CEO & Co- Founder Chandresh Aharwar AMA in UniLend Global Community
Welcome!
On Tuesday, July 6th, UniLend’s Vishal Kothari (Community Lead) hosted an eventful AMA for our (CEO & Co-Founder) Chandresh Aharwar in UniLend Finance Global Community just before our highly anticipated Permissionless Protocol Went Live . In AMA, questions and queries regarding UniLend’s Permissionless Protocol Update and how UniLend is set to revolutionise the DeFi space were answered.
2500+ members participated in this Amazing AMA session.
The AMA started with greetings, well-wishes and then went straight on to questions & queries from the community members. Chandresh was excited to answer questions from the community members. Here’s the transcript of this session -
Questions From The Community Members —
Vishal Kothari -
Guys Relax 🧘♂️
You are not banned we are about to start our AMA 🤟🏻
The group will be unmute at 5:00 pm IST for 3 minutes to post your questions and queries so keep ready them and then our CEO will pick up the questions to answer.
Thanks 🙏
Vishal Kothari -
Guys Ready
We are unmuting the group
Vishal Kothari -
Let’s go Chandresh Aharwar
Q1. I have been following UniLend since its polygon integration, so I wanted to know if you have planned to improve the reward percentages on your lending service?
Chandresh Aharwar —
If you are specifically asking about $UFT rewards on polygon.
We don’t plan to add more rewards on polygon with our current version.
When we add support for new chains, we might reward them.
Also, we have 15% tokens as part of protocol incentivization & we plan to use them with upcoming versions of our protocol
Q2.📚One of the most worrying elements of the lending is the impermanent losses, so can you explain us how UniLend affront this intrinsic effect?
Chandresh Aharwar —
UniLend protocol doesn’t have any impermanent loss.
You can easily go & lend supported tokens.
Our aim is to include as many tokens as possible. So, we become SPOC for lending all tokens in the space.
Q3.🏎️Due the recently accusations on tether, user are trying to find a new stablecoin, so can you explain us more about the miniMATIC ? How it works, how this stablecoins is collateralized?
Chandresh Aharwar —
I haven’t checked miniMatic yet.
There are many algorithmic stable coins which are gaining traction continuously & we plan to work with everyone.
Permissionless upgrade is the step towards that
Q4. UniLend is very amazing but the competition grows everyday, more and more projects are becoming associated with lending, so can you explain to us why it is better to invest with you instead of others ?
Chandresh Aharwar —
No other protocol is trying to solve the problem we are solving.
Permissionless lending & borrowing is our vision.
We want to support as many ERC20 assets as we can.
So, we are pretty different from all available solutions in space currently
Q5.Long term view on unilend..?
Chandresh Aharwar —
Bullish
Community Member -
Those questions from Ben
Chandresh Aharwar -
Sure
Q6.What are your ideas to become more visible on the market? To much more people could notice your existence?
Chandresh Aharwar -
That’s one of the major goals of our Marketing Team.
We plan to do co-marketing activities with other projects listed on our platform.
Our social media is growing continuously with multiple community events which our team is planning.
We are also continuously reaching out to regional communities for AMA’s & slowly expanding our regional reach.
Once COVID settles down, we also plan to host physical meetups in India & many more such things.
From my experience, community grows slowly but surely if we keep on taking our genuine efforts continuously
Q7.When u get permission less, what is the measurement of safety and security? I have seen some other lending platforms being rug pulled in just a second.
Chandresh Aharwar -
Our protocol is audited by Certik & is live for more than 3 Months now without any security threats.
Permissionless listing will definitely provide opportunities for more tokens to participate & it will function just like as usual.
So, we are confident it’s pretty safe
Q8. I believe that UniLend is really Great and has very big Potential to Thrive in the future. Can you please Tell me how I can do Investment with UniLend? Do you have any ICO or maybe presale now?
Chandresh Aharwar -
We are listed on multiple major DEX.
We are also listed on major CEX including Binance
Q9. Communities are very important in order to make an impact on more adoption. How many communities do you have now ? What kinds of support UniLend wants from the community?
Chandresh Aharwar -
Once our protocol goes permissionless, the community will get more power.
Any project/token wanting to start lending or flash loans can definitely do it without any intervention.
As a community member you can definitely motivate projects to get listed on UniLend.
We will provide all the support from our end
Q10. What are plans for global expansion? Are UniLend focusing on the market at this time or focus on building and developing or getting customers and users, or partnerships?
Chandresh Aharwar -
We want to progress on all fronts.
Our team is also growing continuously & we believe in BUIDLing irrespective of the market conditions
Q11. Could you please explain the importance of permissionless updates?
How does the community help to grow more ?
Chandresh Aharwar -
Any project/token wanting to start lending or flash loans can definitely do it without any intervention.
As a community member you can definitely motivate projects to get listed on UniLend.
We will provide all the support from our end.
We want to become a single hub for all lending, borrowing options.
Q12. What’s the best way to get the highest TVL on the UniLend protocol on all the chains like polygon, ethereum and BSC?
Chandresh Aharwar -
Best way is to go permissionless & give power to the community.
That’s how we are progressing
Q13. At this point, do you think you need exchanges as Binance to keep growing? Or is it better to forget those things and focus on other activities?
Chandresh Aharwar -
We are already listed on Binance
Q14. Artwork and design of UniLend is very professional, did you have pro designer in the Team ?
Chandresh Aharwar -
Junaid Theba & Team are behind all the awesome artwork 🙌
Q15. I want to support your project. Tell us more about the Ambassador Program and in What ways can we participate ??
Chandresh Aharwar -
We have UniLend Legion Ambassador program going on with around 100 participants already
If you want to join, please DM Vishal Kothari
Q16. Do you have a smart contract for UniLend? Are you auditing it regularly to increase the security of the ecosystem?
Chandresh Aharwar -
Yes. Our smart contract are audited by certik
Q17. Will there be UFT rewards for when it goes permissionless?
Chandresh Aharwar -
Already answered
Q18. The only successful flash loans have been from the team. I helped fund someone that built bots for Polygon flash loans and we were unsuccessful. Do you have evidence of successful flash loans outside the team?
Chandresh Aharwar -
Flash loans are a pretty strong & innovative tool. We still believe they are highly unexplored & that’s why we also launched a $1 Mn grant to promote development around it.
Our flash loans are working perfectly fine, if you are facing any issue. Please feel free to contact & we will provide all the support you need to successfully use flash loans.
Also we can’t expect adoption to happen instantly. It took years for Aave to gain that trust to achieve billions of TVL. We are also live from more than 3 Months without security threat, that gives good confidence to our users & investors to park their capital with our protocol.
Q19. Where is lending and borrowing any erc20 that we were promised? It’s the main reason I invested.
Chandresh Aharwar -
Our flagship product is still under development & we will share more information once we are ready to launch.
Q20. The “Reward” function used to be “Donate” in the public repo, what executive decision was made to change it?
Chandresh Aharwar -
Based on the community feedback, we changed it to Reward so that it’s easier to understand. We also have extra checks in place so that users don’t get misguided
Q21. There have been some pretty major sell offs and there’s been large pumps 24 hours before then dumps during news — what do you have to say about possible insider trading?
Chandresh Aharwar -
We don’t control the market. Crypto Market is slightly news driven so it’s pretty organic to see buy/sell around the news. If you have specific incidents, please feel free to highlight it. It doesn’t have anything to do with the team
Q22. Why did community management ban me for asking questions that are important to the community?
Chandresh Aharwar -
Well, I am here answering all questions. We are community first project & definitely it was a mistake.
It was rectified immediately once brought to the notice.
Q23. What have you been working on? There have been months and months of partnerships. Yet no technology or updates. Any updates you would like to speak on?
Chandresh Aharwar -
Well, we are going permissionless today. That’s the big tech update our team has been working on priority.
We can’t share all upcoming things with the community. Hope you guys understand
Q24. What’s the next chain that UniLend will be on?
Chandresh Aharwar -
…Not decided yet & we can’t share until it’s done
I will take some other community questions also
This is Turning out to be AMA with Ben 😁
Q25. While you build your project, do you take into account community feedback and demands?
Chandresh Aharwar -
Yes, community is a very important aspect for us.
Please feel free to share all your feedbacks
Q26. For project development, the main priority is to have sufficient funds. Is your team financially able to carry out? Do you have sufficient funds for development?
Chandresh Aharwar -
Yes, we raised $3.1 Mn last year & have a runway of 3 years pretty easily.
No need to worry about funds for operations 🙏
Q27. What feature would you like to add to UniLend’s Use Case in the future ?
Chandresh Aharwar -
Our main focus is permissionless lending & borrowing going forward
Q28. How important is the community to you? and how can we collaborate or help you for the development of the project?
Chandresh Aharwar -
As a UniLend community, we would request everyone to educate more audiences about our permissionless listing.
If more projects/token become part of the UniLend Ecosystem, it will help us grow faster
Q29. NFT is a very hot trend now, do you pretend to catch up with this trend or still follow and focus on your original roadmap?
Chandresh Aharwar -
We are focused on delivering our lending /borrowing protocol on priority currently
Q30. Do you have local communities for them to let them better understand your project? How do you plan to spread awareness about your project in different countries where English is not spoken well?
Chandresh Aharwar -
Yes.
We also have our light paper translated to multiple languages currently
https://unilend.finance/docs/unilend_lightpaper_chinese.pdf
https://unilend.finance/docs/unilend_lightpaper_russian.pdf
https://unilend.finance/docs/unilend_lightpaper_spanish.pdf
https://unilend.finance/docs/unilend_lightpaper_viet.pdf
Q31. IF THE BEAR MARKET COMES will your token PROBABLY DUMP? Do you have any plan to prepare for this bear market? How will you handle the panic sell ?
Chandresh Aharwar -
In my personal opinion, Bear markets are good for real builders.
Irrelevant noise is at minimum & we can focus on actual work.
Bull or Bear, we will keep building & everything else follows.That’s the crux of all my Polygon ( Previously Matic) experience & that’s what we are implementing at UniLend
Vishal Kothari -
Before wrapping up!!!
Any specific message you want to pass to the community? Chandresh Aharwar
Chandresh Aharwar -
#NeverDoubtUniLend 🔥
Chandresh Aharwar -
Leaving community with the thought 🙏
Vishal Kothari -
Group is Unmute now 🤜🤛
After answering several questions and queries from the UniLend Global Community , it was time to wrap up things so the team could go back to revolutionising the future of DeFi space. At the end Chandresh left the community with a thought of what’s coming next in the UniLend Protocol. So Stay Tuned for further updates!
Hey, while you’re at it, come join UniLend’s social channels if you haven’t already to stay up-to-date on our Permissionless Protocol Update and a number of other important DeFi protocols.
UniLend welcomes the DeFi community to build and grow the ecosystem of true decentralized nature. Also access our resources and community here: https://t.me/UniLendFinance
Create New lending Pool: https://docs.unilend.finance/new-lending-pool
How to borrow using Flash Loans: https://github.com/UniLend/flashloan_interface
Website | Telegram Community | Announcements Channel | Twitter | Blog | Github | Reddit
