[RECAP] AMA: Kommunitas x UniLend
Below is a full recap of the AMA with UniLend Finance. Feel free to read for those who missed the AMA.
SEGMENT 1: INTRODUCTION QUESTIONS
Question 1: There has been a lot of buzz around the UniLend OMNIS testnet launch since its unveiling on Binance LIVE.
How is it different from other lending and borrowing protocols in the DeFi ecosystem?
Ayush Garg: This is great question!! Before that let me introduce myself ser
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 its launch as a lead in Marketing and Operations.
There is Bonus question for everyone, who is part of the AMA now
Post your question and follow me
https://twitter.com/storyofayush/status/1531624206777335808
We had an incredible event with the whole unveiling of UniLend OMNIS on Binance LIVE. The community was so excited to catch the glimpse of the OMNIS testnet for the first time.
📺 If you didn’t catch the Live, Here’s the link: https://www.binance.com/en-IN/live/video?roomId=2103141
So, UniLend Omnis is our v2 of the lending and borrowing product. There is a special reason for naming our v2 protocol “OMNIS”.
OMNIS is the Latin word for “every” which matches perfectly with our vision to introduce Permissionless Lending & Borrowing to every ERC20 token.
Here UniLend OMNIS whitepaper: https://unilend.gitbook.io/unilend-finance/whitepaper
for more details. Our flagship product Lending & Borrowing will be live from the launch of the Omnis.
Current issues that plague the DeFi industry stem from its fragmentation. Some protocols offer lending and borrowing functionality for a limited set of tokens. UniLend is bridging that gap by combining the decentralization aspect of enabling any ERC20 asset to be utilized as collateral for lending & borrowing aspect.
Aave, Compound, Beta Finance, and Balancer are major competitors but none of the are permissionless for all ERC20 assets. They are gatekeepers or provide multi-pool solutions.
Question 2: Are there any restrictions on lenders and borrowers? Can anyone borrow any amount of token, and how do users pay its interest?
Ayush Garg: There are no restrictions for lenders and borrowers. Anyone can lend and borrow any ERC20 assets. Anyone can lend any amount of token as the protocol is Permissionless.
Borrowers can borrow the amount depending on the pool liquidity and Loan-To-Value collateral will decide the maximum amount that can be borrowed.
The amount has to be below or equal to LTV and if the Lent Collaterals value reduces, more tokens have to be added to avoid liquidation.
Currently, we’re at phase 4 (Testnet launch) of the product development timeline. We’re now in the final stage of the testnet release on Kovan Testnet.
For all DEVs in the house!!
Our UniLend OMNIS code is now live on Github: https://github.com/UniLend/unilendv2. It is open to the public and we invite developers to BUIDL upon OMNIS infrastructure & explore the possibilities.
Question 3: Is UniLend OMNIS audited? What are the security measures taken for the safety of these funds?
Ayush Garg: Yes, UniLend OMNIS is audited by two leading blockchain auditors: Peckshield and SlowMist. Our topmost priority is the security of our ecosystem users. UniLend Omnis smart contracts passed with flying colors.
Audit Report: https://unilend.finance/docs/PeckShield-Audit-UniLendV2.pdf
We also launched a Bug Bounty with Immunefi and ran it for an extensive period of time and it got successfully concluded recently. We’re glad to share that no major bugs were found.
Check out our blog here for more details:
https://t.me/UniLendAnnouncement/691
We have exciting news to share with everyone. We’re opening the v2 testnet for the community!
Today we have announced the UniLend OMNIS Guild application where users can get early access to our v2 OMNIS testnet & get incentivise for finding bugs on our protocol. Just fill out your tester application.
Check out here: https://t.me/UniLendAnnouncement/71
These initiatives were done to strengthen the security and user experience of the protocol for a smooth launch.
Question 4: With the recent death spiral of UST & TerraLUNA crashing 98% in value, causing huge collateral damage across DeFi. Many money market protocols are now become insolvent due to it. How is UniLend v2 OMNIS going to mitigate such risks?
Ayush Garg: Its very relevant question, and everyone should pay attention
So, the UniLend v2 OMNIS protocol is built on the thesis of Isolated Dual Asset Pools, one of the innovative and unique features of the protocol.
This kind of isolated model ensures a higher level of security where the volatility of one asset doesn’t affect the entire protocol unlike other protocols like Aave, Compound, etc).
If we supported TerraLUNA & UST ecosystem, their pools would have been different.
So, users get a choice to lend their tokens eg. UFT, BNB, ETH, or MATIC. Users have a choice to select the ecosystem of the token they want to lend it against.
Keeping in mind that, if UST & LUNA collapse happened on our protocol, it would have impacted their audience and it could not have impacted the other pools which are existed in our protocol. In this way, our protocol is much safer and more secure. We’re ready to handle such type of situation happening in the market.
Dual asset pools prevent the tokens in a specific pool to be immune to price and liquidity fluctuations of assets in other pools. The damage done to the pools will be isolated and will not affect other assets or pools.
Check out the blog for details: https://unilend.medium.com/a-novel-approach-to-minimise-risk-during-death-spiral-like-ust-luna-75f0205263ed
Question 5: Amazing! Can you also throw some light on the utilities of the existing permissionless UniLend Protocol?
Ayush Garg: Yes, so currently our permissionless Lending and Flash Loans protocol is live for a year now without any protocol risks, Live on 4 major blockchains: Polygon, BSC, Ethereum, and Moonriver. Our V1 launched on Moonriver as the first-ever flash loan on the Kusama network. https://t.me/UniLendAnnouncement/577
We’re proud to share that recently we reach the milestone of executing more than 50 Million worth of Flash loans on our V1 permissionless protocol.
https://twitter.com/UniLend_Finance/status/1512123593748271105
Listed more than 30 tokens including the native tokens of major blockchains: $WMATIC $BNB $WMOVR $WETH.
Literally, anyone can create a lending pool of any token and start their lending journey on our permissionless protocol. Checkout our Dapp: https://app.unilend.finance
🎥 Check out our Walkthrough here: https://youtu.be/94qirwE-bMU
UniLend’s upcoming version is not just a protocol update. Our vision is to build a base layer of lending and borrowing for the money markets which is yet not done in crypto.
Stay Tuned for more updates here: https://t.me/UniLendAnnouncement
Question 6: Congratulations on the $50 Million Milestone guys! This brings me to the last question! How can users benefit from collaboration between Kommunitas and UniLend?
Ayush Garg: This is a very important question
So we are just so excited about our collaboration and look forward to working in the future together on amazing innovations.
In this partnership, Kommunitas $KOM is already bringing an immense amount of liquidity and utility to UniLend’s v1 Flash Loans & lending permissionless protocol on our Polygon Chain. $KOM holders can earn rewards from our lending rewards pool and utilize our cutting-edge DeFi strategies. Users can earn airdrops and rewards.
Kommunitas is our IDO Lending partner in our ecosystem. All projects conducting IDO on the Kommunitas platform can immediately create lending pools and utilize their tokens for flash loans.
In addition, Kommunitas’s $KOM token will be integrated into UniLend Finance OMNIS after launch, allowing borrowing and lending for users.
SEGMENT 2: LIVE SESSION
Question 1: Is your Project A COMMUNITY only for English speaking a few countries or for users not of other languages??
Ayush Garg: So our community is a diverse global community we have people from across the nationalities and languages. As an effort to have a major global audience we will be launching or you can say we will be releasing the lot of our documentation and many regional languages
Question 2: Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Ayush Garg: This is a very important and very good question. The UFT holders will be participating in our community governance. We will be launching a lot of ways where people who are part of governance can vote to submit their proposals for changes or for developments into the protocol. They will also have some amount of control of how lending and borrowing pools will function.
Question 3: Can you explain how is your Tokenomics Distribution? How many tokens will be minted?How many tokens Will be locked by the team?
Ayush Garg: So we already released our tokenomics when we launched our token in 2020. Join our official telegram community and ask anybody about it. As a UniLend team member, I can say that the founders have not taken any of the tokens from their shares and we have in short that we have the maximum skin in the game.
Question 4: What is business model of your project? How it works ? Who are your potential customers and which markets are you targeting on?What is business model of your project? How it works ? Who are your potential customers and which markets are you targeting on?
Ayush Garg: Very generic question but yeah, we are a decentralised lending and borrowing platform. So anybody who holds erc 20 tokens on their ethereum wallet, is our potential user.
We will be charging a very small fees on all the lend and borrow transactions on our protocol
Targeting all the token holders who are holding value tokens and other valuable crypt to assets
Question 5: Hi sir Can you briefly describe your PARTNERSHIP so far and upcoming partnerships?
Ayush Garg: So we have major partnerships with more than 60 projects and growing rapidly. We have Partnerships with projects like Fantom polygon, Injective protocol, Stafi, Moonbeam and many more.
SEGMENT 3: LEARN AND EARN
Question 1: Which token can be lent and borrowed on our permissionless UniLend v2 Omnis?
ERC20, BEP20
Question 2: On which date our grand unveiling of UniLend v2 OMNIS on Binance LIVE was organized?
19.05.2022 5:30 PM IST
Question 3: What kind of pool can be created on UniLend OMNIS?
Dual-asset lending and borrowing pool
Question 4: On which chain UniLend v2 OMNIS testnet will be live?
Kovan Testnet
Question 5: List any 3 killer features of UniLend OMNIS.
1. Isolated dual asset pools
2. Flash loan without collaterals
3. Permissionless : any token can add to the lending/borrowing pool
UniLend Official Links:
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/
