Hi Folks!
On April 1st, UniLend Finance participated in an AMA session on the Capital Blockchain TG channel (https://t.me/capitalblockchainx) and Ayush Garg, UniLend's marketing & ops leading was in this session. Below a recap of this event.
Segment 1: Introduction and basic questions
CapitalBlockchain:
Hello @ayushgrg Welcome to Our Capital Blockchain Community!
Ayush Garg:
Thanks for inviting me for the AMA in your community!
CapitalBlockchain:
Kindly Give Us Brief introduction About Yourself And The Team?
Ayush Garg:
I am from Computer Science background and have 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. I joined UniLend in its early days and things have gone crazy since then. I manage the operations and marketing for UniLend and also strategic partnerships. We recently launched our 1st product live on Ethereum on mainnet https://app.unilend.finance/ Please check this out. 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. We are also expanding to BINANCE Smart Chain. 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. I’m sure we’ll highlight our products a little today so stay tuned! For those who want to see the live code, please check this https://t.me/UniLendAnnouncement/241 I believe everyone should watch this video to know what flash loans are:
CapitalBlockchain:
What is UniLend Finance..? Can you explain in more details..?
Ayush Garg:
I kinda explained it, but to reiterate few points. UniLend Finance is a platform for Staking, Lending, Borrowing, Trading, All in One And much like Uniswap, we will be having a permissionless approach, where you can come and list any token for any of the services. We started with $UFT our token as staking and got $5 million dollar value locked already with $300k in rewards. https://t.me/UniLendAnnouncement/239 We are also doing an airdrop of 10000 UFT.
CapitalBlockchain:
Thank you, Can you please tell us a bit about $UFT token...? , What are your plans for 2021?
Ayush Garg:
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 users can stake liquidity for to enable flash loans. This is a major utility for UFT, which will create a great demand for our token. 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 think holding UFT will give access to many utilities not yet imagined. But thats not all, we will be buying back $UFT tokens with 30% of the flash loans fee we collect. And will burn them. https://t.me/UniLendAnnouncement/228
CapitalBlockchain:
What things have been implemented during the last months of UniLend Finance development?
Ayush Garg:
We have launched our Flash Loans and Staking on Ethereum Mainnet. Also we have announced the expansion to BSC. What you will see it that a lot of tokens coming to our platform from next week. You can stake your favourite tokens to earn rewards and airdrops. Also a lot of new IDO projects are coming which may have huge pumping potential. https://t.me/UniLendAnnouncement Keep an eye here.
Segment 2: Twitter questions
Q1. UniLend Finance will aim to support any kind of assets, which is a huge goal. What is measurement will you implementing to avoid scam assets infiltrating Unilend Finance system?
Ayush Garg:
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. https://t.me/UniLendAnnouncement/231
Q2. Could You Tell Us More About The Latest Updates To the UNILEND The New partnerships That Will Lead You To Success?
Ayush Garg:
Another great one! We have forged major partnerships with project like Fantom, Injective, Stafi, Mirror and so on. We will be enabling their innovative tokens for lending and borrowing. and also a lot of them will be starting Flash Loans on UniLend with staking pools. This image shows better!
Q3. What is your personal passion about this project? What will this mean to you when we succeed?
Ayush Garg:
I personally believe in the vision and the mission of UniLend. And it is a very simple objective, since the beginning of Crypto it was always the decentralised word that was given the most emphasis. But them we only had centralised exchanges. This broke with Uniswap for the 1st time. WQ4. e are not taking it further with allowing all the Defi activities for all the tokens permissionlessly. Our ecosystem image shows how many projects believe in what we are doing and I feel everyone who is part of crypto will resonate with my thoughts here.
Q4. How will you encourage your investors to hold $UFT tokens in the long term? To protect the price and supply of $UFT coins and What is your strategy to make the $UFT token more valuable?
Ayush Garg:
As I already explained above about the power of UFT on our platform, UFT will be the fuel of our ecosystem and all the governance will be driven through it. So anyone who understand the ecosystem and believes in growth will associate the value with $UFT. And we estimate to burn millions of worth of tokens each year, which will result in scarcity as total supply is fixed.
Q5. Do you have any plans to burn more tokens in the future to reduce the supply of tokens and increase their investment attractiveness?
Ayush Garg:
Haha. Just answered. https://t.me/UniLendAnnouncement/228
Segment 3: Live questions
Q1. In my opinion, only getting investors and holders are not sufficient. A project needs to solve a real world issue or a real world problem. What plans do you have plans with them?
Ayush Garg:
True, a lot of projects provide APR with pocket burn. We are not doing that, our stakers will earn from a real business we are creating via Flash Loans.
Q2. How is UNILEND development going? Can you describe in detail current development efforts, market expansion plans, expected applications, and when will they become commercially available?
Ayush Garg:
We have finished all the work related to Flash Loans and staking. We will launching a grant soon for users to test out flash for multiple tokens. Also we are working on some community feedback we got for UI. Our major focus now is to get our Flagship lending and borrowing product. But we have a very special surprise coming for everyone as some other development is also done. Github https://github.com/UniLend Check this out for regular update.
Q3. What measures UniLend have taken to prevent DEFI hacks?
Ayush Garg:
If you look at hacks, there are many vulnerabilities which projects have to leave to ensure the functioning. Like all major lending platforms have to rely on Dex for liquidations, we have our own integrated DEX so we have water proof there. Also our flash loans are secure too as we have been certified by industry,s biggest security authenticator, Certik.
CapitalBlockchain:
Thank you so Much @ayushgrg,That's all for today's AMA. We are so glad to have you here with us!:bulb:
Please Drop Every Useful link To The UniLend Project As Well Infographics So We Can Follow Up On The Project.
Ayush Garg:
It was an amazing session here. Please join:
Telegram: https://t.me/UniLendFinance
Twitter: https://twitter.com/UniLend_Finance
Announcement: https://t.me/UniLendAnnouncement Indonesia ????: https://t.me/UniLend_Indonesia
Vietnam ????: https://t.me/UniLend_Vietnam
Nigeria ???? : https://t.me/UniLend_Nigeria We have many airdrops coming for $UFT staking. Stake $UFT on app.unilend.finance
