{"id":2232,"date":"2020-10-11T01:24:18","date_gmt":"2020-10-10T22:24:18","guid":{"rendered":"https:\/\/esatoshi.club\/?p=2232"},"modified":"2020-10-11T01:24:24","modified_gmt":"2020-10-10T22:24:24","slug":"unilend-x-satoshi-club-ama-recap-from-5th-of-october","status":"publish","type":"post","link":"https:\/\/satoshi-club.esipick.com\/index.php\/2020\/10\/11\/unilend-x-satoshi-club-ama-recap-from-5th-of-october\/","title":{"rendered":"UniLend x Satoshi Club AMA Recap from 5th of October"},"content":{"rendered":"\n

An exciting project led an AMA session in our group on October 5, UniLend<\/a> is one of the projects on our green list thanks to its great team and renowned management. Our guests were Chandresh Aharwar<\/a> and Vishal<\/a>.<\/p>\n\n\n\n

The total reward fund was $500 and was\ndivided into three parts. In this AMA Recap we will try to summarize some of\nthe most interesting points for you.<\/p>\n\n\n\n

\n\n\n\n

PART 1, INTRODUCTION AND COMMUNITY QUESTIONS<\/strong><\/p>\n\n\n\n

Luis Merino | Satoshi Club: <\/strong>Hello SatoshiClubbers! Welcome to\nanother AMA session with Satoshi Club \ud83d\ude42 Our guests today are from UniLend. @VishalBlockchain<\/a>, @ChandreshAharwar<\/a> welcome!<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>Hey Guys. Thanks for Inviting us.\nHave heard a lot about your community. You guys are just awesome.<\/p>\n\n\n\n

Vishal:<\/strong> Hello Guys.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Thank you, you are awesome as well,\nwe heard about your project. Ok, can you give us short intro about yourself and\ntell us how did you decide to start with UniLend?<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>So, my crypto journey started around\nmid-2016. I was consulting multiple crypto projects on different fronts. Then,\nI was leading Strategy & Marketing for Matic Network (Binance IEO Project\nApril 2019) till July.<\/p>\n\n\n\n

Me & Our\nother 2 cofounders who were working on Metatransact.com were discussing about the\nidea of how all tokens can be welcomed to DeFi & this way idea of Unilend\ncame. When we came across the untapped market is more than 50%, we realized\nthis is the most needed thing currently.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>So, i see you are experienced in\ncrypto and understand what are you aiming for.<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>Yeah. https:\/\/twitter.com\/chandresh1091\/status\/1259145137881354240?s=19<\/a>.\nThis tweet thread describes my freaking awesome work at Matic. 😎<\/p>\n\n\n\n

Q1 from bitcointalk user elissa<\/strong><\/p>\n\n\n\n

UniLend is bridging that gap by\ncombining the decentralization aspect of enabling any ERC20 to be utilized as\ncollateral for lending & borrowing. What if someone creates a fake or\nuseless token, makes a fake price by giving it some volume on uniswap, and then\nuse it as a collateral. He will be able to dump the rest of his tokens after he\nborrows the money. Is this possible?<\/em><\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>So, to tackle this problem, the major\nchange in our protocol as compared to other lending\/borrowing protocol is that\nthey have multi pool concept, where as we have single pool concept for deriving\nthe lending borrowing capacity.<\/p>\n\n\n\n

So, let\u2019s\nunderstand this in more detail. We are building a complete ecosystem (Trading +\nLending\/Borrowing) Protocol. Each pair will be listed with ETH as a base pair\nfor example. Based on the liquidity available on ETh\/XYZ trading pair, lending\/borrowing\ncapacity is derived.<\/p>\n\n\n\n

So, you will\nhave to provide liquidity for your own lending\/borrowing too as you are the\nonly person holding that token. Infact your ETH will be at risk if your airdrop\nyour fake tokens to someone and also all liquidations happen on our own\nprotocol. So, we are not dependent for liquidation on other DEXes. That’s make\nit to possible to list more tokens.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Yes, i think it has sense, but people\nare resourceful. Do you see another risks, which can appear?<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>I don’t think so. The major risk is\nliquidity. We need some decent liquidity to have smooth user experience.<\/p>\n\n\n\n

We have already sorted that issues through our seed\/private\nround investors providing liquidity as value add & our partner projects\nwilling to bootstrap liquidity. We expect the complete user experience to be\nsmooth.<\/p>\n\n\n\n

Luis Merino | Satoshi\nClub: <\/strong>So you have\nyour own liquidity?<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>Just like on uniswap & other DEX\nanyone can provide liquidity. On our platform also it’s totally decentralized.<\/p>\n\n\n\n

Luis Merino | Satoshi Club: <\/strong>Can you share with us the amount you\nraised with the private sell?<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>https:\/\/twitter.com\/UniLend_Finance\/status\/1310944899097915394<\/a><\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>And when public token distribution?<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>We raised $3.1Mn in seed &\nPrivate round from some well-known individual\/VC’s in the industry. We got good\ncoverage overall through the Media:<\/p>\n\n\n\n

Nasdaq: https:\/\/www.nasdaq.com\/articles\/investors-flock-to-indias-defi-scene-months-after-central-bank-ban-overturned-2020-09-29<\/a> <\/p>\n\n\n\n

Crypto\nbriefing: https:\/\/cryptobriefing.com\/unilend-finance-which-aims-welcome-every-token-to-defi-raises-3-1m-amid-overwhelming-strategic-investor-support\/<\/a> <\/p>\n\n\n\n

Yahoo News: https:\/\/sg.news.yahoo.com\/investors-flock-india-defi-scene-141728508.html?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAADQ_gztiwraTIce8SlFTuVL9o50Ousho2laEkqF_sr2Au1GRy7QwzPKWr9PZrv9EZaxzndceRWkiQmwNbAxkuqdxoRYznn-RTVj6vUoyUpN2VpR5ellbooJj-qNn13ECgmg_wyDlR8QEJu1fzDOJJvN4sxUq9Me2QwVao4FseBV7<\/a>\n<\/p>\n\n\n\n

Coindesk: https:\/\/www.coindesk.com\/investors-india-defi-scene-central-bank-ban<\/a> <\/p>\n\n\n\n

Coin crunch:\nhttps:\/\/coincrunch.in\/2020\/09\/29\/unilend-finance-raises-3-1m-to-welcome-every-token-to-defi\/<\/a>\n<\/p>\n\n\n\n

Crypto News\nHindi ( Local Hindi Blockchain Media also covered): https:\/\/cryptonewshindi.com\/unilend-raised-1-3million-dollars-in-private-sale\/<\/a>\n<\/p>\n\n\n\n

China News: https:\/\/www.chainnews.com\/news\/424444295531.htm?utm_source=telegram<\/a>\n<\/p>\n\n\n\n

Q2 from bitcointalk user justgata<\/strong><\/p>\n\n\n\n

I am intrigued by the absence of the\nproject roadmap and technical document, as they are essential to build investor\nconfidence. When will the Unilend whitepaper be available? Have they\nsuccessfully met all the objectives set for the year? What are the next steps\nfor the future?<\/em><\/p>\n\n\n\n

Vishal: <\/strong>We have already published our\nLitepaper and I am sending it here for Satoshi Club Community. https:\/\/t.me\/Satoshi_club\/319256<\/a> <\/p>\n\n\n\n

Unilend-Whitepaper<\/a>Download<\/a><\/div>\n\n\n\n

Chandresh Aharwar: <\/strong>I guess, we have already been\nreleasing updates regularly to the community regarding tech updates also regularly.\nHave taken the more prominent approach & we are getting ready for the\nlaunch too.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Launch, we want launch, when?<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>We also have started drafting our V2\nPlans, which will be updated on website also soon (We have new website also\nlaunching in upcoming days).<\/p>\n\n\n\n

Vishal: <\/strong>And for more news and updates anyone\ncan join our telegram group @UniLendFinance<\/a>\nand our official announcement channel @UniLendAnnouncement<\/a>\nor Twitter https:\/\/twitter.com\/UniLend_Finance<\/a><\/p>\n\n\n\n

Q3 from Telegram user @gruvv<\/strong><\/p>\n\n\n\n

On your platform you will be able to\ndo permission-less listing, lending and borrowing, trading, liquidity,\ngovernance, etc. That’s great, but how is UFT integrated in all this? How will\nyou use it?<\/em><\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>Will be sharing one upcoming\nannouncement here first for you guys.<\/p>\n\n\n\n

Firstly, UFT\ntoken is used to facilitate governance of the UniLend protocol. A number of\nfactors relating to the proper functioning of the protocol, will be decided by\nUFT holders via proposals which require majority consensus to be implemented.<\/p>\n\n\n\n

Liquidity\nproviders are a key component in ensuring the sustainability of a decentralized\nfinance protocol by facilitating liquidity within the protocol. They will\ntherefore be rewarded with $UFT tokens via liquidity mining, in addition to a\npercentage of trading fees.<\/p>\n\n\n\n

Platform\nusers are the lifeblood of any DeFi product. In a system which aims for maximum\ndecentralization like UniLend, distributing governance power to the users is\ncrucial. Therefore, ecosystem participants who use UniLend for lending,\nborrowing or trading will be rewarded with governance power in the form of UFT\ntokens to encourage not only use of the platform\u2019s services, but also to\nfacilitate distributed governance.<\/p>\n\n\n\n

Luis Merino | Satoshi Club: <\/strong>Many ways to earn UFT.<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>We want to give more & more\ncontrol of the community who actually use our Protocol. So, we will reward them\nthrough. Liquidity Mining & Yield Farming Both. ❤️<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>How you will count rewards? Do you\nalready have the numbers?<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>Yeah. But Can’t share. We would like\nto be competitive in market during the launch.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Do you have competitors on this\nmarket? Can you name them? With the same features?<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>Well, tbh we don’t have any\ncompetitos currently. But compond, aave, Cream & some more are in same\nmarket. But they left $29 Billion for us and we will be adding support to all\nassets, which they support too.<\/p>\n\n\n\n

Out of 7000+\nPlus ERC20 assets only around 30 are supported currently. CRO, BNB, HT, OKB,\nLEO, MATIC, and many, many more well-known tokens are not supported yet.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

Vishal: <\/strong><\/strong><\/p>\n\n\n\n

Q4 from Telegram Username @yzmoney<\/strong><\/p>\n\n\n\n

Unilend is going to have\nPermissionless listing where Any ERC20 token will be able to list without any\nentity controlling the listing process. How does Unilend protect users against\nscam project or rug pulls since anyone can list anything?<\/em><\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>So, if you are talking about Trading.\nIt’s same as uniswap (Uniswap allows permission-less listing) and for\nLending\/Borrowing also already explained above.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>As i understand that you can only\nmake a warning for some assets?<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>Yeah, that part we will surely do in\nUI\/UX. But, just imagine, you can some coin with you in Binance or on any dex. It’s\njust sitting there, you can’t do anything, on our platform you might be able to\nlend & earn some profit all the value addittions of compound, aave &\nother are getting unlocked for larger number of coins. You can even long\/short\nor implement so many strategies & that’s to coming to larger number of\ntokens. You might be a holder\/follower of some of them which are not supported\ncurrently.<\/p>\n\n\n\n

Q5 from Telegram Username @Rosane1a8<\/strong><\/p>\n\n\n\n

Any asset can be listed on UniLend\nplatform, but once it does, what trading pairs are created? Is it an automatic\nfeature or the owner has the possibility to decide it?<\/em><\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>So the base pairs are the part of\ngovernance. Initially we will start with ETH as a base pair.<\/p>\n\n\n\n

Then based\non the community inputs through governance we can have more base pairs like\nDAI, USDC etc. In case of multiple base pair, user boot strapping the initial\nliquidity will have a chance which pairs he\/she\/they want to launch.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>And the same for liquidity?<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>Once the pairs are listed, anyone can\nadd the liquidity to the pool. Just like uniswap.<\/p>\n\n\n\n

Luis Merino | Satoshi Club:<\/strong> Sounds good. How will governance\nwork? When will the first voting take place? \ud83d\ude42<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>So, it will be like. Users will be\nable to put proposal. All UFT token holders vote & if it’s passes it gets\nimplemented, similar like the other governance models are working currently.<\/p>\n\n\n\n

Luis Merino | Satoshi Club: <\/strong>Any user can make the proposal? Or do\nyou need to own a minimum of UFT?<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>There is a minimum actually\ninitially. But again, once community takes over. They decide what’s the minimum.<\/p>\n\n\n\n

Q6 from Telegram Username\n@konditer_rolex<\/strong><\/p>\n\n\n\n

On your site, I did not see any\npromises of fantastic profits. This is good in terms of trust in the project,\nbut still you cannot do without numbers. I would like to know about tokenomics\nand, of course, how you can calculate the interest rate for any existing token?<\/em><\/p>\n\n\n\n

Chandresh Aharwar:<\/strong> <\/em>We don’t want\nto make any promises if there is already an opportunity to deliver project\nquickly atleast on Testnet. We are not a project which need a year to deliver\nour project. So, it’s fine. In terms on tokenomics, we will soon make the\nannouncement before our public distribution.<\/p>\n\n\n\n

We will\nreveal all details before listing UFT. So worries on that front at all.<\/p>\n\n\n\n

Mary | Satoshi Club: <\/strong>Testnet already live, right?<\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>It’s not revealed yet. We have our\nUniLend Legion program launching today. Gathering the army of Beta testers\nalready for making sure everything is right.<\/p>\n\n\n\n

\n\n\n\n

PART 2, TELEGRAM COMMUNITY LIVE\nQUESTIONS<\/strong><\/p>\n\n\n\n

The\nchat was open for 80 seconds; a lot of questions were posted by Satoshi Club\ncommunity. Our guests chose some of them. <\/p>\n\n\n\n

Q1 from Telegram User @gansoll<\/strong><\/p>\n\n\n\n

What is the coolest function in\nUniLend?<\/em><\/p>\n\n\n\n

Vishal:<\/strong> All ERC20 tokens welcome to the DeFi…\nLending + Borrowing+ Trading at a single place with governed by $UFT.<\/p>\n\n\n\n

Q2 from Telegram User @Tai1304040<\/strong><\/p>\n\n\n\n

Your foundation idea is very new, so\nit takes a lot of formula and takes a long time to develop. This must have a\ntricky point for you? Do you agree that the strength of the community will lead\nyour project to grow globally?<\/em><\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>Yeah. What we are doing is unique\n& not just a fork of some existing protocol.<\/p>\n\n\n\n

So, it took\nlot of research & hard work from our tech team. Our Co-founders experience\nof building metatransact.com has also helped a lot in quick execution. Also, I\nextended Matic community to 100K+. My expertise is coming in to play & we\nalready have hug number of supporters growing daily. We plan to focus on\ncommunity growth heavily & this will definitely help in overall growth of\nour platform<\/p>\n\n\n\n

Q3 from Telegram User @motngaykoxa<\/strong><\/p>\n\n\n\n

In addition to the lending aspect and\nthe amount of assets supported, what makes Unilend different and superior to\nits competitors such as Compound, Aave, Maker DAO\u2026?<\/em><\/p>\n\n\n\n

Vishal:<\/strong> <\/em>Its already\nanswered above in starting of the AMA I guess.<\/p>\n\n\n\n

Q4 from Telegram User @Tani09876<\/strong><\/p>\n\n\n\n

What is the full meaning of UniLend?<\/em><\/p>\n\n\n\n

Vishal: <\/strong>There is no Full Form but UFT is\nabbreviated as UniLend Finance Token.<\/p>\n\n\n\n

Q5 from Telegram User @Idee01<\/strong><\/p>\n\n\n\n

Regarding UniLend Legion program\nlaunching today, how can I apply as a beta tester?<\/em><\/p>\n\n\n\n

Vishal: <\/strong>For that anyone can join our telegram\ngroup @UniLendFinance and our official announcement channel\n@UniLendAnnouncement or Twitter https:\/\/twitter.com\/UniLend_Finance<\/a><\/p>\n\n\n\n

Q6 from Telegram User @Jonahapagu<\/strong><\/p>\n\n\n\n

In what ways will Unilend reward\nthose who provide liquidity for spot trading and Lending of assets on\nUNILEND..and what strategies do you have to bring in more liquidity to assets\nlisted for spot trading on unilend<\/em><\/p>\n\n\n\n

Chandresh Aharwar: <\/strong>So, for rewarding the protocol users\nwe have implemented<\/p>\n\n\n\n