Eric: We shall start the AMA.
Welcome @ChandreshAharwar — Thanks for taking the time! Let's kick it off with an introduction to your role at Unilend and your past career then the journey leading you to crypto.
Chandresh: Hey @ERCSU
Thanks a lot for inviting me for AMA. have heard a lot about your vibrant community
Eric: Thanks! Unilend is buzzing hard these days too
Chandresh: I have started my work in Blockchain long back in 2016 & majorly spent good 6 months understanding how this space is setting up to revolutionize traditional finance.
In 2019, I joined Matic & have been leading their Marketing & strategy for more than 1 year till 2020.
I started working on UniLend in Mid 2020 along with my other 2 co-founders who have been working https://metatransact.com/
When we figured that the untapped market cap in DeFI is more than $29 Billion & solved how we can welcome every token to DeFi, I made the blog live.
and everything changed after that
Thanks a lot to all the awesome community members who loved the idea so much & have been helping us a lot from the initial stages
All my hard work from the last 1 year during Matic Time have been recognized well by everyone & it’s great to contribute with https://unilend.finance/ to the blockchain ecosystem
Eric: Very strong background.
So in your own words — What is Unilend.finance?
Chandresh:
https://twitter.com/chandresh1091/status/1259145137881354240?s=19
I just found this message, if anyone would like to check out in detail about my background 🔥
Chandresh: Think of UniLend like Uniswap, but with lending and borrowing services also added, that’s the simplest way to think of it.
Uniswap allows permissionless listing of every ERC-20 assets but doesn’t capture the market of lending/borrowing.
Compound, Aave & other platforms allow lending/borrowing but support around 30 assets out of 6K+ assets
They are not able to allow all assets, as they are dependant on other Platforms for liquidations
Imagine UniLend like ( Uniswap + Compound/Aave)
We will have our own trading platform, which will help us with liquidations on our own platforms & hence it’s much secure than other platforms in case of black swan events
and thus we are welcoming every token to DeFi 🥳🥳
Eric: Interesting. You have said that any token can be listed on UniLend, so that means certain tokens listed on UniLend might not have any liquidity. Does the team think that might be an issue?
Chandresh: #DeFi #Comparison
Introducing our DeFi Dissected article series: Highlighting the value UniLend is bringing to the DeFi revolution 🔥
🙋♂️ Our community has requested further clarification on UniLend’s strengths as a DeFi protocol, so that’s what we’re delivering! Get ready for a series outlining the differences between our protocol and other major DeFi players.
✅ The goal is to show the cryptosphere why we will be a major contender, with more to offer than our competitors. UniLend is a unique protocol, built from the ground up, that is capable of truly revolutionizing DeFi thanks to our comprehensive DeFi functionality and permissionless listing model.
🚀 To start, we’ve released a comparison with Compound. We will release further comparisons moving forward. Stay tuned to our social media platforms as we gear up to launch the rest!
🌐 Read our first comparison here, UniLend vs. Compound: https://t.co/03AnTXyQww?amp=1
🗣 Retweet: https://twitter.com/UniLend_Finance/status/1324378305013850112
Chandresh Aharwar, [13 Nov 2020 at 9:14:44 PM]:
This gives a good idea for comparison with compound
Chandresh: Like, I mentioned that all liquidations are happening on our own trading platform.
The lending/borrowing capacity is being derived from the liquidity available on our own platform.
It will never be an issue, as we will always have liquidity on our platform
Eric: There’s a token in the center called UFT what is its role in the protocol?
Chandresh: UFT ( UniLend Finance Token)
UFT holders will have a lot of advantages & utilities which will soon be released.
Also, the UFT token will majorly be used for the governance of our protocol.
There are multiple factors like collateralization ratios, base pair additions, etc.. which have to be decided by the community. All $UFT holders will help in deciding all these factors.
Also, $UFT holders will be at an advantage in terms of liquidity mining & yield farming on our protocol
Eric: Very compelling.
I am sure the community is ready to drop in their questions straight from Twitter. Please allow everyone to post for 2–3 minutes then we will mute the group for you to reply @ChandreshAharwar
Community AMA
Q: Can you tell us more about your partnership with CRYPTO LOCALLY? What do investors stand to benefit from this partnership?
A: Crypto Locally is a peer to peer platform, catering to users for asset swap.
They wanted to improve their offering with decentralized lending/borrowing also as one of the features & they are integrating UniLend for that.
As a decentralized protocol, we are open to all teams who want to integrate our platform & will keep on providing all tech-related support.
There are some really cool updates coming on this in near future. Keep watching our announcement channel — https://t.me/UniLendAnnouncement
Q: What is the main differentiation of UniLend.Finance compared to other DeFi Projects and why do you think the project is unique enough to make a name for itself and shine above the rest? Thanks.
A: To answer this question, we have actually started the DeFi Dissected series, which compares UniLend with major DeFi platforms.
To answer in short -
- We support permission-less listing ( supporting 6,000+ assets whereas other protocols support only less than 30)
- We are a one-stop solution with Trading + Lending/Borrowing
you can read the details below articles for a better understanding. It’s an ongoing series & we will keep on adding more comparisons.
Q: What is the interest rate received or paid by users when they unlock their tokens functionality for lending and borrowing?
A: This is based on free-market & will be derived based on supply & demand, just like it works with other protocols like Compound etc.
Q: Hope today you will be able to answer the most 2 related questions from the community!
1. Date of the road map
2. Date of launching the platform.
I will be watching!
Thanks for your time and good luck today! 🐼💥
A: We are progressing step by step carefully on all fronts sir.
We are not in favor of releasing any half-cooked information & will take our time before releasing any information.
having said that, we are very close in terms of releasing our roadmap, won’t be giving any dates though.
and your other question will be answered with roadmap release
Q: Will you implement non-crypto-natives and NFT into your ecosystem? How do you keep a balance between developing the technology and also improving the value of your token?
A: We do have some use cases around NFT, which our team is exploring currently. Once the concrete plan is in place, we will release more details around our NFT use cases.
Our platform growth & traction will keep on driving all other things along with it I believe.
We have a long way to go & this is just the start 😎
Q: How come that there was an Initial Supply of 10,8M Token — initially there were 5M from Private Sale (25% of 20M Token) + 2M from Public Sale released — -> 7M Token?
Rest: 3,8M (10,8M-7M) — are these 3,8M Token the initial part of the Token planned for Ecosystem, Team, Marketing, Reserve, … which will be released over time as shown in the “UFT Token Release Schedule”?
A: Please refer to the token release schedule in this — https://unilend.medium.com/announcing-the-unilend-uft-public-sale-interest-form-is-now-live-17e0cc6d7ad7
and yes. The other 3.8 Million tokens unlock is part of marketing, ecosystem, etc.. which we are utilizing continuously for making $UFT more available to larger communities & reaching out to the larger community for increasing our user base.
We also plan to start geography-specific efforts shortly to keep on increasing our community.
Q: Many DeFi smart contracts have bugs & prone to security breaches. How secured is yours in UniLend Finance? Did you ever audit your smart contract's code?
A: Yes. Security is the most important part for us.
While releasing the token, we have done the audit through certik already & we plan to have multiple audits for our platform also before releasing it.
WE also plan to run a bug bounty campaign for making sure our protocol is safe & secure before releasing it to the community.
Q: How does Unilend address if there is some problem like an investor who did not pay his loan for how many months or years in your platform? What is your action with regard to these situations?
A: For any loan taken, you have to provide collateral which is generally of more value.
In any case, when collateral is becoming less worth of loan, liquidations happen & everything is settled.
Q: How will your team ensure that Unilend remains the top platform and keep pace ahead of your competitors, in the next 5 years and beyond?
A: Well, for the starter, what we are offering, no one else is working on that currently.
So, we don’t have any competitions in the market & we plan to keep ourselves well versed with all upcoming updates in the ecosystem.
Q: Where is unilend_finance road map now? Are all targets by the current road map? and what are the next steps that will be taken in the future?
A: answered already
Q: Can you share some screenshots of the UI of the product?
A: I can share the rejected version 😂
This was the first version received
Q: Do you have any plans using layer 2 solutions with the protocol down the road, such as teaming up with Matic? ;)
A: We have not decided on layer 2 strategy yet & currently focused on getting traction on ethereum currently
Q: Will you be partnering with wallets like Frontier or instadapp?
A: Frontier will support our protocol from day 1
Closing Remarks
Eric: I think that wraps up our AMA with Unilend. @ChandreshAharwar Please invite everyone to ask more questions on your official tG and follow your official Twitter account and medium
Chandresh: Join us on social media:
Telegram community / Announcements channel / Twitter
Feel free to join our social for any other queries or our upcoming updates
Thanks, @ERCSU for such a wonderful AMA
Loved your community 🔥🔥
Eric: Thanks for sharing stuff about Unilend! Very much looking forward to it
