Hi Folks!
Another UniLend's AMA event! UniLend Finance participated in an AMA session on March 29th on the Blockchain Space TG channel (https://t.me/blockchainspace) and Vishal Kotahri, UniLend's community lead and Ayush Garg, UniLend's marketing & ops leading were in this session. Below a recap of this event.
Segment 1: Introduction and basic questions
BlockchainSpace:
Welcome to the Blockchain Space community.
Ayush Garg:
Thank you for inviting us for the AMA here.
Vishal Kothari:
Hey, Thanks for inviting us.
BlockchainSpace:
Introduce yourself and UniLend Finance project to the community?
Vishal Kothari:
I started my career in Computer Education, back in 1998. I worked for various IT related businesses and finally realised Cryptocurrency was the path I was most passionate about. Obviously, like everyone else, I started studying and researching crypto heavily. I was fortunate to get into crypto back in 2014. I then became an ambassador in 2019 for several key crypto projects which ultimately led me to joining up with the UniLend team as the official Community Lead.
Ayush Garg:
I am from a Computer Science background with experience working at companies like Uber and Box8. I have been part of the Crypto space since early 2017. I have also worked with the startup Oasis?—?Initiated by IIM Ahmedabad and Rajasthan Government. I have been part of UniLend’s team since the launch as a lead in 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 $30B+ of assets which are currently excluded from DeFi. In order to achieve that we have done some major partnerships.
We encourage everyone to look over our links to better familiarize themselves with any further questions they may have about UniLend Finance.
Website: https://www.UniLend.finance
App: https://app.unilend.finance/
Litepaper: https://unilend.finance/docs/unilend_lightpaper.pdf
Telegram: https://t.me/UniLendFinance
Twitter: https://twitter.com/UniLend_Finance
Reddit: https://www.reddit.com/r/UniLend/
Linkedin: https://www.linkedin.com/company/unilend-finance/
Facebook: https://www.facebook.com/UniLendFinanceOfficial/
Medium: https://unilend.medium.com/
Everyone is excited about our product going live with Permission Less staking and Gas Efficient Flash Loans going to be live on mainnet tomorrow!
BlockchainSpace:
What makes UniLend Finance different to other DeFi protocols that are already in existence?
Ayush Garg:
So as I said earlier, we are here for revotionalising the Defi space where currently only handful of tokens are participating in the real business use cases. None of the platform lets lending borrowing and staking occur permissionlessly (some do, but they dont have a real business use for those locked token). We are taking the movement ahead from where Uniswap brought it to. With our protocol, we are starting an era of inclusive DeFi. All our products will be permissionless, will support all the type of tokens(elastic supply, derivates and so on). And with recent development where we stated that we are expanding to BSC, we aim to be multi chain too.
https://t.me/UniLendAnnouncement/223
BlockchainSpace:
What are the requirements needed to make use of UniLend Finance lending and borrowing services?
Ayush Garg:
I believe everyone who is in crypto as this stage holds some or other value token for long term(apart from Eth, wbtc etc). Currently you can lock them in LP mining pools and earn some APY out of it. But its just one use case, lets say if some want some extra cash, and dont want to sell their dear moon token. There is no platform which does that. You can lend Eth on many platform, but you can’t lend and borrow more than 50+ tokens in top 100. The Defi we know in current form is filled with gates, we want to remove them, with out permissionless true defi products.
Segment 2: Bitcointalk questions
Q1. Just one more day left to the most. anticipated Product Launch on Mainnet, can you tell us what to expect as $UFT holders on 30th March?
Ayush Garg:
I can see everyone wants to know about mainnet! $UFT HODLERS can now stake their tokens in our Flash Loans pool and earn rewards from that. Apart from that, they will earn 70% of the Flash Loans also. And and and, the airdrop feature will enable anyone airdrop some tokens to the pools, so who knows how many UFTs you can earn in just the drops ??
Q2. How will Unilend Flash-Loans be more cost efficient and advantageous compared to current alternatives?
Vishal Kothari:
Our Flash Loans are cost efficient in both manners.
- Cost of the gas fees compared to existing leading flash loan providers
- Fees of the Flash loans
for more details community can go through our medium blog explaining the scenario of the detailed comparison ??
https://unilend.medium.com/unilends-flash-loans-are-3x-more-cost-efficient-than-other-popular-protocols-like-aave-b42e6c6e8789
Segment 3: Twitter questions
Q1. You developed interest in becoming a multi-chain protocol by expanding to BSC, while still supporting Ethereum, are you also considering supporting chains like Polkadot, HECO and the likes to enable me the freedom to utilize my assets for decentralized trading, lending, borrowing, and much more using UniLend?
Ayush Garg:
We are not limited to BSC or ETH for sure, we are planning to move to other chains or layer 2. But that we will announce later. Again all our products on ETH will be live on BSC too. Nothing more can be said about it now!
Q2. Can you tell us what is the main focus and priority of Unilend this year? What are the plans to boost the value of $UFT in the market?
Ayush Garg:
Our focus currently on the use of staking pools and flash loans. We anticipate that due to less fee and being gas efficient, our flash loans will see a rapid growth in coming weeks providing all the stakers great benefits. Apart from this we are not very far from our Flagship Lending and Borrowing product too. Once dust settles for mainnet, you will hear about that too from us. All these activities and our product will help in getting more value to the UFT token in future.
Q3. Regarding partnerships and collaboration, i see you not stopping, new and exciting partnerships announced every week and more in the future, but I’m more interested in the partnership with Mirror protocol that was announced in January, because mAssets are significantly less volatile than crypto assets, when will users be able to lend and borrow Google, Amazon, and Tesla stock on the Unilend platform, when should we expect this integration?
Ayush Garg:
Yes, our partnership with Mirror is being celebrated greatly because for the 1st time, you can hold, Tesla, Amazon, Alphabate and other major stock’s mirror tokens in our pools. Also you can lend and borrow with these token without any need to sell them.
We also have gold, silver, oil etc derivative with Fantom. So we are brining real world utilities to our permissionless ecosystem.
https://t.me/UniLendAnnouncement/141
Segment 4: Live questions
Q1. How do you plan to spread awareness about your project in countries/regions where English is not spoken well like Indonesia, Vietnam, India, Bangladesh and Iran, do you have local communities for them to make them better understand about your project?
Vishal Kothari:
Great question. Yes we already announced our 3 regional communities:
- Indonesia ????: https://t.me/UniLend_Indonesia
- Vietnam ????: https://t.me/UniLend_Vietnam
- Nigeria ???? : https://t.me/UniLend_Nigeria
Also we are bringing more regional communities so the users from different geographic can have ease of communication with the team through the regional community. For more to know about our upcoming regional communities keep eyes at our announcement channel
Q2. On which CEX or DEX can we buy and trade $UFT, will you collaborate with exchanges like BINANCE for your staking program?
Ayush Garg:
You can find this info on coingecko. We are listed on Binance so CEX is that and on Uniswap you can find us.
Q3. Are you planning to Burn / Buyback UFT Tokens to increase their value and What is your Utility Token in the ecosystem?
Ayush Garg:
Yes, we will be buying back UFT from market. 30% of the flash loans fees will go into that and we will then burn those UFTs
https://t.me/UniLendAnnouncement/228
Q4. As a community driven project and me a developer am interested in contributing to the project, do you have such programs?
Ayush Garg:
We are planning to introduce bug bounties on our mainnet flagship product. Also we encourage everyone to build tools on our protocol. Cyberfi is one such project. Our repositories are open source and can be found on Github.
Q5. How can users stay updated with this project? Are there channels, including local communities where users can get the latest updates?
Ayush Garg:
Announcement channel.
https://t.me/UniLendAnnouncement
Q6. Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Ayush Garg:
Yes, we will be launching permission less governance where holders can participate in various governance aspects of the protocol. They can even take decisions related to future developments. We will be slowly giving up control completely to the community via UFT tokens
Q7. Where is the roadmap for this year? Can you share with us your main priority for this year and do you have plan to list on big exchange?
Vishal Kothari:
We are already listed on World’s biggest exchange Binance:
https://www.binance.com/en/support/announcement/5e90d04a95994f768f411d08bfbd181e
Our major priority right now is on the releasing our Flash Loans Mainnet so that early $UFT stakers have great benefit of it by getting the staking rewards as well as 70% of the portion of the flash loans fees will be also rewarded to the stakers and remaining 30% of the flash loans fees will be used to buy $UFT from market and burn it to making $UFT a deflationary token while rewarding UFT Stakers. Read more :
https://unilend.medium.com/uft-token-burn-30-of-protocol-flash-loans-fees-will-be-used-to-acquire-burn-uft-upon-our-bdc382b6e4a5
Q8. Anyone can list their erc-20 token on unilend, why do they only allow tokens from the Etheruem network? Does unilend have a filter or way to determine if the tokens to be listed are reliable and of value ?
Ayush Garg:
We are based on ethereum but now any BEP20 will also we able to list tokens!
Vishal Kothari:
We are bringing Binance Smart Chain along with Ethereum Chain you can read more about it ??
https://unilend.medium.com/unilend-to-launch-on-binance-smart-chain-unlocking-the-true-potential-of-defi-on-bsc-6b7605081368
BlockchainSpace:
Thank you Ayush/Vishal, for honoring the request.
Vishal Kothari:
Thanks for inviting us here.... Awesome community for sure.
Ayush Garg:
Superb! Please join our community if you still have questions, our team will help you out.
