An exciting project led an AMA session in our group on October 5, UniLend is one of the projects on our green list thanks to its great team and renowned management. Our guests were Chandresh Aharwar and Vishal.
The total reward fund was $500 and was divided into three parts. In this AMA Recap we will try to summarize some of the most interesting points for you.
PART 1, INTRODUCTION AND COMMUNITY QUESTIONS
Luis Merino | Satoshi Club: Hello SatoshiClubbers! Welcome to another AMA session with Satoshi Club 🙂 Our guests today are from UniLend. @VishalBlockchain, @ChandreshAharwar welcome!
Chandresh Aharwar: Hey Guys. Thanks for Inviting us. Have heard a lot about your community. You guys are just awesome.
Vishal: Hello Guys.
Mary | Satoshi Club: Thank you, you are awesome as well, we heard about your project. Ok, can you give us short intro about yourself and tell us how did you decide to start with UniLend?
Chandresh Aharwar: So, my crypto journey started around mid-2016. I was consulting multiple crypto projects on different fronts. Then, I was leading Strategy & Marketing for Matic Network (Binance IEO Project April 2019) till July.
Me & Our other 2 cofounders who were working on Metatransact.com were discussing about the idea of how all tokens can be welcomed to DeFi & this way idea of Unilend came. When we came across the untapped market is more than 50%, we realized this is the most needed thing currently.
Mary | Satoshi Club: So, i see you are experienced in crypto and understand what are you aiming for.
Chandresh Aharwar: Yeah. https://twitter.com/chandresh1091/status/1259145137881354240?s=19. This tweet thread describes my freaking awesome work at Matic. 😎
Q1 from bitcointalk user elissa
UniLend is bridging that gap by combining the decentralization aspect of enabling any ERC20 to be utilized as collateral for lending & borrowing. What if someone creates a fake or useless token, makes a fake price by giving it some volume on uniswap, and then use it as a collateral. He will be able to dump the rest of his tokens after he borrows the money. Is this possible?
Chandresh Aharwar: So, to tackle this problem, the major change in our protocol as compared to other lending/borrowing protocol is that they have multi pool concept, where as we have single pool concept for deriving the lending borrowing capacity.
So, let’s understand this in more detail. We are building a complete ecosystem (Trading + Lending/Borrowing) Protocol. Each pair will be listed with ETH as a base pair for example. Based on the liquidity available on ETh/XYZ trading pair, lending/borrowing capacity is derived.
So, you will have to provide liquidity for your own lending/borrowing too as you are the only person holding that token. Infact your ETH will be at risk if your airdrop your fake tokens to someone and also all liquidations happen on our own protocol. So, we are not dependent for liquidation on other DEXes. That’s make it to possible to list more tokens.
Mary | Satoshi Club: Yes, i think it has sense, but people are resourceful. Do you see another risks, which can appear?
Chandresh Aharwar: I don’t think so. The major risk is liquidity. We need some decent liquidity to have smooth user experience.
We have already sorted that issues through our seed/private round investors providing liquidity as value add & our partner projects willing to bootstrap liquidity. We expect the complete user experience to be smooth.
Luis Merino | Satoshi Club: So you have your own liquidity?
Chandresh Aharwar: Just like on uniswap & other DEX anyone can provide liquidity. On our platform also it’s totally decentralized.
Luis Merino | Satoshi Club: Can you share with us the amount you raised with the private sell?
Chandresh Aharwar: https://twitter.com/UniLend_Finance/status/1310944899097915394
Mary | Satoshi Club: And when public token distribution?
Chandresh Aharwar: We raised $3.1Mn in seed & Private round from some well-known individual/VC’s in the industry. We got good coverage overall through the Media:
Crypto briefing: https://cryptobriefing.com/unilend-finance-which-aims-welcome-every-token-to-defi-raises-3-1m-amid-overwhelming-strategic-investor-support/
Coindesk: https://www.coindesk.com/investors-india-defi-scene-central-bank-ban
Coin crunch: https://coincrunch.in/2020/09/29/unilend-finance-raises-3-1m-to-welcome-every-token-to-defi/
Crypto News Hindi ( Local Hindi Blockchain Media also covered): https://cryptonewshindi.com/unilend-raised-1-3million-dollars-in-private-sale/
China News: https://www.chainnews.com/news/424444295531.htm?utm_source=telegram
Q2 from bitcointalk user justgata
I am intrigued by the absence of the project roadmap and technical document, as they are essential to build investor confidence. When will the Unilend whitepaper be available? Have they successfully met all the objectives set for the year? What are the next steps for the future?
Vishal: We have already published our Litepaper and I am sending it here for Satoshi Club Community. https://t.me/Satoshi_club/319256
Chandresh Aharwar: I guess, we have already been releasing updates regularly to the community regarding tech updates also regularly. Have taken the more prominent approach & we are getting ready for the launch too.
Mary | Satoshi Club: Launch, we want launch, when?
Chandresh Aharwar: We also have started drafting our V2 Plans, which will be updated on website also soon (We have new website also launching in upcoming days).
Vishal: And for more news and updates anyone can join our telegram group @UniLendFinance and our official announcement channel @UniLendAnnouncement or Twitter https://twitter.com/UniLend_Finance
Q3 from Telegram user @gruvv
On your platform you will be able to do permission-less listing, lending and borrowing, trading, liquidity, governance, etc. That’s great, but how is UFT integrated in all this? How will you use it?
Chandresh Aharwar: Will be sharing one upcoming announcement here first for you guys.
Firstly, UFT token is used to facilitate governance of the UniLend protocol. A number of factors relating to the proper functioning of the protocol, will be decided by UFT holders via proposals which require majority consensus to be implemented.
Liquidity providers are a key component in ensuring the sustainability of a decentralized finance protocol by facilitating liquidity within the protocol. They will therefore be rewarded with $UFT tokens via liquidity mining, in addition to a percentage of trading fees.
Platform users are the lifeblood of any DeFi product. In a system which aims for maximum decentralization like UniLend, distributing governance power to the users is crucial. Therefore, 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.
Luis Merino | Satoshi Club: Many ways to earn UFT.
Chandresh Aharwar: We want to give more & more control of the community who actually use our Protocol. So, we will reward them through. Liquidity Mining & Yield Farming Both. ❤️
Mary | Satoshi Club: How you will count rewards? Do you already have the numbers?
Chandresh Aharwar: Yeah. But Can’t share. We would like to be competitive in market during the launch.
Mary | Satoshi Club: Do you have competitors on this market? Can you name them? With the same features?
Chandresh Aharwar: Well, tbh we don’t have any competitos currently. But compond, aave, Cream & some more are in same market. But they left $29 Billion for us and we will be adding support to all assets, which they support too.
Out of 7000+ Plus ERC20 assets only around 30 are supported currently. CRO, BNB, HT, OKB, LEO, MATIC, and many, many more well-known tokens are not supported yet.
Vishal:
Q4 from Telegram Username @yzmoney
Unilend is going to have Permissionless listing where Any ERC20 token will be able to list without any entity controlling the listing process. How does Unilend protect users against scam project or rug pulls since anyone can list anything?
Chandresh Aharwar: So, if you are talking about Trading. It’s same as uniswap (Uniswap allows permission-less listing) and for Lending/Borrowing also already explained above.
Mary | Satoshi Club: As i understand that you can only make a warning for some assets?
Chandresh Aharwar: Yeah, that part we will surely do in UI/UX. But, just imagine, you can some coin with you in Binance or on any dex. It’s just sitting there, you can’t do anything, on our platform you might be able to lend & earn some profit all the value addittions of compound, aave & other are getting unlocked for larger number of coins. You can even long/short or implement so many strategies & that’s to coming to larger number of tokens. You might be a holder/follower of some of them which are not supported currently.
Q5 from Telegram Username @Rosane1a8
Any asset can be listed on UniLend platform, but once it does, what trading pairs are created? Is it an automatic feature or the owner has the possibility to decide it?
Chandresh Aharwar: So the base pairs are the part of governance. Initially we will start with ETH as a base pair.
Then based on the community inputs through governance we can have more base pairs like DAI, USDC etc. In case of multiple base pair, user boot strapping the initial liquidity will have a chance which pairs he/she/they want to launch.
Mary | Satoshi Club: And the same for liquidity?
Chandresh Aharwar: Once the pairs are listed, anyone can add the liquidity to the pool. Just like uniswap.
Luis Merino | Satoshi Club: Sounds good. How will governance work? When will the first voting take place? 🙂
Chandresh Aharwar: So, it will be like. Users will be able to put proposal. All UFT token holders vote & if it’s passes it gets implemented, similar like the other governance models are working currently.
Luis Merino | Satoshi Club: Any user can make the proposal? Or do you need to own a minimum of UFT?
Chandresh Aharwar: There is a minimum actually initially. But again, once community takes over. They decide what’s the minimum.
Q6 from Telegram Username @konditer_rolex
On your site, I did not see any promises of fantastic profits. This is good in terms of trust in the project, but still you cannot do without numbers. I would like to know about tokenomics and, of course, how you can calculate the interest rate for any existing token?
Chandresh Aharwar: We don’t want to make any promises if there is already an opportunity to deliver project quickly atleast on Testnet. We are not a project which need a year to deliver our project. So, it’s fine. In terms on tokenomics, we will soon make the announcement before our public distribution.
We will reveal all details before listing UFT. So worries on that front at all.
Mary | Satoshi Club: Testnet already live, right?
Chandresh Aharwar: It’s not revealed yet. We have our UniLend Legion program launching today. Gathering the army of Beta testers already for making sure everything is right.
PART 2, TELEGRAM COMMUNITY LIVE QUESTIONS
The chat was open for 80 seconds; a lot of questions were posted by Satoshi Club community. Our guests chose some of them.
Q1 from Telegram User @gansoll
What is the coolest function in UniLend?
Vishal: All ERC20 tokens welcome to the DeFi… Lending + Borrowing+ Trading at a single place with governed by $UFT.
Q2 from Telegram User @Tai1304040
Your foundation idea is very new, so it takes a lot of formula and takes a long time to develop. This must have a tricky point for you? Do you agree that the strength of the community will lead your project to grow globally?
Chandresh Aharwar: Yeah. What we are doing is unique & not just a fork of some existing protocol.
So, it took lot of research & hard work from our tech team. Our Co-founders experience of building metatransact.com has also helped a lot in quick execution. Also, I extended Matic community to 100K+. My expertise is coming in to play & we already have hug number of supporters growing daily. We plan to focus on community growth heavily & this will definitely help in overall growth of our platform
Q3 from Telegram User @motngaykoxa
In addition to the lending aspect and the amount of assets supported, what makes Unilend different and superior to its competitors such as Compound, Aave, Maker DAO…?
Vishal: Its already answered above in starting of the AMA I guess.
Q4 from Telegram User @Tani09876
What is the full meaning of UniLend?
Vishal: There is no Full Form but UFT is abbreviated as UniLend Finance Token.
Q5 from Telegram User @Idee01
Regarding UniLend Legion program launching today, how can I apply as a beta tester?
Vishal: For that anyone can join our telegram group @UniLendFinance and our official announcement channel @UniLendAnnouncement or Twitter https://twitter.com/UniLend_Finance
Q6 from Telegram User @Jonahapagu
In what ways will Unilend reward those who provide liquidity for spot trading and Lending of assets on UNILEND..and what strategies do you have to bring in more liquidity to assets listed for spot trading on unilend
Chandresh Aharwar: So, for rewarding the protocol users we have implemented
- Liquidity Mining for liquidity provisioning
- Yield farming for interacting with lending/borrowing
We have already reached out to multiple projects for bootstrapping liquidity of their token. Also multiple of our investors are also helping with Initial liquidity bootstrapping.
We believe that the value additions of our protocol will derive its users & liquidity providers with time.
Q7 from Telegram User @Nickkiii
Does Unilend have any plans to include cross-chain support?
Chandresh Aharwar: Yes. We plan to do this & already talking to multiple teams already.
Q8 from Telegram User @rockmorti
How does Unilend governance work? is it based on 1 token 1 vote? 1 address 1 vote? Can you explain these aspects a bit?
Chandresh Aharwar: It’s based on the number of tokens you hold not on the addresses. So, more token holders will have more power in decisions.
Q9 from Telegram User @Winterkom
What requirements must a token meet to be listed on UniLend? Does it only need to be an ERC-20 token? How would UniLend prevent scam tokens from being listed?
Chandresh Aharwar: Yes, initially as we are launching on ethereum so token have to be ERC20. Once we start supporting more chains, others will also be supported. Also, we will be able to delist/ban some tokens if decided in governance.
Q10 from Telegram User @Maksyrn
Is UniLend collaborating with some already launched projects?
Chandresh Aharwar: Yes. We are already in talks with multiple teams for bootstrapping the initial liquidity. We are also talking to multiple exchanges also for integrations/collaborations /listings. We are also talking to multiple DEX aggregator & Wallets which will support and integrate UniLend. Recently Launched Frontier has already announced they will support with integration on our launch.
Q11 from Telegram @Winterkom
What are the possible ways to get $UFT? Will it be exclusively through Farming? And what are the advantages of being a holder when using the platform?
Chandresh Aharwar: We plan to do our public distribution & listing in next few weeks.
Tune in to our channels for further updates on this, if you want to participate. We also plan to reward our early supporters. There are going to be some added utilities of UFT tokens too, which we plan to announce in future.
Q12 from Telegram @bitboyss
Nowadays there are many useless DeFi projects popping up! Please tell us what makes UniLend Finance trustable as a long term project for users and investors?
Chandresh Aharwar: First of all, we are not at all a copy paste of some other protocol.
What we are building is from scratch & all the team members of UniLend are already well known & well connected in the complete Blockchain & Crypto Industry. What we are building is welcoming every token to Defi. So our value proposition is much larger which covers $29 Billion untapped market.
Q13 from Telegram @BJosefina61
Ethereum 2.0 is getting closer and closer, do you think this will benefit Unilend? or do you work on second layer solutions?
Chandresh Aharwar: Our team is working on some strategies to make sure that the fees on our platform is efficient compared to others. Also if ETH 2.0 comes it will definitely help in driving the adoption of DeFi industry to next level, as high gas fees is a barrier for small users. We will reveal more in future about our Layer 2 strategies. Currently we are watching it closely, how it evolves.
Q14 from Telegram @tungvodoi206
Price affects interest rates and loans. How does Unilend solve this problem? How is collateral guaranteed?
Chandresh Aharwar: In cases of other protocols like compound Aave etc, they are dependant on other DEX like uniswap, kyber etc… For liquidations. Whereas, we are building a complete ecosystem of Trading + Lending/ Borrowing.
So, all liquidations are handled on our own platform (That’s much more safe & secure compared to others in case on black swan event). Users funds are more secure on our platform in high market fluctuations scenario as we will always have liquidity for liquidations.
PART 3, QUIZ AND INFO
As usual, for the third part, Satoshi Club Team asked the chat 4 questions about UniLend. A link to a Quiz form were sent into the chat. Participants had 10 minutes to answer. 300$ were distributed between the winners.
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