UniLend & StealthEX AMA Recap – All You Need to Know
On October 14, 2021, we had StealthEX & UniLend Finance UFT coin AMA Session in our Telegram Community Chat and here is a recap. Just take a little time to read through and learn everything you need about the UFT crypto. Let’s start!
Today UniLend community Lead Vishal and Marketing & Operations Lead Ayush join us to discuss the upcoming plans and answer everything of interest. We’ll start with some questions from Twitter and then move on to the live chat part.
First off we would like to welcome the UniLend Team! Please introduce yourself to the members of our community. We’d love to hear about your project position and day-to-day work experience.
Vishal: So basically I started my career in Computer Education, back in 1998. I worked for various IT-related businesses and finally realized 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 join up with the UniLend team as the official Community Lead.
About day-to-day work experience at UniLend I can say we all team member always been excited that we are all work-holic guys been gathered at a single space and the working with team like this always excites to work you
It’s like we are family and sometimes friends as well so that work never bothered us.
Ayush: Here is a brief introduction about me — I am Ayush, and currently Leading Marketing and Operations at UniLend Finance.
I am a Computer Science Engineer 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 as a lead in Marketing and Operations.
Questions from Twitter
Q: That is an extensive experience!
I just saw the UniLend V2 teaser and it looks great. There’s a lot of excitement for the V2 release! Can you explain what you’re bringing to the table and how would this permission-less protocol influence the existing DeFi ecosystem?
Vishal: Yes, the V2 is around for sure as we have already shared introductory.
Our flagship product Lending & Borrowing will be live from the launch of the V2. As you must be aware that our Lending and Flash Loans protocol is already getting a very good response and TVL and Transactions are increasing so when Borrowing will be available and that too permission-less way that will help users and projects to enter to the DeFi ecosystem flawlessly. Also, we are ensuring that protocol would be safest for usage and that’s why we will ensure that Audits of the protocol smart contracts would be done by the Industry Leaders only.
In addition, the protocol will be armed with Industries’ Biggest Innovations, like Isolated Dual Pool and concentrated liquidations for all the assets listed on UniLend.
UniLend will be the first protocol to introduce Permissionless Lending and Borrowing for ALL ERC20 tokens.
Many advanced features such as On Chain Price Feeds, Flexible Lending, Flash Loans, Non-Fungible Tokenisation will make the version unique and a next-generation product.
Our Team is coming up with an education series to explain all the features in detail and how users can be benefited.
So Stay Tuned Community at our official announcement channel so that you don’t missed out about our forthcoming important announcements.
Q: Such a drastic change! The number of features is impressive.
Most of the members here must have a basic understanding of UniLend because it is a Binance-Listed and well-known project in the Blockchain field. I am sure our community is interested in knowing what UniLend Finance’s objective is.
Vishal: Sure. In regards to your question, UniLend is a comprehensive DeFi protocol with the mission to unlock the true potential of decentralized finance for every token and thats permission less way. 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 token, including the $500 Billion worth of assets which are currently excluded from DeFi.
Many DeFi users say UniLend will be a combination of Uniswap and Aave. It’s true, that’s one way to think of our protocol. In addition to an intuitive UI, we’ve recently expanded to work on multiple chains. Currently, our Permissionless Flash Loan and lending products are live on three networks: Ethereum, Polygon, and also on Binance Smart Chain.
We encourage everyone to look over our links to better familiarize themselves with any further questions they may have about UniLend Finance.
Can you tell us about your existing Permissionless protocols for Lending & Flash Loans?
Also, are there any news on an upcoming new version with Flagship protocol of Permissionless lending & borrowing?
Vishal: Surely. We are proud that we are the 1st ever protocol to provide lending & flash loans to every ERC20 and BEP20 asset without any need for approval or permission. Our revolutionary protocol is currently live on the 3 biggest networks:- Ethereum, Polygon, and recently on Binance Smart Chain. We are welcoming every token to take advantage of UniLend’s permissionless listing and projects can join DeFi from the start of their IDO. Anybody can easily create a pool of any BEP20/ERC20 token to earn high APY on our #permissionless protocol.
This is a major step towards achieving our vision of unlocking the true potential of DeFi by welcoming all of crypto onto one comprehensive platform.
Currently, more than 25 tokens are already listed with $9 Million worth of Flash Loans executed on our #permissionless protocol in just 7 months since our V1 launched.
This is just the beginning of UniLend’s #DeFi revolution of welcoming 9000+ assets to UniLend with our upcoming V2 launch.
Q: Let’s talk about $UFT Token. Can you tell us some of $UFT use cases?
We’ve also heard about the UFT’s burn due to the use of Flash Loan Fees; could you help shed some light on this?
Ayush: There are so many points we can bring up. We’ll try to keep this short though.
The most recent UFT update was within our Permissionless announcements. UFT is the first token that allows users to lend their tokens whilst providing liquidity for the protocols Flash Loans and lending feature, also ODDZ, YOP, PBR, CFI is live on Ethereum.
MATIC, UFT, ELK, UGT, RVF, KOM, and many more tokens with lending Flash Loans are live on the Polygon chain.
This is a major utility for UFT, which is already creating a great demand for our token. In addition, lenders have already started receiving airdrops and there will more than likely be plenty more to come in the future.
Also, go through UFT deflationary model that will assure that we are using 30% of the fees earned through Flash Loans will be used to Buy UFT from the market and Burn 🔥
Imagine when 100s are not 1000s of tokens will be available for such Defi functionalities with live Lending and Borrowing.
We are looking to be the universal platform for lending and borrowing like we have Uniswap for trading.
Another important factor is that UFT lenders will enjoy is the self-sustaining aspect of UniLend’s lending. The Flash Loans will generate income through fees and 70% of the income generated by UniLend’s Flash Loans will go towards providing lending rewards for UniLend lenders. A great part about the lending rewards from UniLend’s Flash Loans is that they will be entirely non-inflationary.
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.
We think holding UFT will give access to many utilities not yet imagined.
Q: Token burn news are always welcome 🔥
As you all know, the community is the lifeline of any protocol. Can you share information about your current community’s progress thus far, as well as future plans to expand it to a larger global space?
Vishal: We are so grateful to have such an amazing community. We never missed an opportunity to connect with a broader community to share our insights into UniLend Finance and DeFi industry in general. UniLend has grown to an outreach of 100k+ across more than 10 content distribution channels.
We have already announced our 6 regional communities for the ease of communication and no language barriers affect the growth of the UniLend so you also can join our official regional communities.
Slowly but surely we are going to make it possible that language barriers don’t stop DeFi users from using the UniLend Permissionless Protocol.
Q. You guys have some really innovative cool stuff coming up. It was a great pleasure to have you with us here and we’re looking forward to following UniLend’s progress on this mission.
If you wanna give us any closing remarks to leave the topic of the community?
Vishal: We just wanted to express how grateful we are to be able to talk to such an incredible gathering of crypto enthusiasts. It was our joy to, and we appreciate the opportunity to tell you a little bit about us. We are excited for our collaboration and look forward to working in the future together on amazing innovations.
Thank you so much for having us here. Also if you want to join our quickly growing global community we’re only a couple clicks away. Please feel free to drop by and say hello.
Ayush: UniLend is all set to bring lending and borrowing functionalities to the whole defi.
Vishal: Also, if you have any questions regarding UniLend, our team is available in the Telegram community chat around the clock to answer them.
Q: Coming back to the growth of UniLend thus far, it’s only been a year since its inception; what do you believe UniLend has accomplished in this short time?
Vishal: It’s been a really great year for us so far. I mean 2020 hasn’t been an easy year for anyone amidst this global pandemic. Nevertheless, we have pushed the limits of hard work on our mission to unlock the full potential of DeFi by welcoming all of crypto onto one comprehensive platform.
After the inception of the idea behind UniLend in 2020, we have grown tremendously in development and global outreach, continuing our epic frontier in #DeFi revolution by being the 1st Permissionless Protocol for lending and flash loans and being live on 3 biggest networks – Ethereum, Polygon and Binance Smart Chain.
We’re setting foundations of strong DeFi protocol, forging more than 50 strategic partnerships and supporting developers through various initiatives.
We have listed more than 25 tokens on our protocol and executed more than $8 million worth of flash loans.
We also launched our $1 Million Grants Program in May 2021 for BUILDers around the world. We launched our first grants project uBoost in July 2021.
uBoost is an Interface where crypto users can borrow any amount of tokens using Flash Loans without any need for programming or coding experience.
Our $UFT token is listed on world’s biggest cryptocurrency exchange Binance which significantly increase awareness about UniLend.
UFT is also listed on top regional exchanges such as Probit in Korea. WazirX and CoinDCX, which have an enormous presence in India.
UniLend is now listed on 12+ CEXs and DEXs including and not limited to ProBit, Gate.io, Hotbit, Uniswap, Sushiswap, Quickswap, and Dfyn.
That was a lot of insight and a hefty amount of information to digest, but now we start with the live part of the AMA!
Q. Is there any impacts for the existing #UFT token holders when transitioning from V1 to V2 protocol?
Vishal: Yes for sure!
Right now we have only one single assets pool available for lending and Flashloans and when we will launch our V2 there would be a dual asset pools will be live so the flash loans fees generated through our protocol will be divided into the lenders of the pools and also 30% of the fees will be used to buy $UFT from the market and burn them.
So that $UFT holders can think they are holding tokens which would be deflationary in nature through this process and also after launch of our V2 we will bringing the Governance and that will be through UFT holders only so that they can take part in decision making as well.
$UFT holders will get the maximum benefits of the growth of the protocol
Q. UniLend Finance offers a program where the community can vote and suggest ideas to help develop the project? That is, in what way will the community be linked to the platform in V2?
Ayush: We are going to have specific bug bounty program for our version2, also once governance is live, the voting to protocol update.
Yes, governance will be applicable for v2 as well.
Q. What is the difference project Unilend has that no other project has? Is that the foundation for the development of the project later?
Vishal: See first of all UniLend is the first project who bring permissionless Lending and Flash Loans into the market and now with the launch of V2 we would be a first protocol which serves users for permission-less Lending, Borrowing and Flash Loans altogether on multichain. Many projects are now inspired from our idea and started their path in our footsteps but yes we are ahead of them right now!
Comparing to existing DeFi ecosystem we can say community must go through our Comparison series of DeFi protocols with our protocol through our announcement channel as well as our medium blogs so that anyone can understand that we are having great surplus on every front in comparison with existing DeFi protocols.
Q. Does project Unilend have a staking mechanism to increase profits and how can participants always achieve attractive profits in the long run?
Our lending is similar to staking. On UniLend, anyone can lend any token and the community and projects can reward the lenders. It works like staking but with the advantage of Flash Loans.
UFT lending is live on both Ethereum and Polygon.
Q. Can you list 1-3 killer features of this project that makes it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
Vishal: 1st. Its permission less so that anyone can lend any tokens on our protocol just like anyone can list their tokens on permissionless dex
2nd. It can be inclusive for more than 9000+ existing tokens on Ethereum, Polygon and Binance smart chain so its multichain protocol in the nature
3rd. It’s safe enough to use because our token smart contract address, as well as our protocol smart contract, has been audited by the industry leader Certik
We learned a lot about the UniLend V2.0 and the abundance of new features and plans, and we are delighted to support such a unique and focused team of people on their journey through the crypto-verse.
Always welcome to swap UFT coin on StealthEX
How To Buy UniLend Finance Coin?
Just go to StealthEX and follow these easy steps:
- Choose the pair and the amount for your exchange. For example, BTC to UFT.
- Press the “Start exchange” button.
- Provide the recipient address to which the coins will be transferred.
- Move your cryptocurrency for the exchange.
- Receive your UFT crypto!
If you have remaining questions about the StealthEX exchange service you can go to our FAQ section and find all the necessary information there.
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