AMA Recap Crypto Library with UniLend Finance

                                          

On 24th May 2021, UniLend Finance conducted an AMA in the Crypto Library Community. Our guest is Vishal Kothari. Lots of questions as usual from the Community about UniLend Finance progress. The UniLend Finance team took part in a very interesting AMA session which included introductions, questions from twitter, and a live AMA session with the Crypto Library community. If you missed the AMA in person, read this recap for a deeper insight into UniLend Finance.

Let’s take a look at the most interesting points of our conversation.

INTRODUCTION
Crypto Library Team : So, before we start the AMA could you please introduce yourself to our community?

Vishal Kothari (UniLend Finance) : 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. And yes being part of UniLend from the start I can say its always beneficial for team and Project I know what's the milestones set from starting and where we are right now!!!
 
This is our official mascot and would be part of most of our upcoming announcements Community can go through the Official Mascot Announcement https://t.me/UniLendAnnouncement/315 
 
 Let me begin this conversation with my intro I am part of UniLend's team managing Marketing and Operations I have experience working in early stage startups such as Uber and scaled one of Indian's Biggest Foodtech start up Box8.Let me reiterate, please check out twitter page to participate in AMA giveaway as well. Winners will be announced post AMA https://twitter.com/UniLend_Finance/status/1396443918225444870
FIRST SEGMENT (HOST)
Crypto Library Team : What is Unilend? and what features and products does Unilend want to offer us?
 
Vishal Kothari (UniLend Finance) : In regards to your question, 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 launching on March 30th. I’m sure we’ll highlight our products a little today so stay tuned!
 
We encourage everyone to look over our links to better familiarize themselves with any further questions they may have about UniLend Finance. 
I think everyone should be excited about our new flash loans product and the many updates that are coming in the short-term. Like recently we have announced that we are integrating our Flash Loans protocol on Polygon so yes everything is excited about our launch of the integration on the Polygon is really coming your way soon https://t.me/UniLendAnnouncement/298
 
Since the launch of Initium V1, our alpha release, we have been working tirelessly on several large endeavours. Of course we’re working heavily on our flagship product for lending and borrowing, we’ve made considerable headway on this and we’re on track with these developments.Though we also were multitasking by working in stealth on flash loans. Our flash loan product is changing everything. This isn’t just another flash loan product to add to the market though. Our iteration is very competitive being that it will be nearly 3x more gas and cost efficient than the current leading solution. In addition, our flash loan product will be permissionless, which means we’ll be tapping into a much larger and unexplored market. https://unilend.medium.com/unilends-flash-loans-are-3x-more-cost-efficient-than-other-popular-protocols-like-aave-b42e6c6e8789
 
Moreover, the UniLend team came across the first ever UniLend flash loan, which proved to be more cost efficient than Aave’s protocol. In fact, it cost the user 88,209 in gas for our transaction. If this same user used Aave for their flash loan it would have cost significantly more, approximately 200,000 in gas. https://unilend.medium.com/the-first-ever-unilend-permissionless-flash-loan-a-case-study-7b7fc44c19e5
 
Crypto Library Team : Could you give us some reason Why we have to choose Unilend Finance than other projects out there?

Vishal Kothari (UniLend Finance) : In addition, we released a paper recently highlighting the technical aspects of our flash loan product. Also we noticed many people talking about the airdrop and token burn mechanism that’s built into our flash loan product. Can you believe that 30% of the fees that come from using our flash loans will actually be used to market-buy UFT and burn it? That’s correct UFT will slowly become a deflationary asset. Moreover, we have a staking mechanism built into our flash loan product which will give added utility to UFT. We’ve also noticed UFT holders silently stacking more of our governance token once they find out that 70% of the fees from using our flash loan product will be distributed as staking rewards! Furthermore, UniLend will also have a robust governance model powered by UFT (UniLend Fiance Token), Fusion Farming and a UniLend Ecosystem Fund for upcoming IDOs. Of course these are just a few of the updates coming in the near future.

Crypto Library Team : Please tell us about $UFT token! What are the token use-case, distribution, and where we can buy it?

Vishal Kothari (UniLend Finance) : 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 illiquid &/or 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 catering to it requires a complete ecosystem. Progress on this front is going strong. Maximum security is a key priority of UniLend Finance. We’re picking up where key DeFi protocols like Uniswap left off and continuing the development of the decentralized finance revolution.Also we recently completed an extensive audit with Certik, they vigorously audited our smart contracts and we can now say we’ve passed inspection. We know that some of you may not know who Certik is, they’re best-in-class within our industry and for various other technology spaces. Their team heils from academia to enterprise to ensure the correctness and security of blockchain projects. Our community can now rest assured that they’re in safe hands. https://t.me/UniLendAnnouncement/20
 Everyone please stay tuned to our announcement channel, this is where you can find our team updates. https://t.me/UniLendAnnouncement 

Community can check our existing Ecosystem and that's growing consistently.
 
Crypto Library Team : Please share some information about your roadmap, your recent progress, and your future plans?

Vishal Kothari (UniLend Finance) : The most recent UFT update was within our flash loans announcements. UFT is the first token that allows users to stake their tokens whilst providing liquidity for the protocols Flash Loans feature, also ODDZ, YOP, PBR is live and UFT and Matic would be first coins to join on Polygon chain. This is a major utility for UFT, which is already creating a great demand for our token. In addition, stakers have already started receiving airdrops and there will more than likely be plenty more to come in the future. Also go through UFT defamatory model that will assure that we are using 30% of the fees earned through Flash Loans will be used to Buy UFT from market and Burn.
One of the most important factors that UFT stakers will enjoy is the self-sustaining aspect of UniLend’s staking. The Flash Loans will generate income through fees and 70% of the income generated by UniLend’s Flash Loans will go towards providing staking rewards for UniLend stakers. A great part about the staking rewards from UniLend’s Flash Loans is that they will be entirely non-inflationary. We are integrating on polygon very soon, which will make UniLend 1st project to be the Flash laons provider and we will be partnering with AMM projects to boost volumes, so yea, it is a beginning! Furthermore, UFT is our governance token. This functionality is coming next quarter, so in other words, governance is coming soon to UniLend Finance. In addition, UFT will be tied into our ecosystem through the UniLend Ecosystem Fund, Meta Transactions and many collaborations we’ve already announced and for partnerships still yet to be disclosed. Also, through various partnerships, UFT holders will gain access to other platforms for yield maximizing opportunities and cross-chain DeFi strategies. We think holding UFT will give access to many utilities not yet imagined.
 
By the way, read this answer.. so, the community is safe.. That's great to hear. I’m sure everyone was excited to hear the audit went well. So UniLend has made some really big announcements already in 2021. What would you say is the single most important development to come out this year? UniLend is just 9 month old project, for such a young project, we have achieved major feat in terms of development, community and partnerships. I believe our single most important development of 2021 is yet to come. We have a vision to unite all the defi features into one single platform with permissionless listing. Nothing can hold us back to achieve this goal. There have been major announcements I believe which have been important for us. We have launched our Alpha which got 31k+ participants and then we launched our Flash Loans project on Eth mainnet. We have always been a community 1st project and to resolve high gas fee issue on ETH, we announced aur launch on BSC and Polygon too and soon users can utilize Flash Loans and projects can start Lending of their tokens without permission on them as wellWe listed on many prominent exchange this year, including Binance listing in Feb. UniLend Partnered with prokects like Injective, Fantom, Mirror, Bluzelle, Stafi etc. And our biggest feat have been our vast and supportive community with has grown organically to 20k members and 30k Follower on Twitter.
THIRD SEGMENT (LIVE QUESTIONS) 
Crypto Library Team : Recently, many similar projects have been going well. But then they pulled the rug and left their investors at a loss. How do you convince your potential investors? Should your project never be scamd?
 
Vishal Kothari (UniLend Finance) : So let me start with that we are not anon team and yes the faces on website of the UniLend https://unilend.finance are well known in the crypto space as our CEO Chandresh Aharwar was looking marketing and operations in Matic which is now Polygon a Top 20 Project in the crypto space and our team is one of the fast and constantly working team in current situations.... for that community can go through our official announcement channel https://t.me/UniLendAnnouncement
 
Crypto Library Team : Security is always mentioned in any projects, so how will UniLend do to protect risk of losing money or leak information?

Vishal Kothari (UniLend Finance) : 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 illiquid &/or 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 catering to it requires a complete ecosystem. Progress on this front is going strong. Maximum security is a key priority of UniLend Finance. We’re picking up where key DeFi protocols like Uniswap left off and continuing the development of the decentralized finance revolution. Also we recently completed an extensive audit with Certik, they vigorously audited our smart contracts and we can now say we’ve passed inspection. We know that some of you may not know who Certik is, they’re best-in-class within our industry and for various other technology spaces. Their team heils from academia to enterprise to ensure the correctness and security of blockchain projects. Our community can now rest assured that they’re in safe hands. Everyone please stay tuned to our announcement channel. 
Crypto Library Team :What major partnerships does UniLend intend to use or how does UniLend bring its products to the average consumer - especially non-crypto users?

Vishal Kothari (UniLend Finance) : Our target audience is very much limited to the users who want to Hold tokens for long. UniLend is a one stop solution for all the defi need like Lending, Borrowing, Staking and DEX for any value coin holder. So our focus is very much defined and we have a ever growing market to target. We have recently announced partnership with IDO platforms, and more joining us soon. Many new projects who will IDO in coming weeks, will start their lending and Flash Loans on UniLend which will bring a huge new audience. We are also going to see a massive jump in Flash Loans use cases with our $1 million grants program.
Crypto Library Team : What is the main function of $UFT in the UNILEND platform? does $UFT have a big contribution to unilend? can you explain?
 
Vishal Kothari (UniLend Finance) : UFT you can say the main soul of the UniLend being a native token It holds benefit to - Extra Reward while you lend on our Flash Loans protocol - Particiapation in Governance once launched - Will help in fees of the our flagship protocol Lending / Borrowing Also value addition to the UFT holder is that we are coming up with deflationary token mechanism. If we achieve a similar amount of traction as Aave’s flash loans (which are much less competitive compared to ours), this would result in over $1.7 Mn worth of fees every year. 

Crypto Library Team : Can you explain how to apply the guide for doing flash loans at Unilend, then is there a turtorial or a way to better understand it?

Vishal Kothari (UniLend Finance) : This is a very good and important question for those who can understand solidity or want to learn. Here is an explainer of Flash Loans https://youtu.be/ndeF5Rjo_vg We have build a flash loans guide and shared the code to implement the same https://docs.unilend.finance/flash-loans/performing-flashloan Please go through and for any queries you can reach us via social channels.

Crypto Library Team : In Unilend when users provide liquidity, they can receive fees in proportion to the liquidity pool stake, however not everything is so simple, what are the risks that liquidity providers should take into account?

Vishal Kothari (UniLend Finance) :There is no risk at all by lending user's liquidity to UniLend 
  1. We are having safe and audited protocol 
  2. Through lending it to UniLend multiple earning possibility (APY rewards + 70% of the Flash Loans Fees would be shared amongst the Lenders 
  3. In future we are coming with own dex so LP mining rewards would be there too Win win situations for the Liquidity Provider
Crypto Library Team : I want to support your project, Tell us more about the Ambassador Program and in what ways can we participate?

Vishal Kothari (UniLend Finance) : Thanks for showing interest to support us UniLend is having an extended family of UniLend Legions who believe in our vision also support us by increasing reach, educate and promote UniLend's latest developments to the untapped audience in crypto. Anyone who feel they align with our vision can be part of our legions community. Link to apply - http://t.ly/7xHb
 
Crypto Library Team : Why you build your token on Ethereum blockchain? As we all know Ethereum has scalability issues? Any plan to move on other blockchain or mainnet?

Vishal Kothari (UniLend Finance) : We know that Ethereum has mild issues of scalability but yes there must be noted that its being used by all major protocols and we cant miss our ERC20 tokens to be added to the #DeFi https://unilend.medium.com/introducing-unilend-finance-welcoming-every-token-to-defi-c6f77645c003Our first mission is to add all Tokens to the DeFi and AMM so yes major tokens are on Ethereum chain and we want to give them all equal chance to be part of the DeFi For scalability we are coming up with Integration on BSC and Polygon as well.
 Go through:
  1. BSC: https://t.me/UniLendAnnouncement/223 
  2. Polygon: https://t.me/UniLendAnnouncement/298
Crypto Library Team : A project growth mostly dependent on community.So what's your community management?? Is your community members are enough to spread this project to people who don't fluent in English and love their native language?

Vishal Kothari (UniLend Finance) : 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 communitie:
 
Crypto Library Team : Do you plan for BSC or Your project in future?? Do you have plans to add your project in various blockchians, in the future?

Vishal Kothari (UniLend Finance) : As we have already mentioned, we are already listed on Binance and we are in process with Binance team to get our token on Binance Bridge. This will ease token movement among chains and then we plan to launch our protocol for BSC. We have been in touch with major BSC projects to join UniLend Ecosystem, please join announcement channel to get more updates. Currently we have announced BSC and Polygon integration, we plan to bring Flash Loans to them and scale it to a mass level. A lot of DeX volumes we are targeting on these chains with UniLend Flash loans as we later will launch our pools for major coins such as wETH, wBTC, USDT etc.
 
 

POSTCSRIPT

 

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