Hello folks!
On October 13, 2020, Unilend's founder and CEO, Chandresh Aharwar, participated in a live AMA session on Ama Room's Telegram (https://t.me/amaroom)
Here is a recap of this AMA.
Segment 1: Introdution and basic questions by admin
Eric (Ama Room admin):
Welcome @ChandreshAharwar - Thanks for taking the time! Lets kick it off with an introduction to your role at Unilend and your past career then the journey leading you to crypto.
Chandresh Aharwar:
Hey Eric!
Thanks a lot for inviting me for AMA. have heard a lot about your vibrant community.
Eric (Ama Room admin):
Thanks! Unilend is buzzing hard these days too
Chandresh Aharwar:
I have started my work in Blockchain long back from 2016 & majorly spent good 6 months in understanding how this space is setting up to revolutinize traditional finance.
In 2019, I joined Matic & have been leading their Marketing & strategy for more than 1 year till 2020.
I started working on UniLend in Mid 2020 along with my other 2 co-founders who have been working https://metatransact.com/ When we figured that the untapped market cap in DeFI is more than $29 Billion & solved how we can welcome every token to DeFi, I made the blog live.
and everything changed after that.
Thanks a lot to all the awesome community memebers who loved the idea so much & have been helping us a lot from initial stagesAll my hard work from last 1 year during Matic Time have been recognized well by everyone & it's great to contribute with https://unilend.finance/ to the blockchain ecosystem.
Eric (Ama Room admin):
Very strong background. So in your own words - What is Unilend.finance?
Chandresh Aharwar:
On my birthday, sharing Chandresh's #MaticNetwork story ??
I just found this message, if anyone would like to checkout in detail about my background: Think of UniLend like Uniswap, but with lending and borrowing services also added, that’s the simplest way to think of it. Uniswap allows permission less listing of every ERC-20 assets but doesn't capture the market of lending/borrowing. Compound, Aave & other platforms allows lending/borrowing but supports around 30 assets out of 6K+ assets. They are not able to allow all assets, as they are dependant on other Platforms for liquidations. Imagine UniLend like ( Uniswap + Compound/Aave).
We will have our on trading platform, which will help us with liquidations on our own platforms & hence it's much secure than other platforms in case of black swan events and thus we are welcomeing every token to DeFi ????
Eric (Ama Room admin):
Interesting. 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:
Introducing our DeFi Dissected article series: Highlighting the value UniLend is bringing to the DeFi revolution.
Our community has requested further clarification on UniLend’s strengths as a DeFi protocol, so that’s what we’re delivering! Get ready for a series outlining the differences between our protocol and other major DeFi players.
The goal is to show the cryptosphere why we will be a major contender, with more to offer than our competitors. UniLend is a unique protocol, built from the ground up, that is capable of truly revolutionizing DeFi thanks to our comprehensive DeFi functionality and permissionless listing model.
To start, we’ve released a comparison with Compound. We will release further comparisons moving forward. Stay tuned to our social media platforms as we gear up to launch the rest!
Read our first comparison here, UniLend vs. Compound:
https://unilend.medium.com/defi-dissected-a-simple-comparison-of-unilend-and-compound-2e00235bab92
This gives good idea for comparision with compound.
Like, I mentioned that all liquidations are happening on our own trading platform.
The lending/borrowing capacity is being derived from the liquidity available on our own platform.
It will never be an issue, as we will always have liquidity on our platform.
Eric (Ama Room admin):
Theres a token in the center called UFT what is its role in the protocol?
Chandresh Aharwar:
UFT ( UniLend Finance Token). UFT holders will have lot of advantages & utilities which will soon be released.
Also, UFT token will majorly be used for governance of our protocol.
Their are multiple factors like collateralization ratios, base pair additions etc.. which has to be decided by community. All $UFT holders will help in deciding all this factors. Also $UFT holders will also be at advantage in terms on liquidity mining & yield farming on our protocol.
Eric (Ama Room admin):
Very compelling. I am sure the community are ready to drop in their questions straight from twitter. Please allow everyone to post for 2-3 minutes then we will mute the group for u to reply Chandresh Aharwar.
Segment 2: Twitter questions
Q1. Can you tell us more about your partnership with CRYPTO LOCALLY? What do investors stand to benefit from this partnership?
Chandresh Aharwar:
Crypto Locally is a peer to peer platform, catering to users for asset swap.
They wanted to improve their offering with decentralized lending/borrowing also as one of the features & they are integrating UniLend for that.
As a decentralized protocol, we are open to all teams who want to integrate our platform & will keep on providing all tech related support.
There are some really cool updates coming on this in near future. Keep watching our announcement channel - https://t.me/UniLendAnnouncement Q2. What is the main differentiation of UniLend.Finance compared to other DeFi Projects and why do you think the project is unique enough to make a name for itself and shine above the rest? Thanks.
Chandresh Aharwar:
To answer this question, we have actually started DeFi Dissected series, which compares UniLend with major DeFi platforms.
To answer in short -
- We support permission-less listing ( supporting 6,000+ assets whereas other protocols support only less than 30)
- We are a one stop solution with Trading + Lending/Borrowing
you can read in details below articles for better understanding. It's ongoing series & we will keep on adding more comparisions. UniLend x Compound: https://unilend.medium.com/defi-dissected-a-simple-comparison-of-unilend-and-compound-2e00235bab92 UniLend x Maker: https://unilend.medium.com/defi-dissected-a-brief-comparison-of-unilend-and-maker-3d33c7332982 UniLend x Balancer
https://unilend.medium.com/defi-dissected-a-simple-comparison-of-unilend-and-balancer-4411fc766697 Q3. What is the interest rate received or payed by users when they unlock their tokens functionality for lending and borrowing?
Chandresh Aharwar:
This is based on free market & will be derived based on supply & demand, just like it works with other protocols like Compound etc..
Q4. Hope today you will be able to answer the most 2 related questions from the community!
1. Date of road map
2. Date of launching the platform.
I will be watching!
Thanks for your time and good luck today!
Chandresh Aharwar:
We are progressing step by step carefully on all fronts sir.
We are not in favour of releasing any half cooked information & will take our time before releasing any information.
Having said that, we are very close in terms of releasing our roadmap, won't be giving any dates though.
And your other question will be answered with roadmap release.
Q5. Will you implement non-crypto-natives and NFT into you ecosystem? How do you keep a balance between developing the technology and also improving the value of your token?
Chandresh Aharwar:
We do have some use cases around NFT, which our team is exploring currently. Once the concrete plan is in place, we will release more details around our NFT use cases.
Our platform growth & traction will keep on driving all other things along with it I beleive.
We have long way to go & this is just the start.
Q6. How come that there was an Initial Supply of 10,8M Token - initially there were 5M from Private Sale (25% of 20M Token) + 2M from Public Sale released ---> 7M Token ?
Rest: 3,8M (10,8M-7M) - are these 3,8M Token the initial part of the Token planned for: Ecosystem, Team, Marketing, Reserve, ... which will be released over time as shown in the "UFT Token Release Schedule"?
Chandresh Aharwar:
Please refer to token release schedule in this -
https://unilend.medium.com/announcing-the-unilend-uft-public-sale-interest-form-is-now-live-17e0cc6d7ad7 and yes. The other 3.8 Million tokens unlock is part of marketing, ecosystem etc.. which we are utillizing continuosly for making $UFT more available to larger community & reaching out to larger community for increasing our user base.
We also plan to start geography specific efforts shortly to keep on increasing our community
Q7. Many DeFi smart contracts have bugs & prone to security breaches. How secured is yours in UniLend Finance? Did you ever audit your smart contracts code?
Chandresh Aharwar:
Yes. Security is the most important part for us.
While releasing the token, we have done the audit through certik already & we plan to have multiple audits for our platform also before releasing it.
We also plan to run bug bounty campaign for making sure our protocol is safe & secure before releasing to community
Q8. How does Unilend address if there is some problem like an investor who did not pay his loan for how many months or years in your platfom? What is your action with regards to this situations?
Chandresh Aharwar:
For any loan token, you have to provide collateral which is generally of more value.
In any case, when collateral is becoming less worth of loan, liquidations happen & everything is settled
Q9. How will your team ensure that Unilend remains the top platform and keep pace ahead of your competitors, in the next 5 years and beyond?
Chandresh Aharwar:
Well, for the starter, what we are offering, no one else is working on that currently.
So, we don't have any competitions in the market & we plan to keep ourselves well versed with all upcoming updates in the ecosystem
Segment 3: TG live questions
Q1. Can you share some screnshots of the UI of the product?
Chandresh Aharwar:
I can share the rejected version. This was the first version received
Eric (Ama Room admin):
haha, thats ok. a visual idea would b very illuminating.
Chandresh Aharwar:
We want to keep it as simple as possible.
Eric (Ama Room admin):
yes. thats good. i like the design of the website
Q2. Will there be different interest rate choices like what AAVE has with stable interest rates and variable interest rates?
Chandresh Aharwar:
Yes
Q3. Do you have any plans using layer 2 solutions with the protocol down the road, such as teaming up with Matic? ;)
Chandresh Aharwar:
We have not decided on layer 2 strategy yet & currently focused on getting traction on ethereum currently.
Q4. Chandresh Aharwar will you be partnering with wallet like Frontier or instadapp?
Chandresh Aharwar:
Frontier will support our protocol from day 1.
Eric (Ama Room admin):
heheh. rekt
I think that wraps up our AMA wuth Unilend. Chandresh Aharwar Please invite everyone to ask more questions on your official tG and follow ur official twitter account and medium
Chandresh Aharwar:
Join us on social media:
Telegram community / Announcements channel / Twitter / UniLend Finance Official Community UniLend protocol is working to create a new niche in the market which has been neglected and untapped by current solutions in the DeFi space.
Feel free to join our social for any other queies or our upcoming updates. Thanks for such a wonderful AMA. Loved your community.
Eric (Ama Room admin):
Thanks for sharing stuff about Unilend! Very much looking forward to it.
