UniLend Finance AMA Recap with CryptoTech
On the 23rd of February, 2021, Vishal Kothari, the Community Lead at UniLend Finance and Ayush Garg, UniLend Finance Martketing & Operations Lead, was live at CryptoTech Community telegram group, to provide the community with full insights on UniLend Finance, and also answer every of their questions and queries. The session was moderated by Andy Sareank.
In order to ensure clarity to my readers, this article has been divided into two segments; the first segment, gives full account of the questions asked by the moderator(s) of this AMA session , while the second segment gives account of the of the questions asked by UniLend Telegram community members.
SEGMENT 1
Andy Sareank — Hello Ayush Garg, Vishal Kothari welcome to your first AMA at Cryptotech. We are glad to have joined hands in a strategic partnership. Today I hope you can share with us more information about Unilend in the Cryptotech Group.
Ayush Garg — Hey Andy Sareank. Glad to be here
Vishal — Hey Andy. Pleased to be here.
Ayush Garg — Today is a remarkable day for us in many ways indeed
Andy Sareank — Are you ready for AMA today?
Vishal — Yes!
Andy Sareank — Okay, before starting the first session I will ask a little about yourself.
Vishal — Sure.
Hey, I am Vishal Kothari — Community Lead at UniLend Finance. I have started my career from Computer Education in 1998 and jumping from various IT related businesses finally realized 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 .
Ayush Garg — I am from Computer Science background with experience working at companies like Uber and Box8 (Indian startup with INR 700cr valuation).
I have been part of Crypto space since early 2017. I have also worked with Startup Oasis — Initiated by IIM Ahmedabad and Rajasthan Gov.
Last year, around August we started working on UniLend. I have been part of UniLend’s team since launch and now leading front in Marketing and Operations.
Andy Sareank — Thanks sir. Your experince will certainly motivate us in the future. Let’s start sir.
Ayush Garg — Sure.
Andy Sareank — First question, Can you tell the members a little about Unilend Finance?
Ayush Garg — Sure! Before we get started I would like to give a shout out to my team for their relentless work, recently we opened our Alpha, Initium V1, to our entire community after successful early access program.
We’re making excellent headway on our roadmap and we’re preparing to launch our Beta this month! But we are also working on a new product feature which we have teased our community about. But to be honest with this announcement UniLend will definitely look much more like a moon star in Defi space is it is not yet seen like that.
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 $50B+ of assets which are currently excluded from DeFi
An easier way to describe UniLend is combination of Uniswap and Aave. But this is not exclusive as we are planning so many features in futures. UniLend will also have a robust governance model powered by UFT (UniLend Finance Token). And our $UFT token got listen on Binance today.
Andy Sareank — That’ great sir. This project is amazing guys. Ok next. Can you please give us a brief overview of UniLend?
Ayush Garg — I have given overview above, for more info check out www.unilend.finance
Andy Sareank — Maybe you can share a little about the partnerships you’ve recently released information about?
Vishal — Everyone probably noticed that we recently strategically partnered with Mirror Finance to enable decentralized lending and borrowing of synthetic stocks via UniLend. Yes, we’ll be the first protocol to offer this type of functionality. Get ready to lend and borrow the world’s major stocks (including the FAANG tech giant stocks).
Also, we’ve recently entered into another cutting edge partnership with Nord Finance, who’ll be integrating UniLend Finance into the Nord Advisory portion of their tech stack. This will enable new DeFi investing strategies for the DeFi community. Nord Finance’s community will be introduced to the innovative features of our protocol, thus helping to further enhance our future growth as well.
There’s a whole lot more cooking behind the scenes. For example, UniLend is currently working with Fire Protocol to enable UniLend to bring more assets to Huobi Eco Chain (HECO). In addition, our teams are currently working together to explore wrapped UFT to bring UFT to Fire Protocol, and ultimately to HECO.
Again this is just the beginning, many more collaborations and unique protocol functionalities are yet to be announced time by time. We also recently partnered with Fantom for listing $FTM tokens and listing $ftm synthetics on UniLend’s platform
Ayush Garg: Here’s is a link.
Andy Sareank — Ok, last question in segment 1. This all sounds so exciting! One question about security — how can users be sure they are safe while using such a new protocol?
Vishal — A very good question. I would say we are much more secure than other money market protocols. For example, current protocols are dependent on other DEXs like Uniswap etc. for liquidations (which is a very big 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.
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. Maximum security is a key 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.
Andy Sareank — Ok, we move to second session.
SEGMENT 2
Twitter Question 1 — What does the UniLend name stand for? There are interesting stories behind every successful project, and of course you have to work hard ever day. Can you share one of these interesting stories with us?
Vishal — Basically its Universal Lending and Borrowing project for permission less listing to the platform so. Simply we have merged First two words of the Universal Lending and formed UniLend.
But yes now this name is a very prestigeous name in the DeFi world as we all know. Today itself we are listed on Binance and Gate.io and I would suggest community to keep an eye at UniLend Announcement for more exciting news upcoming the way.
Twitter Question 2 — 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 — 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 that is capable of truly revolutionizing DeFi.
I would encourage everyone to follow us on our UniLend Medium 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 are the links to get you started:
Comparison with Uniswap
Comparision with Aave
Twitter Question 3 — Currently hacking is a terrible thing for the defi project, can you explain the security that the UNILEND project has, especially the security of our assets and data, and how the UNILEND strategy becomes a big project and is known in the Crypto world?
Ayush Garg — The security of funds of our users and projects who are providing liquidity is the utmost priority for us. We are taking significant measures to prevent any calamity. To begin with, we will do a guarded launch with only trusted projects initially till the platform is stable.
Also our smart contract will be reviewed by industry experts and certified with trusted names. And lastly, in case of liquidation, we will not be interacting with any other DeX as we will have that built-in, which itself reduces the exposure
Twitter Question 4 — What are the possible ways to get $UFT? Will it be exclusively through Farming?Also what are the advantages of being a holder when using the platform?
Ayush Garg — There are many way to purchase $UFT, you can purchase from Major exchanges like Binance and Uniswap. There is no farming pool live currently live. Also you can get $UFT in rewards
The advantages of UFT holder will be as followed -
- $UFT will be used in transaction happening on our platform and $UFT will get some benefits like discounts.
- Another major benefit is in governance as we are a permissionless protocol, the governance is decentralised and it will be driven by $UFT holders.
Twitter Question 5 — What really is the mission and vision of this Unilend project? simply develop a fully decentralized protocol that provides greater liquidity to its users without the need for permissions and restrictions?
Vishal — In one line. Welcome every ERC20 token to DeFi
Ayush Garg — This definitely in our vision but as I stated earlier, we want to take up the Defi revolution from where Uniswap brought it. We are developing solutions for complete defi markets
Vishal — Like Ayush said we believe that money market should be inclusive not exclusive
Ayush Garg — Being permissionless, our protocol has potential to flip the current the market completely ushering into a new era.
Twitter Question 6 — In need of advanced technology and being able to observe what investors prefer to be able to join, how does UNILEND prioritize investors if joining the UNILEND project will it be the main focus by providing profits to investors?
Vishal — What should i say when our seed investors got $UFT in $0.07 and private sale was at $0.12 and public was at $0.15 and now we are listed on the world’s biggest exchange with live price of $3 around.
Yes we are aiming to the DeFi Revolution, and price will follow for sure as per advancement of the protocol , once go live on mainnet.
Andy Sareank — Ok, we move third session. It’s time to live question.
SEGMENT 3
Community Question 1 — What is your partnership with injective protocol, how UFT holders will get benifit out of it?
Vishal — A very good question. UniLend and Injective are partnering to allow users to yield farm on UniLend using Injective’s derivative products. Injective helps in the creation and trading of derivatives markets, while UniLend’s innovative borrowing/lending functionality will amplify the use cases of these markets.
$INJ and $UFT will be listed on one other’s platforms soon, further expanding the current reach of both parties. Together we’ll unlock groundbreaking DeFi strategies never before seen in the space.
Community Question 2— NFT is very popular this year, in this use case the asset is Digital Arts. So is Unilend planning to add NFT to its platform?
Ayush Garg — No plans yet, but yes this is a very exciting stuff, hopefully in future we will do something in this field. But you can our partner Playcent, who are working in similar field.
Community Question 3— How will the demand for $UFT token will increase in the future or What steps would you take to increase the demand? May I know how do you plan to attract more business partnerships to your project?
Ayush Garg — The total $UFT supply is 100 million, and as UniLend’s platform grows and the $UFT being used in governance and fee and many other applications, the prices will go up we believe. We have a basic rule, when looking for partners, they must bring something unique to the UniLend Ecosystem, so our community can find new ways of earning from their innovative financial applications.
Community Question 4— Do you have any plans to attract non-crypto investors to Unilend exchange and how? What are the actions to increase awareness around Unilend exchange in non-crypto space?
Vishal — Yes we are bringing real world assets to the defi in collaboration with our partners.
Like with Mirror protocol we enable decentralized lending and borrowing of synthetic stocks via UniLend. Yes, we’ll be the first protocol to offer this type of functionality. Get ready to lend and borrow the world’s major stocks (including the FAANG tech giant stocks).
and with OpenDeFi by OroPocket we are bringing Real-World Assets to DeFi, with Addressable Market Cap of $15 Trillion.
Community Question 5 — I am an EXPERIENCED DEVELOPER AND ETHICAL HACKER, do Unilend have plans for HACKATHON so as to check the security of your ecosytem periodically and also invite developers to build?
Ayush Garg — Thats great, we are a pro ethereum project and we have recently sponsored major event in Asia. Etherpunk by ETH India, in future also we are planning to sponsor such events and also hire good developers in our team through these events. We will open our bounty program to the developers as mentioned in our roadmap.
Check this out, our founder Chandresh Aharwar’s live interview where he explained about UniLend to budding developers.
For more information and resources about UniLend Finance, visit:
