Hi Folks!

UniLend Finance was invited by Playcent Global, one of its partners, to participate in an AMA session on March 16th on the Playcent TG channel (https://t.me/playcentofficial) and Vishal Kotahri, UniLend's community lead and Ayush Garg, UniLend's marketing & ops lead, participated in this session. Here is the recap of this event.

Segment 1: Introduction and basic questions

Playcent:
Please welcome https://t.me/VishalBlockchain ( community lead ) and https://t.me/ayushgrg ( Marketing lead ) of our recent partner, Unilend!

Vishal Kothari:
Hey Sandeep!

Ayush Garg:
Hey Sandeep!, glad to be here and speaking with you once again!

Playcent:
Likewise. To begin with, What is UniLend for our audience members who don’t already know? Can you please give us a brief overview? And while you're making introductions, can you please also introduce yourself and tell us what inspired this concept?

Vishal Kothari:
Sure! Before we get started I would like to thank the Playcent community and team for inviting us to talk about our future collaborations. We imagine that this conversation will have some interesting information that everyone will want to hear. We’ll quickly tell you a little about ourselves: For my intro I can say, I started my career in Computer Education, back in 1998. I worked for various IT related businesses and finally realised Cryptocurrency was the path I was most passionate about. Obviously, like everyone else, I started studying and researching crypto heavily. I was fortunate to get into crypto back in 2014. I then became an ambassador in 2019 for several key crypto projects which ultimately led me to joining up with the UniLend team as the official Community Lead.

Ayush Garg:
To begin with let me introduce myself.
I am Ayush handing Marketing and Operations at UniLend. I am from a Computer Science background with experience working at companies like Uber and Box8. I have been part of the Crypto space since early 2017. I have also worked with the startup Oasis — Initiated by IIM Ahmedabad and Rajasthan Government. I have been part of UniLend’s team since the launch.

Vishal Kothari:
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 coming soon. I’m sure we’ll highlight a little about this today and in future collaborations with Playcent among new and exciting UniLend updates. We encourage everyone to look over our links to better familiarize themselves with any further questions they may have about UniLend Finance. Website: https://unilend.finance
App: https://app.unilend.finance/
Litepaper: https://unilend.finance/docs/unilend_lightpaper.pdf
Telegram: https://t.me/UniLendFinance
Twitter: https://twitter.com/UniLend_Finance
Reddit: https://www.reddit.com/r/UniLend/
Linkedin: https://www.linkedin.com/company/unilend-finance/
Facebook: https://www.facebook.com/UniLendFinanceOfficial/
Medium: https://unilend.medium.com/

Playcent:
Wow! This is a really ambitious project! What kinds of challenges or hurdles have you run into along the way? Also can you expand on some of the major updates that UniLend is bringing to the table in the short-term?

Vishal Kothari:
Thank you for your positive words, I would be happy to share. I think everyone should be excited about our new flash loans product and the many updates that are coming in the short-term. 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 coming soon. 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 For those here that are unaware, last year Aave made over 2B in market income through their flash loan product. Their product currently only supports 20 to 30 assets though our product, which is quickly approaching, will support the 6000+ assets left out. You all can probably easily see that we’ll be doing something cutting edge and at a much higher scale. We haven’t really run into any problems along the way, just the normal everyday things that arise with a quickly innovating team. Everyone probably already noticed from our recent deep dive into flash loans blog, that we have also been working on our UI. We have some snapshots of our product, and it’s really coming together nicely. https://unilend.medium.com/deep-diving-into-unilend-flash-loans-5eed69e75c7e Furthermore, UniLend will also have a robust governance model powered by UFT (UniLend Fiance Token), Liquidity Mining/Staking, 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.

Playcent:
I suggest everyone to have a quick read. Brilliant! can't wait for the flash loan product. This all sounds really exciting. One question about security - how can users be sure they are safe while using your protocol? Is it audited?

Vishal Kothari:
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 like our roadmap suggests, during Q1 of 2021, we will have proper audits in place to make sure our protocol is safe for our users. We’ll have some updates soon for our communities to reference in regards to audits that are currently underway. Everyone please stay tuned to our announcement channel, this is where you can find our team updates. https://t.me/UniLendAnnouncement

Playcent:
Okay, so it will be audited before it goes live. That makes sense and eases some of our concerns. 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?

Vishal Kothari:
Though our Alpha was a monumental event in our journey, there is so much more in store for 2021. We don’t believe that any of our updates are necessarily more important than the others. Each and every update we bring to the table is hard hitting and valuable for the future of DeFi. Bootstrapping existing projects into the UniLend ecosystem with full DeFi functionality will really bring new opportunities into existence. Empowering new hot tokens with comprehensive DeFi functionality is a concept completely new to the crypto space, and something which is extremely valuable to new tokens looking to establish a user base and solid use cases for their token. Since the beginning we’ve continuously made strong partnerships in the space. We are proud to say that Playcent is one of those partnerships. Moreover, we’ve partnered with projects like Base Protocol to equip rebase tokens with further DeFi capabilities. Recently we also paired up with Fantom Finance to bring synthetic assets into our ecosystem. Towards the beginning of the year UniLend also partnered with Mirror Protocol, which will lead to UniLend listing the world’s major synthetic stocks like the FAANG for lending and borrowing. UniLend will be the first protocol to launch many of these DeFi functionalities and capabilities. It’s really hard to choose between the partnerships and the technical headway we’ve announced since the beginning of the year. If our communities want to continue staying in the know, they can join our daily conversations in our Telegram community. Telegram: https://t.me/UniLendFinance

Playcent:
we are proud to be working with projects like unilend.

Vishal Kothari:
Even we are excited to be with playcent.

Playcent:
Awesome, I can tell you really know your stuff from these great answers you’ve given so far. So let’s talk about UFT, how will your guys' token play into all the buzz that’s surmounting?

Ayush Garg:
This is a really great question. There are so many points we can bring up. We’ll try to keep this short and concise though. The most recent UFT update was within our flash loans announcements. UFT will be the first token that users can stake liquidity for to enable flash loans. This is a major utility for UFT, which will create a great demand for our token. For our Flash Loans, users who stake will be able to earn from 70% reward pool which is collected as fee from flash loans. 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. And last but not the least, $UFT will be a currency for amazing platforms like Playcent where users can transact directly with their $UFTs. But even now after so many use cases, I think holding UniLend will give access to many utilities not yet imagined.

Playcent:
Ok we can see that people shouldn’t sleep on UFT! Alright, enough messing around. I’m sure everyone wants to hear a little more about the collaboration between Playcent and UniLend. Maybe you could fill our audience in as to how this is a mutually beneficial partnership and update everyone on the major developments between us?

Vishal Kothari:
aha, I was holding off on expanding on this topic. I knew this question was coming soon. What a perfect segway since we were talking about UFT’s utility in the last question. Our collaboration with Playcent is very exciting because it will add even more utility to UFT. To be specific, Playcent is graciously making our $UFT token an official currency on their platform, to be used to interact with its various features. This means that holders will soon be able to use UFT to access games and quizzes held on the Playcent platform. I’m sure your community may already be aware, though in case ours isn’t we’ll share a little more about this functionality. There are many different types of fun games available on the Playcent platform, including Cricket, Block Stacker , Match3 , Forrest Runner , Flappy Bird and more. In addition to solo gameplay, players can engage with others via contests on the Playcent platform, which makes for an inviting way to bring friends along for prizes in $USDT. Furthermore, Playcent will offer premium content and merchandise that can be purchased using $UFT tokens, including NFTs. We all know how hot NFTs are currently, so this is exciting. We believe this will bring more traction to the Playcent platform as well. So it’ll be great to see Playcent’s user base grow. Our synergies are just now starting to warm up and there are many developments that we can unfold in the future.

Playcent:
Thanks for the brilliant answers.

Segment 2: Live Questions

Q1. Are you planning to burn or buy back any tokens from the market in the future? Do you have such programs?

Ayush Garg:
Something related to this is coming soon!

Q2. What is your plan for global expansion? At present, which market does your project focus on, or is it focused on building and growing to gain customers, users and partners?

Vishal Kothari:
Being a global DeFi project we have not set any boundaries regarding the market. Its open for all. But yes regarding the global community build up we can say to ease of communication with team in term of language barriers we have already announced our 2 communities.

• UniLend Indonesia 🇮🇩 https://t.me/UniLend_Indonesia
• UniLend Vietnam 🇻🇳 https://t.me/UniLend_Vietnam
  And we are bringing more language and regional base communities .... Stay tuned all you can get information at @UniLendAnnouncement

Q3. Multi-asset pools expose lenders to risks associated with all the included assets with no control over the collaterals against which their funds can be lent. How can UniLend as the biggest multi-asset pool control this risk for lenders?

Ayush Garg:
I don't know how it will affect our security to have a single asset pool or multi assets. But I would want to elaborate on our security. Our asset pools will have checks against events like rug pulls and token vanish and other innovative scam schemes. As we are going to support tokens with elastic supple, we are making sure that the lender's assets are secured via smart security.

Q4. As we know, every successful project has some behind the scenes story, what is the story behind Your Project success?

Ayush Garg:
lol, we have a behind the scenes product, called flash loans.

Q5. What is your strongest advantage that you think will make your team leading the market? In contrast, what is your weakness? How do you plan to overcome it?

Vishal Kothari:
Great question. Yes we are not here to compete but to add values to it. So we are building a protocol that will add values to others as well. You can say if any token you found good and want to hold but no usecase right now with token you can start Lending/Borrowing it on our protocol or stake it for Flash Loan Purpose I would encourage everyone to follow us on our UniLend Medium (https://unilend.medium.com/) to stay up to date on our collaborations and to take a look at the DeFi Dissected article series for themselves. Two of the most recent articles within this series were for comparing UniLend with Aave and Uniswap, here are the links to get you started:

Comparison with Uniswap: https://unilend.medium.com/defi-dissected-unilend-finance-taking-the-uniswap-defi-revolution-to-the-next-level-b576ce915350
Comparision with Aave: https://unilend.medium.com/defi-dissected-a-brief-comparison-of-unilend-and-aave-2e7726c1e7ee

Q6. As you mention you UniLend $UFT will offer various DeFI functionalities. My question is how does Decentralized Spot trading works and how do you ensure that there's enough liquidity for trades?

Ayush Garg:
We will have permissionless listing just like Uniswap or sushiswap or on other chains like Julswap. But what a lot of projects dont have is an option for holders to lend their tokens and earn yield out it. Aave and other projects does the lending and borrowing for the major coins only. So in future, any coin which provides liquidity for spot trading on UniLend, will automatically unlocks lending and borrowing and now flash loans to their token. We believe with these smart and innovative functions, the token's volume will grow many fold as compared to simple swap in current scenario. So we are confident that a lot of IDOs will be tempted and move to UniLend to provide Liquidity. But the major source of liquidity will be other major erc20 for us, as currently you can hold a $MATIC or $chiliZ or $MCO or any other erc20 on which you are bullish but can't lend. But with UniLend's product this will be changed forever.

Q7. Government regulations has wrenched many of these crypto projects , how will $UFT project its users from getting affected while investigating in $UFT?

Ayush Garg:
already answered this in parts, but one more major part of UniLend's Ecosystem is governance. We will give up a lot of rights as in the meantime our platform evolves and being truly decentralised, governance will play a major in running the ecosystem, isn't it cool. We have plans for our governance platform and we are working on reducing gas fee for participating in governance too. So stay tuned. Our governance is expected to be live in Q2 2021.
https://t.me/UniLendAnnouncement/78

Q8. Currently "Staking" is a very popular topic. Can you please explain the details about the token staking plan and the benefits of adding "staking"?

Ayush Garg:
You will be able to stake $UFT in our flash loans pool very soon! Our revenue will come from the fee collected via our various services.

Playcent:
Thanks for the great interaction https://t.me/VishalBlockchain and https://t.me/ayushgrg

Vishal Kothari:
Thank you for inviting us to this great Playcent commuity.

Playcent:
If you want to share anything else before wrapping up, please do.

Vishal Kothari:
Guys you can join our journey with us here:
Telegram Group: https://t.me/UniLendFinance
Telegram Announcement : https://t.me/UniLendAnnouncement
Twitter: https://twitter.com/UniLend_Finance
Reddit: https://www.reddit.com/r/UniLend/

Ayush Garg:
Its great to interact with the community. Thank you for hosting us today!