Unifi Protocol x SatoshiClub AMA from 25 November

Hello, Satoshi clubbers Another AMA took place at Satoshi Club and we would like to introduce to you the AMA session with our friends from Unifi Protocol The AMA took place on 25 November.

The AMA session was divided into 3 parts with a total crypto reward pool of 500$

In this AMA Recap we will try to summarise the most interesting points for you.

Part 1 — introduction and questions from the Telegram&Bitcointalk community

Gold Rocket | Satoshi Club: Hello dear community!The series of today’s AMA marathon is open.We are happy to announce our AMA session with Unifi Protocol DAO (UNFI).

D. | Satoshi Club: hello Satoshi club! :blush:

Juliun | Sesameseed.org: Hello Everyone

Gold Rocket | Satoshi Club: Welcome to Satoshi Club, @nuljui! :raised_hands:

D. | Satoshi Club: @nuljui hello! welcome to Satoshi club! :smiley:

Gold Rocket | Satoshi Club: To be honest, you are a long-awaited guest for us 😀

Therefore, we expect from you interesting facts about your project.:wink:

D. | Satoshi Cluba: finally, we all here in the right place and right time 😀

Juliun | Sesameseed.org: haha ok, great!

Gold Rocket | Satoshi Club: To be begin with, please tell us a few words about yourselves and how did you get to be involved in Unifi Protocol DAO (UNFI).

Juliun | Sesameseed.org: SureHello Everyone!My name is Juliun, I’m the CEO of Unifi Protocol DAO.

Unifi is the culmination of nearly 3 years of community building, smart contract development, and most importantly governance model development. My team and I actually started as a community, of like minded people that came together and organized around the concepts of decentralization and community building. To this point we’ve been operating as Sesameseed a block producer and validator on Tron, Ontology, Harmony, and Icon.

Today we’re a full time collection of like minded community focused developers and decentralized maximalists working to incentivize community involvement in Defi.

Gold Rocket | Satoshi Club: A good team is very important in crypto!

Juliun | Sesameseed.org: absolutely

D. | Satoshi Club: nice! you have achieved quite a lot already

Gold Rocket | Satoshi Club: Would you like to share something or can we move on to questions from the community?

Juliun | Sesameseed.org: yeah, we’ve been doing this for almost 3 years, so we’re doing well having some traction today.

sure i can share a little more

Gold Rocket | Satoshi Club: Feel free:blush:

Juliun | Sesameseed.org: As mentioned we really started as a team nearly 3 years ago, with the original Smart contracts that became unifi started in early 2019 as a series of Governance, and Voting contracts for the ontology blockchain. These have evolved and incorporated some of the bancor price discovery model in mid 2019 and really started to form into the AMM uTrade early this year.

Every part of Unifi was designed and developed in house which gives us a huge leg up. This combined with our high level of community involvement has enabled us to quickly develop for new blockchains as you’ve seen today.

The AMM uTrade is just the beginning of our Proof of Stake, cross chain governance ecosystem, where we incentivize liquidity providers on Tron, Ontology, Harmony and now BSC. We plan to launch Icon and Eth versions in the near future.

Gold Rocket | Satoshi Club: The Unifi Protocol DAO focuses on community building across the TRON, Ontology, Harmony and Binance Smart Chain communities. What else are in your plans?

Juliun | Sesameseed.org: well from here we intend to continue our expansion. Ethereum as early as this week, Icon is ready to go as well.

Q1 from Telegram user @carupanor

Unifi Protocol is a group of non-custodial smart contracts, what are the advantages of having a platform that uses non-custodial smart contracts and how does your protocol adapt to DeFi innovations?

Juliun | Sesameseed.org: Sure, The real advantages of utilizing smart contracts come in the form of security and consistency. Though its really only something you can take advantage of when the whole ecosystem utilizes it, which is exactly what we do.

All trades, and AMM activities are obviously managed by a smart contract, but further than this, what we do that many others dont, is incorporate our rewards and token model into the contracts that encompass the AMM.

Using these contracts we’re able to pick up a lot of efficiencies even over many existing AMM dexes out there today.

How we adapt really stems from building a core that can be built on top of.

uTrade as you see it today is designed to be built on top of, things like Lending, uTrade itself, even flashloans can easily be incorporated. Add to this Governance and we have a very comprehensive ecosyste.

Gold Rocket | Satoshi Club: impressive!a lot of work!

D. | Satoshi Club: BTW why did you start firstly to work with Tron, Ontology, Harmony blockchains instead of Ethereum?

Juliun | Sesameseed.org: so. Our community is primarily on those chains. We want to support our base first to really prove the project out.

We’re our own worst critic, Things like Audits, usability, what data is requested… how it should be laid out…. not to mention developing for Different artictecturhe.

In all honestly… we’re ready for Eth Today…. But we dont want to go live with Beta on Eth (arguably the harshest critics) lets go live with a finished product

(which we’re planning on …. Tomorrow hahaa)

its cool we were able to be listed on binance first… then go to ETH, so every step forward is a level up in sophistication and complexity

Gold Rocket | Satoshi Club: Agree with you!

D. | Satoshi Club: great! 🙂 thank you to reveal this secret to Satoshi club! :+1:

Gold Rocket | Satoshi Club:I confess to you, I farm a little UNFI on Binance

Juliun | Sesameseed.org: yeah i dont think we’ve announced that yet anywhere

using Pancake? unifi? or launchpool?

I think we were the first project to have an ETH launchpool actually

Gold Rocket | Satoshi Club: launchpool

D. | Satoshi Club: now you are Unifi hodler :muscle:

Juliun | Sesameseed.org: it was all a part of attracing attention from Eth maximalists early on.

Gold Rocket | Satoshi Club: Yes! I am:grin: Tell us please about your tokenomics btw

Juliun | Sesameseed.org: sure! Unifi at its core is the UNFI token, this is used to govern and determine the parameters of the defi ecosystem on each of the related blockchains. It accomplishes this through a unique Proof of Stake ecosystem in which representatives are elected, earn rewards, and vote on various parameters as a part of the DAO, the community may elect a representative by staking UNFI, and rewards throughout this cross chain governance system are delivered as more UNFI token.

There is infact a second token though, the UP token is actually an independent token on each blockchain, this is whats governed by UNFI. Its minted in relation to the Fee’s of each chain. In fact the fee’s accumulated in unifi on any blockchain it operates on are deposited into a smart contract to Mint UP at an increasing value over time, these fee’s are extracted by anyone that holds up by simply burning it. The result of this system is such that the value of UP increases with every trade on every blockcahin unifi operates on independent of each other, but dependent on the UNFI governance architecture.

There are ~2.2MM tokens in circulation today out of the 10MM total supply and they’ll be released quite slowly over the next few years.

Most will primarily be distributed to those participating in UNFI governance.

Gold Rocket | Satoshi Club:Nice. maybe share some useful links for our community

Juliun | Sesameseed.org : sure

Website: http://unifiprotocol.com/

Whitepaper: https://medium.com/@unifiprotocol/introducing-the-unifi-protocol-2ad67bc8435/

Telegram Discussion: https://t.me/unifi_protocol/

Telegram Announcements: https://t.me/unifiprotocol/

Twitter: https://twitter.com/unifiprotocol/

Reddit: https://www.reddit.com/r/UnifiProtocolDao/

Medium: https://medium.com/unifiprotocol/

Telegram Discussion: https://t.me/unifi_protocol/

Gold Rocket | Satoshi Club: Everything is clear to me. Do you want to add something or we can proceed to the next question?

Juliun | Sesameseed.org: we can move forward

Q2 from Telegram user @cleitoclo

Platforms such as Unifi generally establish a liquidity withdrawal limit, what is the limit for the amount of liquidity withdrawal and for the construction of products or services in Unifi?

Juliun | Sesameseed.org: oh.

We’re a complete redesign of traditional AMM’s

There is no withdrawal limit, there is no withdrawal fee. In fact our smart contracts though are similar in operation to Uniswap and others are very different under the hood.

There is no cost for participating wtih unifi. and You earn rewards directly as a liquidity provider. No need to Stake your LP tokens.

SImply provide liquidity and you earn your share of the fee as UP tokens.

Up token is unique in that it can be redeemed for the Base tokens that back it (ETH for example) and the amount of tokens that back it increase after every trade.

D. | Satoshi Club: no limits, no fees i like it! :smile::+1:

Gold Rocket | Satoshi Club: Excellent!

Q3 from Telegram user @mundarain

Are there rewards for participating in governance decisions and proposals? What actions should users take to maximize their reward income with respect to the Unifi participation system?

Juliun | Sesameseed.org:Yes, so, actually only community representatives can vote on core proposals.

These are elected representatives, that users may delegate their stake to.

Delegating their stake earns rewards for the token holder, and those with the most stake are elected representatives.

Representatives will be encouraged to reward participant / delegators for their stake.

probably the best wait earn the best reward, is to start staking early and vote for the most active representatives (or become one yourself)

D. | Satoshi Club: how to become elected representative?

Juliun | Sesameseed.org: simply have advocate for Delegations.

You’ll need to have your staked UNFI, staked for long enough, but after that… its simply about asking for stake

i would suggest promising a good return is a great start (such as a share of the CR reward to be distributed back to your voters)

D. | Satoshi Club: great! thank you for information! ready to jump to the next question? :blush:

Juliun | Sesameseed.org: yes

Q4 from Telegram user @kripto_mangunkusumo

One of the interesting products from Unifi is about Nitrous Layer. Can we hear more about this product, and how has it progressed so far? when is this product expected to be implemented?

Juliun | Sesameseed.org: Oh we dont have this feature, this may be a different project.

D. | Satoshi Club: really? oops, yeah it happens sometimes, probably question from different project :smile:let’s go to the next question then?

Gold Rocket | Satoshi Club: then tell us about your feature:grin:

Or next question:blush:

Juliun | Sesameseed.org: Oh sure,

Really our best feature is our community. We’ve made a huge effort to focus on our community and incorporating this into what we’ve built.

Gold Rocket | Satoshi Club: I like it:+1:

D. | Satoshi Club: the most important part of every project:+1:

Juliun | Sesameseed.org: absolutely

Q5 from Telegram user @nakocr

Your platform will also share the fees as long as the liquid providers don’t withdraw their liquidity from the pool and keep the tokens. Is this not unfair and will it be shared at the same rate after the liquid is withdrawn? If so, shouldn’t these ratios be different from each other?

Juliun | Sesameseed.org: So the fee’s are distributed to the liquidity providers that are participating within the pool, and you only earn those rewards as long as you’ve provided liquidity tot he pools you’re participating in.

Which keeps it fair, so you can only earn rewards as long you’ve provided that liquidity.

Q6 from Telegram user @nagy_szabo

You are on Binance launchpad and this is great for visibility and adoption. It will end soon. Do you plan any more activity in partnership with Binance? Are they your investors/official partners btw?

Juliun | Sesameseed.org: so partnerships are huge for us.

They’re part of why we’re here today and they’re absolutely crucial to our future growth.Partners will help determine which blockchains we migrate to, and they’re important to helping encourage our community growth.

D. | Satoshi Club: any future partnerships that you can talk of?:smile:

or it’s a secret for now?

Juliun | Sesameseed.org: hmmm probably the most significant is with other blockchains.

Icon is public, but i dont believe we have any others that are public today.

D. | Satoshi Club: got it! :+1:

Gold Rocket | Satoshi Club: Thanks for the answers:+1:

Part 2 — live questions from the Telegram community

Q1 from Telegram user @Baby_Crypto

Whаt is the relationship bеtween Unifi and Utrade аnd what role does the Unlimited Potential Tоken (UP) play on this platform?

Juliun | Sesameseed.org: So UNFI is the governance token that will help determine the network parameters of uTrade.

Its an important ecosystem in which those UNFI token holders can help direct the rewards earned on uTrade to encourage more liquidity to be provided and better returns for Liquidity providers.

Q2 from Telegram user @Pramoddhanni87

What difficulties do you have for trading of tokens from different blockchains in #Unifi_Protocol_ ?

Juliun | Sesameseed.org: so Trading Tokens from different blockcahins requires a bridge of some kind,

These bridges are often centralized product that require a 3rd party to transact between them.

This is actually a major focus of ours today and trying to reduce these to a more trustless architecture.

Stay tuned we have some big announcements on this coming.

Q3 from Telegram user @Eliasbb

You said that “Really our best features is our community” But you still not have a telegram group. I saw that you only have a telegram channel. Any plan to create telegram group so that user can share their thoughts about UNIFI easily? What do you think about it?

Juliun | Sesameseed.org: actually we do have a very active telegram community:

https://t.me/unifi_protocol/

I suggest you join in and take a look, My team and i are always in there and we’d be happy to answer any other questions.

Q4 from Telegram user @luckydraw66

How do you feel while doing this job right now?Have you ever felt the pressure of starting a blockchain startup?staff and are you feeling happy right now?

Juliun | Sesameseed.org: Haha,

I’ve been doing this with my team as a start up for nearly 3 years.

until very recently, we were an all volunteer team, honestly working just for the rewarding nature of it.

We’re really excited about the traction we have today and where we’re going.

We’re most excited about how involved we’ve managed to get our community.

Things look really bright from here to be honest.

Q5 from Telegram user @ Nickkiii

What are the Privileges of the four classes (Elite, Upgraded, Waiting Period and Holder) of $UNFI tokens?

Juliun | Sesameseed.org: so the 4 classes you mentioned really rank from simple token holder to potentially Community representative (CR) Level 4 is a token holder. Level 3 is a staking token holder that is in a waiting period to become level 2. Level 2 earns staking rewards, and level 1 is a staking token holder, whos tokens are now locked and eligible for the highest level of rewards.

In addition level 1 token holders are able to delegate to CR’s and be rewarded for their participation in governance.

Q6 from Telegram user @Alika061

Is Stake $UNIFI on the Binance Smart Chain BSC and will I be awarded a stake with every new block I mine? then how much is the #UNFI Staking Prize to be Mined.

Juliun | Sesameseed.org: The current staking promotion on BSC is around this 6 week period until dec. 31st. You must lock your tokens to participate and by participating you earn a proportionate share of UNFI unlocked every block.

After Dec.31’st we’ll be transitioning into a much more diverse governance economy as mentioned above.

Q7 from Telegram user @tuvalunia

In what ways can an investor obtain UNFI tokens?

Juliun | Sesameseed.org: Aside from the exchange,

You can Stake within our current governance contract on BSC.

Stake in the binance launchpool, or Pancakeswap, Or you may migrate your up tokens.

This happened for the first time last week and there will be another up migration in the coming weeks.

After december 31’st you’ll be able to participate in governance to directly earn rewards.

Q8 from Telegram user @lembaranfotohitamputih

Can you explain in a simple way so that nontech people can easily understand how to use your platform and why is it better than any others that offers similar service?

Juliun | Sesameseed.org: hmm the simplest reason why, is that we’ve built a system that takes advantage of the benefits of other blockchains.

We didn’t simply copy the standard thats out there today, we solved the problem with efficiencies in mind.

These efficiencies result in a simpler process for users, and ultimately fewer fees to participate and earn rewards.

Q9 from Telegram user @KASG95

After listing your tokens on Binance Exchange, do you plan to continue listing your tokens on many more CEX exchanges? or after this will they focus only on DEX?

Juliun | Sesameseed.org: we’ve been fortunate enough to have a few major exchange partners, we do plan to continue listing on other exchanges, though our primary goal today is growing our community and expanding our network.

Q10 from Telegram user @araceley

Is the window period to claim UNFI on uTrade to join the BSC Staking still open?

Juliun | Sesameseed.org:Staking is still open! and will be open until Dec. 31st this year.

After this time period it will take time to enter into the staking system, and the token distribution will be much more scarce.

This is a really unique opportunity, and we’re happy to see over 100,000 Tokens are participating within it today (~25% of what was on launchpool)