Hi Folks!
On December 22th, CryptoNews ID TG channel (https://t.me/CryptoNewsID_Group) received Chardresh Aharwar, UniLend's CEO & Ayush Garg, UniLend's Marketing and Ops Lead, in a live AMA session. Here is the recap of this event.
Segment 1: Introduction and basic questions
CryptoNewsID:
Hello Mr. @ChandreshAharwar & Mr. @ayushgrg. Welcome to the CryptonewsID community
?? an honor to be able to invite you into the CryptoNewsID community.
Chandresh Aharwar:
Thanks a lot team for inviting, glad to be here.
Ayush Garg:
Thanks mate. Superb to be among this community.
CryptoNewsID:
Before we enter the first segment. We want to know you better. Could you share a little about your background @ChandreshAharwar and @ayushgrg.
Chandresh Aharwar:
Sure. Before we get started I would like to give a shout out to my team for their relentless work, it has been a very busy month with our Alpha release just around the corner.
I have been actively contributing to the blockchain space since late 2016, including holding the lead Marketing & Strategy position at Matic Network before co-founding UniLend Finance. In regards to your question, UniLend is a comprehensive DeFi protocol with the mission to unlock the true potential of decentralized finance. Essentially, UniLend Finance will offer every DeFi capability imaginable for any ERC20 asset, including the $30B+ of assets which are currently excluded from DeFi. UniLend users will be able to permission-lessly list any ERC20 asset for lending/borrowing, spot trading, as well as having the ability to provide liquidity to the protocol in order to take advantage of liquidity mining and yield farming opportunities. I have heard people say UniLend is like a combination of Uniswap, Compound and Aave. This is one way to think of our protocol.
Ayush Garg:
I have been part of Crypto Space since 2016 and have actively been investing and closely monitoring projects. With UniLend I am fulltime into the space, and here driving things as Marketing and Operations Lead.
So far so good! Also want to announce our Indonesian community:@UniLend_Indonesia
Chandresh Aharwar:
Join for upcoming giveaway & to keep track of our progress.
CryptoNewsID:
Congratulations to your great team. Thank you for the introduction. Okay, it's time for us to move to the first segment.
Segment 2: Basic questions
Q1. I’m interested, what do you mean this is just the beginning?
Chandresh Aharwar:
Glad you asked. This is the perfect month for this question. Like I said above we are launching the Alpha release of our protocol, which is planned by the end of this month. The UniLend team has been very busy getting everything ready for launch, we imagine that many users will be pleased to know that this release will have more to offer than initially expected. So get ready to hear more about our release very soon.
Ayush Garg:
In addition, our overall aim is to be the most comprehensive DeFi protocol on the market. With this in mind, we continually forge strategic collaborations with key players within the industry to add unique abilities to our protocol. For example, we recently partnered with leading Indian exchange CoinDCX to provide DeFi functionality for CoinDCX users, such as liquidity farming, which will be directly available from within CoinDCX’s interface. In addition, CoinDCX exchange will be the official liquidity provider for the UniLend protocol. Of course it doesn't stop there, we also recently initiated a collaboration with ProBit which will help us to greatly increase our presence in Korea which is known for nearly 30% of the total crypto trading on a global scale. We now have our first KRW trading pair and to complete this partnership ProBit will also integrate to UniLend for DeFi capabilities, possibly in similar ways like CoinDCX. We’ve also entered the P2P space by listing with CryptoLocally and will more than likely have further collaboration in time. Not to mention that we have received high praise from major YouTube personalities like CryptoLark and EllioTrades recently, Lark even featured UniLend in his latest Newsletter. Again this is just the beginning, many more collaborations and unique protocol functionality are yet to be announced. Pardon me for such a long answer, and we said this is just the beginning!
Q2. This all sounds so exciting, but how can we know we are safe while using such a new protocol?
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 illiquidity & more 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. Also the problem we are solving is quite large and it requires a complete ecosystem to be built for catering to such a problem. Progress on this front is going strong. Kudos our development team! Maximum security is the top priority of UniLend Finance, we are picking up where key DeFi protocols like Uniswap left off and continuing the development of the decentralized finance revolution. Also like our roadmap suggests ,during Q1 of 2021, we will have proper audits in place from a variety of the best industry players to make sure our protocol is safe for users.
Q3. I have three more questions. You brought up the roadmap, after Alpha release at the end of this month, what else do users have to look forward to?
Ayush Garg:
A lot actually! I believe our Alpha release will be a monumental event in our journey but there is so much more in store. If we all take a look at Q1 for instance, you will see that we'll also have our Beta and Mainnet release. Additionally, liquidity mining/staking and fusion farming should also go live during the first quarter. Again, this is just the first quarter of 2021 and our rocket will be just starting to propel into the horizon.
In the future, UniLend will implement community governance, the UniLend Ecosystem Fund, launch onto multiple chains, layer 2 implementation for a superior user experience, and even metatransactions. We will also bootstrap new projects in the UniLend ecosystem with full DeFi functionality right from their token launch. Empowering brand new tokens with comprehensive DeFi functionality is a concept completely new to the crypto space, and something which is extremely valuable to new tokens looking to establish a user base and solid use cases for their token. Therefore, we anticipate that listing on UniLend (in addition to traditional platforms such as Uniswap) will be standard procedure for new token launches. In fact, we recently launched a poll on Twitter regarding this, and the crypto community echoed our sentiment strongl You can see the full roadmap outlining our plans up until Q3 of 2021 here:
https://unilend.medium.com/presenting-unilends-roadmap-gearing-up-for-alpha-launch-in-december-2020-89ff10805bcd
These are all things that we can confidently say we can fulfil based on the dates shown via our roadmap, though there are many other items we are also working on/researching in the background. So Stay Tuned!
Q4. Ok, great answers so far. Above you stated you’re picking up from where Uniswap left off? I heard your team has great comparison
articles in regards to this, could you expand on this topic and let us know where we can find these articles?
Ayush Garg:
Oh Yes, To clarify, we have the utmost respect for Uniswap and the other leading protocols for being trailblazers in the DeFi space. That said, we believe that our comprehensive DeFi functionality and permissionless listing model will facilitate the evolution of DeFi and bring the next wave of users into the DeFi space. Our community has requested further clarification on UniLend’s strengths as a DeFi protocol, which is why we launched our DeFi Dissected article series. The goal with the series 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. I would encourage everyone to follow us on our UniLend Medium (https://unilend.medium.com/) to stay up to date on our collaborations and to take a look at the DeFi Dissected article series for themselves. Two of the most recent articles within this series were for comparing UniLend with Aave and Uniswap. Here is the link to our youtube playlist:
https://www.youtube.com/channel/UCggNiVE5EGWGHh1YwIUW7Ug/playlists
If you want to deep dive, check out Medium articles which discuss in depth!
https://unilend.medium.com/defi-dissected-unilend-finance-taking-the-uniswap-defi-revolution-to-the-next-level-b576ce915350
Q5. It sounds like UniLend will have a great competitive edge. In DeFi however there has to be incentives to encourage user growth, at least
initially. How are you approaching this?
Ayush Garg:
Another good one! This is something we’ve been ideating heavily. In addition to our key advantages in terms of permissionless listings etc., there will be a number of incentives for those who utilize the UniLend protocol, from liquidity providers to general platform users.
Firstly, we’re implementing community governance to give the community a voice in the functioning and features of the protocol. UFT holders will be able to issue and vote on proposals which require majority consensus to be implemented. 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. Liquidity providers are another key element of any DeFi protocol to ensure sustainability and a great user experience. They will therefore be rewarded with UFT tokens via liquidity mining, in addition to a percentage of trading and borrowing fees. We’ve allocated 15% of the total UFT token supply for liquidity mining rewards. So yeah we have kept this part in our focus and also allocated good sum of tokens. But this is not all, as we are more ahead in our road map, we will announce more rewards!
CryptoNewsID:
We've passed the first segment impressively. Before we continue to the next segment. Please join into the Unilend Finance group & follow twitter
Telegram: @UniLendFinance @UniLend_Indonesia
Twitter: https://twitter.com/UniLend_Finance
Ayush Garg:
The wind is in our sails, traction is building massively before our momentous Alpha release! We recently crossed the 11K follower threshold on Twitter!
?? UniLend is proud to have seen our Twitter community grow so quickly; it is inspiring to think that we initiated our Twitter in July, and have already surpassed the 11,000 follower mark! We can’t thank our community enough for being with us from the start and helping to accelerate us on our journey so far. As we march forward let’s not forget everything that has gotten us this far and keep the momentum building. There is so much more in store for our community, such as events and benefits for following, so stay tuned!
?? Spread the word: https://twitter.com/UniLend_Finance/status/1341156614003249152?s=20
We must take the time to thank our skillful and pioneering UniLend Legion for leading the charge as ambassadors of our revolutionary project. Let’s show them some love by following their new Twitter account here.
Segment 3: Twitter Questions
Q1. OpenDeFi is clearly a project that puts security very much first while UniLend is a project with a loan service. So, what security features will OpenDeFi provide to the UniLend ecosystem, especially for mining / staking or credit / loan systems?
Chandresh Aharwar:
UniLend is building a permissionless lending & borrowing solution & we are much more secured than compound & Aave too. OpenDeFi is tokenizing real world assets & they have joing UniLend Ecosystem along with other major companies like CoinDCX, Probit, CyberFi & many others leveraging our solution for their users. OpenDeFi assets will be listed on UniLend.
Q2. Some people are eagerly awaiting the alpha release tell me,what the specials are? and are there any changes to the UFT token price? and are there any criteria for becoming a tester?
Ayush Garg:
Yea, we have a huge community following and everyone is super excited for Alpha release. This release is special not just for UniLend or UniLend's community but the whole DeFi ecosystem as this is the first step towards welcoming each and every token to the world of Lending and Borrowing. We can't comment on price action, but people are already comparing our market cap with likes of Compound and Aave and there is a more than 100x upside potential as per speculators.
CryptoNewsID:
So there are no criteria for an alpha tester?
Chandresh Aharwar:
We will announce on this front soon.
CryptoNewsID:
We look forward to it.
Q3. Multiple layers of internal risk control not only for asset security, but also for all types of market risk, including API risk, asset price risk, margin liquidation risk. As traders by nature we understand the risks involved and it seems that many projects provide a layer 2 solution, such as MATIC. So, how is UniLend Finance different from the others? What is your competitive advantage?
Chandresh Aharwar:
UniLend is totally differnt from Matic. UniLend = ( Uniswap + Aave/Compound). UniLend users will be able to permission-lessly list any ERC20 asset for lending/borrowing, spot trading, as well as having the ability to provide liquidity to the protocol in order to take advantage of liquidity mining and yield farming opportunities.
Q4. what do you think about the NFTs that are now being rolled out a lot in the DeFi space? will the integration of OpenDeFi and UniLend result in NFTs in the future?
Chandresh Aharwar:
No. We have something exciting coming up on NFT front. Can't disclose that. You can follow https://t.me/UniLendAnnouncement for further details
Q5. In the roadmap, you are researching these three parts:
- Credit - Backed Loans
- LP - Backed loans
- Flash Loans
usually those with sufficient wealth and experience have access to borrowed capital through a practice known as securities-backed lending. secured loans and lines of credit can be very useful for those who make large purchases from time to time
my question,,will not make Securities-Backed Lending for Beginners?
Chandresh Aharwar:
Yeah, this are really big additions for us. This will change complete DeFi Ecosystem & our team is very confident that this additions will mean a lot for our Ecosystem. Looking forward how this shapes up over period of time.
Segment 4: Live Questions
Q1. Almost every investor is interested in large Defi projects as it delivers high returns and is fast. For what reasons can convince small and large investors to trust and invest in your project?
Ayush Garg:
This is a classic question we are asked always. We advice each and every investor to do their own research about the project before investing. We have all the resources available out on our website and channels. The claims that UniLend make are actually recognised by the industry leaders and our smart contract is certified by Certik. So we are absolutely water proof in that front. Moreover we have our Alpha coming which will be enough to establish our delivery.
Q2. No one can achieve anything valuable on its own, please tell us about your current and future partnerships that will lead you to success in this highly cramped crypto space?
Ayush Garg:
This is a very logical statement. You can look at our partnership board, we have entered strategic partnership with great projects like 3 commas, Stafi, CryptoLocally, Cyberfi, CoinDXC and many more. Here is the infographic you can look at.
Q3. As investors we’re obviously interested about the token scarcity. What kind of plans do you have regarding the token unlocks in the future after the recently occurred TGE?
Ayush Garg:
We have our tokenomics already out in public. Our smart contract is coded in the same way, so all the investors and teams and other token vesting will be done as per schedule. It is designed to take care the required liquidity at different stage of our project. Here's the Tokenomics https://unilend.medium.com/announcing-the-unilend-uft-public-sale-interest-form-is-now-live-17e0cc6d7ad7
Q4. Anybody will be able to list any ERC20 token without any entity controlling the process. Does that means that scam tokens can be listed without any restriction? How can users feel se ure while trading any asseton UniLend?
Ayush Garg:
Yes, this is what we aim for. But there will be security features ofcourse to safe gaurd the interest of the investors.
Also for listing on UniLend the project is required to provide liquidity in their own token and Ethereum just like they do on UniSwap. So if the token dumps, the pair gets liquidated on our exchange immediately without any arbitrage loss to the lender.
Q5. There is a rumour that Uniswap will brings lending option on Uniswap V3. What do you think think about it? Do you think that this is a thread for your project?
Ayush Garg:
Wet would be really happy if that happens. It's a very big validation for our project, that the OG's in the space are also thinking on same direction. DeFi is getting so big that multiple solutions will exist & build their presence among different communities over the period of time.
This will be very big for UniLend in terms of gaining traction that Uniswap taking the UniLend route.
CryptoNewsID:
Thank you so much for Mr. @ChandreshAharwar & Mr. @ayushgrg. for attending this event. I hope all this knowledge will make us understand more about UniLend Finance.
