Hi Folks!
UniLend Finance participated in an AMA session on March 26th on the Crypto Education and Training TG channel (https://t.me/teachcryptocurrency) 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
CryptoE&T:
Starting this AMA series now, with our speakers from #UFT Unilend Finance. @ayushgrg @VishalBlockchain Nice to have you both here
Vishal Kothari:
Glad to be here
Ayush Garg:
Hey, Glad to be here!
CryptoE&T:
Going forward to what we have today. @ayushgrg @VishalBlockchain please do the honours of introducting yourself and a brief about Unilend Finance.
Vishal Kothari:
Hey, I am Vishal Kothari - Community Lead at UniLend Finance. I have started my career from Computer Education in 1998 and exploring around various IT related businesses and services finally realised the best thing technology has given us is the Cryptocurrency as I was studying and researching about cryptocurrencies since 2014. I have been guiding projects on marketing front & community growth from more than an year & have been an early part of UniLend Team from start of the project.
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. I am glad to kickstart our new AMA series. Let me give you brief intro about UniLend. 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. 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, which is coming soon. I’m sure we’ll highlight a little about this today and in future collaborations with Playcent among new and exciting UniLend updates. Our product is going live on Mainnet on 30th March. I recommend everyone to check UniLend announcement to know the details. https://t.me/UniLendAnnouncement/226
CryptoE&T:
There's a buzz around Unilend's Mainnet, please let us know about such product or products ?
Ayush Garg:
Yeah sure, we are Launching our product on Mainnet after months of hard work and rigorous testing. Our Flash Loans product is going to multi chain, multi token, gas efficient and cheaper than popular products like Aave! Maybe thats why the buzz!
CryptoE&T:
Hmm, I see. Cool too,So we should expect amazing stuffs from you guys soon.
Ayush Garg:
this is the tweet of Chandresh, our Founder and CEO. I believe everyone should check out, its sneak peak to our product.
CryptoE&T:
So, there will be Flash Loan which are gonna be permissionless. What are the possiblities for new Defi Projects ?
Vishal Kothari:
So far Flash Loans are on the projects like aave supporting only 20-25 projects and some stable coins for the purpose of the Flash Loans while in UniLend we will let every token can be used to be borrowed as flash loans permission less way the only thing will be required is the liquidity of the token must be there at our platform which again can be provided in single asset staking and Stakers will be rewarded with the APR which will be in future decided by Governance model and yes stakers will earn 70% of the flash loan fees as well...So DeFi or any projects have great potential through adding liquidity to the UniLend Finance's protocol.
CryptoE&T:
Okay. How can a common trader take advantage of Unilend Products ?
Ayush Garg:
This is good question! Most common traders wont be able to participate in Flash Loans, as it is going to be interacting directly with the smart contract. Our team is working on creating a UI to solve this too. And in near future you can use our UI too for the Flash Loans. But for now, a very useful product we have is staking. You can stake your $UFT to the pool and infact any token to their respective pools. Can anyone tell me which token they are holding currently? So you can hold all these tokens, to our platform, and the cool part is, you can start your own pool of the token, permissionlessly. You can start a BNB pool, and flash loans on BNB pool will give you earning too.
CryptoE&T:
There's been a recent buzz or hype concerning your token burn, what is the exact mechanism here ?
Ayush Garg:
Our token burn is the real gainer for UFT holders. The supply of UFT will decrease over time as the flash loans 30% fee will be used to buy back $UFT tokens from market and get burnt. We are ecpecting arounf $1.7 million worth of $UFT to burn each year. If we do similar business like Aave. But the thing is, we are launching Flash Loans for all tokens, so BNB, MATIC, CHART, FRONT all will add to the revenue and number could be above that 1.7 mil.
Vishal Kothari:
It’s already shown in our blog with proof that our smart contract is taking too small fees comparing to industry player Aave for generating flash loan contract so yes our smart contract taking less fees and also using less gas fees. So it’s like win win situation for the users taking flash loans through UniLend and also note this our flash loan fees are also like 45% of the fees charged by aave.
CryptoE&T:
https://t.me/UniLendAnnouncement/218
Segment 2: Live Questions
Q1. How will Unilend compete with projects like Pancakeswap etc. In terms of interest rates?
Ayush Garg:
We have no comparison, they are just providing DEX facilities. Our Falsh Loans will provide earning to the staked tokens, and also projects will use Rewards feature to airdrop their tokens to boost the pool!
Q2. You have any local community there is English not good ?? Everyone knows community is the key of success. Please tell
Vishal Kothari:
We have already announced our 3 regional communities for the ease of communitcation and no language barriers affect the growth of the UniLend so you also can join our official regional communities
1. Indonesia ???? https://t.me/UniLend_Indonesia
2. Vietnam ???? https://t.me/UniLend_Vietnam
3. Nigeria ???? https://t.me/UniLend_Nigeria
Q3. With a huge increase in ETH gas. Will you continue to run your project on the Ethereum blockchain network or will you switch to blockchain networks like BSC?
Ayush Garg:
You didnt check our announcement? Gas fees is an issue but we believe Ethereum is a major blockchain. But at the same time, BSC is a very growing chain, and we are expanding to that. Also our BEP20 version of tokens is going to be available very soon! And our Flash Loans product will be the first permissionless Flash Loans product on BSC.
https://t.me/UniLendAnnouncement/223
Q4. You say that your flash loans are about 3 times more cost effective than Aave. What is the reason for this difference?
Ayush Garg:
A very good one!
Major difference it the way our smart contract works is different than Aave, we use the tokens locked in stacking pool but Aave use the tokens in lending and borrowing pool. And also our tech team has worked to optimise the overal complexity of our contract. Those who are familiar with technology, would know that complexity and size of a smart contract is very important to be gas efficient.
Q5. How often will the token burn happen? Will it happen weekly / monthly / quarterly / annually?
Vishal Kothari:
That will be announced soon through our official announcement channel @UniLendAnnouncement
Q6. Right now issuing a token is a rather simple process. However, building the system and ecosystem is the most difficult part. My question is, How will the demand of the token will increase and how will this token use within the ecosystem?
Ayush Garg:
Token burn, governance, used as a currency for ecosystem.
Q7. You are planning a mainnet launch soon. What can users expect from this event?
Ayush Garg:
yes, 30th March https://t.me/UniLendAnnouncement/226
Q8. Can you list any unique that UniLend has that your competitors don't have?
Vishal Kothari:
1. We allow every token permissionless way
2. We allow every token to be used for Flash Loans
3. We are also integrating BINANCE smart chain
4. Yes we are different in many ways
Q9. How will erc20 uft token differs from bep20 one?
Vishal Kothari:
There will be no difference apart from the gas fees used on those chains.
Q10. Many projects are now suffering from flash loan attacks. Have you conducted a security audit on this topic?
Ayush Garg:
Yes, our staked pools are safe and it is also audited. Flash Loan attack has recently been common, mostly due to projects dont consider such advance tech. We being Flash Loan provider are well aware of the vulnerabilities.
Q11. Do the token holders have the right to participate in the governance of the project? What kind of decisions can they vote on about the project?
Vishal Kothari:
Yes Governance model will be live after mainnet of our flagship project Lending/Borrowing for every token and you can also go through our medium blog on our Roadmap
https://unilend.medium.com/presenting-unilends-roadmap-gearing-up-for-alpha-launch-in-december-2020-89ff10805bcd
Q12. What are the advantages of Fusion Farming? Why did you decide to develop this direction of farming?
Ayush Garg:
It is still not announced, you need to wait.
Q13. What does it technically look like to integrate any ERC-20 asset to your platform? What do I have to do to add my token to your platform in permissionless listing?
Vishal Kothari:
We have build our platform in such a way that any erc 20 project can be listed.We also are being reached by many IDO projects. So we are starting an inclusive Defi revolution. Lets move our next round of questions to our Nigerian Community.
Q14. What wallets can currently support your tokens? Are there plans to add up extra features in your ecosystem in the nearest future? What plans do you have on your roadmap for 2021, in the short term and long term?
Vishal Kothari:
Any wallet supporting Ethereum / BSC Addresses can support $UFT for sure ;)
Q15. Most of users are still not aware with Blockchain & its related projects ! So, How create awareness about their project with NON-CRYPTO users?
Vishal Kothari:
Frankly being a decentralized protocol our protocol aims to be used by blockchain users only not for non blockchain users but yes again on that note i would like to add that ease of use for newcomers of blockchain will be our prime concerns for sure.
Q16. What do you think Unilend’s biggest challenge will be to become one of the top lending/borrowing platform and what are your plans to overcome that? Any plans on launching Unilend on other blockchains?
Ayush Garg:
Our product is going to be inclusive, as soon as people and projects realise that they can participate realise in Defi to create business things will go parabolic, and we will witness a new Defi revolution like how we did after Uniswap v2.
Q17. What partnerships are you planning? Will they have their own IDO/IFO on UniLend?
Vishal Kothari:
Our partnership ecosystem is growing in a fast pace and we have very good reputed partners with us for sure.
Ayush Garg:
Thanks everyone for participating.
Vishal Kothari:
Thank you everyone for joining us in this great AMA.
Ayush Garg:
We are now ending this 1st AMA of our UniLend Finance :zap:Flash Loans series. Stay tunned for more updates soon.
CryptoE&T:
It was nice having you here.
