very soon. t’s obvious that it’s hard to choose between the partnerships and the technical headway we’ve announced since the beginning of the year. If our communities want to continue staying in the know, they can join our daily conversations in our Telegram community. Telegram: https://t.me/UniLendFinance
Q5. Awesome, I can tell your team has been working very hard. So let’s talk about UFT, how will your guys' token play into all the buzz that’s surmounting?
This is a really great question. There are so many points we can bring up. We’ll try to keep this short and concise though. The most recent UFT update was within our flash loans announcements. UFT is the first token that allows users to stake their tokens whilst providing liquidity for the protocols Flash Loans feature. This is a major utility for UFT, which is already creating a great demand for our token. In addition, stakers have already started receiving airdrops and there will more than likely be plenty more to come in the future. Stakers are currently receiving 11% APY just for holding UFT in our Certik certified staking contracts. We're so pleased to see our community rallying around us with nearly 2.8 million UFT currently staked. One of the most important factors that UFT stakers will enjoy is the self-sustaining aspect of UniLend’s staking. The Flash Loans will generate income through fees and 70% of the income generated by UniLend’s Flash Loans will go towards providing staking rewards for UniLend stakers. A great part about the staking rewards from UniLend’s Flash Loans is that they will be entirely non-inflationary. https://t.me/UniLendAnnouncement/228 Furthermore, UFT is our governance token. This functionality is coming next quarter, so in other words, governance is coming soon to UniLend Finance. In addition, UFT will be tied into our ecosystem through the UniLend Ecosystem Fund, Meta Transactions and many collaborations we’ve already announced and for partnerships still yet to be disclosed. Also, through various partnerships, UFT holders will gain access to other platforms for yield maximizing opportunities and cross-chain DeFi strategies. We recently partnered with Oddz, they will provide Leverage trading on UniLend.
You guys have a really packed DeFi roadmap, congratulations with all the success that you have garnered so quickly.
Segment 2: Live questions
Q1. Many projects have problems with UI / UX and this one turns off new users. How do you plan to improve the interaction with new users and with users outside the crypto space?
We have a very simple and intuitive UI to begin with. As things will get added and get more and more function rich, the simplicity of the UI and the UX will be understood. We have a team of expert designers and for every product we do A/B testing to make sure we are providing a quality product and amazing experience to our users. The Current Staking Dashboard is a Beta version on mainnet and we are upgrading it very quickly. I believe when we have more than 10 tokens, we will release a new version of UI too.
Q2. Collaboration and partnerships are one of the cornerstones to making DeFi more widespread, Can you share some of the partnerships you have formed with existing blockchain foundations recently?
Yes, for us collaboration are very important. We have done a great job till now to get prestigious names of Crypto to join UniLend Ecosystem, and most of them are going to start with us from Flash Loans itself.
Q3. I would like to have a long term investment with your project but at the moment I have doubts, how can you convince and convince me that this project is very promising?
Well you have to check our developments, our team and the pitch that we have. Candresh Aharwar, our CEO and Co Founder, is ex Polygon. He was the VP of strategy and marketing, our other founder Tarun Malik and Suryansh have been awesome product people. We have a team of dedicated and skilled members. We are well known in Indian Crypto space and very active. And the vision of UniLend is to be the go to platform for Defi
Q4. Does saying "Any ERC20 token can be listed without any entity controlling the listing process" mean that we can negotiate with any new token within Unilend?
We have the vision to have a permissionless ecosystem, which is completely decentralised, so in order to achieve that, the listing also needs no permissions, we will give up all the governance slowly to community. Currently oue project is still permissionless but the listing part is handled by the team, we are providing our partners opportunity to be the first moves, We are giving them a UniLend Boost, without any fee. They just provide the rewards and airdrop to the community.
Q5. For projects, community factors contribute to the success of the project, so does PROJECT have long-term community development plans?
We have one of the best community manager Vishal Kothari as our Community Lead. Under his leadership, we have launched 3 communities and now we aim to launch more than 5 new communities in this quarter. Our next community is going to be a Korean Community very soon, Also our global community is expanding rapidly, here are the link to all our official Regional communities: Vietnam - https://t.me/UniLend_Vietnam
Indonesia - https://t.me/UniLend_Indonesia
Nigeria - https://t.me/UniLend_Nigeria
Q6. There are 3 core issues prevalent in crypto and blockchain: Security, Interoperability, and Scalability. How does Your Project plan to overcome these issues?
Security we have already discussed, our product is Certik certified. https://t.me/UniLendAnnouncement/231
We are also looking for synergies with other layer 2 and layer 1 solutions where we can expand too. And scalability is something we intuitively keep in the DNA of UniLend. So our contracts are very inclusive, we can support all kind of tokens, including elastic tokens and derivates or mirror tokens.
Q7. Which exchanges can you share UFT is currently traded on?
UniLend is listed on Binance with BUSD and ETH pair. Also we are listed on Gate.io, MXC, WazirX, Bithumb Global, Bilaxy. Also you can trade UFT on DEX like uniswap and balancer. https://www.coingecko.com/en/coins/unilend-finance#markets
Thank you for accepting your invitation to join the AMA session with us
It was great to join here.