Hello friends!
On 19th of October 2020, Unilend's Founder & CEO, Chandresh Aharwar, participated in another AMA with Bithumb Russia (https://t.me/bithumbglobal_RUS), and here is a recap of this live session.
Segment 1: Bithumb Russia Questions
Bella (Bithumb Russia admin):
We are excited to have AMA meeting with very popular project @UniLendFinance today! Let's welcome our dear guest Chandresh Aharwar, the founder and CEO @UniLendFinance!
Chandresh Aharwar:
Hi Everyone
Bella (Bithumb Russia admin):
Hi,Chandresh Aharwar,so glad to see you here. Let's begin the business today, can i ask you some questions?
Chandresh Aharwar:
sure
Bella (Bithumb Russia admin):
So the first question, pf course we want to know more about project.
Bella (Bithumb Russia admin):
Q1. Can you please give us an overview of UniLend and your mission
Chandresh Aharwar:
Yeah. So, in simple terms 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. Our explainer video here introduces the concepts of UniLend in an easily digestible way, in case anyone needs more clarification:
We are listed on coingecko too:
Bella (Bithumb Russia admin):
Cool! Now we know more about your amazing project. so we can turn to 2nd question.
Bella (Bithumb Russia admin):
Q2. What makes Unilend different from existing cryptocurrency money markets such as Compound, Aave, or Maker?
Chandresh Aharwar:
Great question. Well, they don't support all ERC20 assets and 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 & orrowing whilst providing the flexibility for users to also trade their assets in-platform, as explained above. 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.
Bella (Bithumb Russia admin):
So the third question is 3) That’s a great approach. You have said that any token can be listed on UniLend, so that means certain tokens listed on UniLend might not have any liquidity.
Bella (Bithumb Russia admin):
Q3. Does the team think that might be an issue?
Chandresh Aharwar:
Not really, that's what we are solving.
Yes, it is true that 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.
Segment 2: Twitter Questions
Bella (Bithumb Russia admin):
We have picked up 3 most interesting questions from twitter, there were many questions, we want to appriciate aall our dear users for supporting.
Chandresh Aharwar:
Yeah. Love the questions from community
Bella (Bithumb Russia admin):
So the first question from twitter for you.
Bella (Bithumb Russia admin):
Q1. What types of businesses are listed within Unilend? Will you focus on a specific area, or will you all have the opportunity to be part of this promising platform?
Chandresh Aharwar:
Great question.
Like mentioned, current platforms support limited assets, we want to support all ERc20 assets for lending/borrowing in permission-less way so, to answer this questions. all ERC20 assets will be able to list on our platform & that's the $29 Billion untapped market cap we are targeting currently.
🥳 A sneak peek into our launch journey! 🥳
Here's how our vision to bringing every token to DeFi ecosystem resonated with Everyone:
Our journey has also been going great till now.
Bella (Bithumb Russia admin):
Q2. Adoption is one of the important factors that all projects need to focus on to become more attractive to investors. What is Unilend Finance plan to adopt more adoptions?
Chandresh Aharwar:
Yeah, right. Adoption is very important. That's the main reason we have already started reaching out projects, and more than 30 projects are already interested in bootstrapping the liquidity & unlocking the feature of lending/borrowing for their ERC20 assets.
Bella (Bithumb Russia admin):
Thank you for your perfect answer, so let's ask the last question from twitter.
Bella (Bithumb Russia admin):
Q3. As i see, UFT is the native token of Unilend Protocol. But could you explain what's the main Use & advantages of holding UFT tokens? Which types of Services are offered by Unilend Protocol to UFT Holders?
Chandresh Aharwar:
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.
So, to answer in simple terms
- Liquidity Mining
- Yield farming
& UFT holders can participate in governance system to We are also partnering with multiple projects to add more utilities for $UFT.
Segment 2: Telegram Questions
Bella (Bithumb Russia admin):
We know more about the project now, really good chance to know the project from all sides and for our dear users,you can ask more here in chat, so we will open chat for our dear users, ask any question you want.
You can choose 7 questions to answer from our users).
Chandresh Aharwar:
Before starting to answer questions, sharing more details about UniLend to answer the general questions.
Official UniLend Social Media:
Telegram Community
Medium
Official YouTube
Sapian Tribe
Steemit Community
Hive Community
What is UniLend?
UniLend is a permission-less decentralized DeFi protocol that combines spot trading services and money markets with lending and borrowing services through smart contracts. In the money markets, the interest rates and collateralization ratio are based on supply, demand, and other market forces and borrowing limits are decided by liquidity in the trading pairs.
The integrated smart contract for both features of the protocol allows both trading & DeFi capabilities to co-exist within the same protocol. This solves the liquidity and liquidation issue which has been limiting the growth of DeFi adoption to a broader market.
Here is all our official Links:
UniLend Website
UniLend Twitter
UniLend Whitepaper
Unilend Telegram Official Announcement Channel
————————————————————————
🥇 TOKEN INFORMATION
Ticker: UFT
Token Type: ERC20 Ethereum
Token Supply: 100,000,000 UFT
Circulating Supply : 10,800,000 UFT (10.8%)
————————————————————————
Where to trade UFT ?
#DEX
UniswapProtocol
BalancerLabs
SushiSwap
Other Exchanges
Bithumb Global Exchange - UFT/USDT
MXC Exchange -UFT/USDT
CoinDCX Exchange - UFT/USDT
Bilaxy Exchange - UFT/ETH
Knowledge Base :
CoinMarketCap
CoinGecko
Blockfolio
Delta
Feel ree to talk about price : Price Channel (Unofficial)
Bella (Bithumb Russia admin):
So you can choose 7 questions to answer. So many good questions.
Q1. What plans do you have to grow rapidly in terms of users, global market and partners? What are your strategies in building a big and strong community?
Chandresh Aharwar:
From the stage of fundraising we have been focusing on the community & global expansion. We made sure to choose investors to cover all geographies where they will be helping us to do marketing. Our community has grown from 4k to 12k members in a single day when we launched our public sale.
We will keep working on the community front to gain more traction continuosly all over the globe.
Q2. What are the ways that Unilend generates profits/revenue to maintain your project and what is its revenue model? How can it make benefit win-win to both investor and your project?
Chandresh Aharwar:
So, our platform is more focused on generating profits for our platform users. Main reasons, we have introduces liquidity mining, yield farming in our protocol. Thus it is a win win for both project & its users & all $UFT holders.
Q3. I understand that Unilend emphasizes ERC20 tokens, because most projects use this chain, but with this protocol, can tokens from other chains such as EOS, Tron or XLM be used?
Chandresh Aharwar:
Currently we are more focused on getting traction on the ethereum chain as their is the maximum liquidity currently. But, we are also continuosly exploring the possibilities of adding other chains like Polkadot & Binance smart chain.
Q4. Does UNiland Finance Network currently have alliances with other exchanges in the market? Are more alliances coming in the near future? Are you currently working on one?
Chandresh Aharwar:
Yes. We have already provided liquidity on 3 Major DEXes including Uniswap, sushiswap & Balancer protocol. We are also already listed on major exchanges like Bithumb Global, MXC, Coindcx, Bilaxy etc.. And we continuosly exploring more possibilities of trading $UFT for users. Also on partnership front, we are collaborating with multiple partners to gain more traction overall & keep growing our ecosystem
Q5. Anybody will be able to list any ERC20 token without any entity controlling the listing process, making UniLend’s features accessible to every token. That means that scam tokens can be listrd without any restriction? How can users feel secure while trading any asset on UniLend?
Chandresh Aharwar:
Just like uniswap provides the ability for trading any ERC20 asset in permission - less way, we are also adding the possibility of lending/borrowing to that. It's for free markets to decide just like on uniswap that which tokens will get how much traction.
Q6. I support Chandresh Aharwar. How does Unilend governance work? is it based on 1 token 1 vote? 1 address 1 vote? Can you explain these aspects a bit?
Chandresh Aharwar:
Governance will be based on the amount of tokens users hold. So, if you hold more tokens, you will have more say in decisions being made in UniLend protocol.
Bella (Bithumb Russia admin):
I think one question more. The guys,whose questions are chosen,are so lucky.
Q7. Can you briefly explain how the Top milestones that the UniLend Finance team aims to execute before the end of this year or going to execute in future, will help them succeed and What UniLend Finance may look like in 2020 and beyond ?
Chandresh Aharwar:
We plan to launch our MVP this year & add multiple utilities for $UFT holders.
If you hold $UFT, you should be able to have multiple incentivies with it. That's what we plan to focus this year apart from welcoming more & more partners to our ecosystem.
Bella (Bithumb Russia admin):
So that are your 7 questions,yes?
Chandresh Aharwar:
Thanks a lot everyone for such an awesome AMA.
Bella (Bithumb Russia admin):
So perfect answers.
Bella (Bithumb Russia admin):
The AMA session with @UniLendFinance has come to the end.
We’re greatly astonished having well-articulated great inputs AMA session with founder and CEO of @UniLendFinance Chandresh Aharwar! Thank you so much!
Also, we are incredibly excited about the teaming supports and enthusiasm showed towards the course of the AMA's session with @UniLendFinance's team by all our esteemed community members.
Chandresh Aharwar:
Please feel free to join our community for any further questions. You guys are awesome.
Bella (Bithumb Russia admin):
Thank you so much! Success in future!
