AMA Recap — Umbrella Network Community Hosts UniFarm
On Friday, 14th May 2021, at 2:00 PM UTC
This week, Rohit Rai, Operations Head and Shashwat Eternal, Head of Growth at UniFarm were invited for an AMA in the Umbrella Network Telegram Channel to answer questions from the community.
Umbrella is a scalable, community-owned oracle that securely brings external data on-chain. It is the first decentralized oracle service to empower the community with the scale and security modern DeFi applications require.
The transcript is almost entirely in its original AMA form, mildly edited for punctuation and readability only.
~ AMA Begins ~
Q1. Please share with us a brief introduction of yourself and the project you are in.
Shashwat Eternal: Hi! I’m Shashwat Eternal, I’m very fortunate to head growth for OroPocket, which is the parent company of UniFarm and OpenDeFi. I am also a writer and crazy hoarder of books. Very happy to be here!
I was stunned on speaking with John Chen in our initial calls together, and apart from $UMB joining the staking pool along with 4 more amazing projects Cook Protocol, OpenDeFi, Unido EP and UniFarm itself, I’m happy to say we’ve also partnered on a deeper level already. UniFarm will be utilising Umbrella Oracles soon. So very happy to be here! Thanks for having us.
UniFarm is, simply put the best place to stake tokens that you can find. Period. You stake a token you already believe in — $UMB, for instance. You get ZERO market exposure. Completely decentralized — simply plug your wallet and go.
And you farm not just $UMB but 4 MORE tokens: $ORO + $UDO + $UFARM + $COOK. We guarantee a min APY of 36%. Case studies have come out of users from UniFarm Cohort 1 having earned 4600%.
Rohit Rai: Myself Rohit Rai, Operations Head for Oropocket. We are working on multiple fronts like Oropocket — An alternative investment platform built on blockchain, OpenDeFi — Protocol bridging the gap between real-world assets and DeFi and UniFarm, a group farming protocol!!
Q2. Can you share with us what makes UniFarm different from other projects in your space?
Rohit Rai: There are several staking solutions available out there, but none like Unifarm. The best features of Unifarm are:
- There are no liquidity tokens.
- You stake one and farm multiple good project tokens
- There’s a guaranteed min APY
- It’s completely decentralized
Here’s a complete competitive overview — https://docs.unifarm.co/competitive-analysis
Shashwat Eternal: I would add to this that features aside, partners (25+) aside, TVL ($11 Mil+) aside — what truly separates us is COMMUNITY. No one has a collaborative sphere of partners, friends and enthusiasts like us. Proud to be fostering that with care.
Q3. Can you share with us what is the $UFARM token use case? Any benefits to holding $UFARM tokens for the long term?
Rohit Rai: There are multiple use cases for $UFARM tokens:
- Governance
- Staking
- Premium Pools
- Premium Offerings
- Add of access
- Paying Fees
Detailed information is available here — https://docs.unifarm.co/unifarm-token/use-cases
Shashwat Eternal: Absolutely!
The entire aim of UniFarm is to incentivise long term investing behaviour — for every project that joins us and the entire DeFi ecosystem at large. So, it only follows that for our own token $UFARM, which only launched on May 4 recently, we have a plethora of benefits.
First of all, within a week of token launch, a staking pool slot became available to UFARM holders in UniFarm Cohort 7 where they are also farming $UMB, of course.
UFARM is currently leading that pool in % filled.
We have also already announced an exclusive farm where $UFARM holders will be able to stake $UFARM and farm USDC. No risk to APY whatsoever.
This is, of course just the current stuff!
For a long term view, let me share this — https://docs.unifarm.co/unifarm-token/use-cases
Q4: Can you discuss how you see the different ways that Umbrella and UniFarm’s partnership will benefit both the project their communities?
Shashwat Eternal: YES!
Like I said before — John Chen is just an AMAZING person to have a conversation with.
Oracles are absolutely crucial to the future of DeFi — and Umbrella Network’s focus on Decentralisation aligns perfectly with ours — you’ll notice UniFarm is ABSOLUTELY decentralised.
For now, this means $UMB holders have an excellent opportunity to stake their $UMB using BSC — and earn an APY plus 5X the OPTIONALITY of any other taking scenario.
Because you earn 5 tokens instead of one — in a bull run, only one has to pump and your APY crosses the roof. All the benefits accrue to the users, of course.
Further, we will be utilising Umbrella oracles on UniFarm for prices of tokens being staked. Integration news soon!
Q5: UniFarm supports which blockchains? What are the reasons you guys expanded to support BSC recently?
Shashwat Eternal: UniFarm is a VERY community-oriented project. I cannot stress this enough.
Working on the OroPocket ecosystem with OpenDeFi, we began UniFarm as an experiment 3 months ago.
We had an amazing response straight away — 5 huge projects in Matic, Reef, Centaur, Frontier and OpenDeFi.
And then the community came in.
We were ASKED to expand to other chains from the get-go.
So, of course, we did Ethereum, mastered the platform with that — and have now expanded to Binance Smart Chain.
Gas fees hurt everyone. And our aim is that no one should be left behind.
We are soon expanding to more chains as well. Polygon, HECO, more…lots in the works.
$UMB in UniFarm Cohort 7 is our 2nd BSC Cohort.
Also working on something amazing:
Cross-chain staking would be possible in the third quarter of 2021.
Here users can stake on one chain and even get rewards from a different chain, in a completely decentralised manner.
The aim is to have value flow freely across chains — and get users the BEST staking solution on the planet.
Moving to the second section of the AMA,
~ LIVE Community Session ~
Q1. How much does staking/un-staking cost? Should I pay gas for every single stake/un-stake?
Rohit Rai: Yeah. You need to pay the gas fees although. There is no fixed fee for stake/unstake and it totally depends on the network.
Q2. As an individual user, in what ways can I contribute to the development of UFARM? Do you have Ambassador programs and what are their benefits?
Shashwat Eternal: We absolutely do! Please join our official TG at https://t.me/unifarm and ask the mods about how to proceed.
Like I said before, we have a very deep bond with our community and ensure that there is always something fun going on.
Not only this, there’s always an airdrop going on for the Livestream Master AMAs that are held every single cohort.
Do drop in. It’s always lively. We’re building the Future of Farming.
Q3. Can you tell us the motivation and benefits for investors to hold $UFARM long term?
Rohit Rai: The longer you stay in farm higher the rewards will be. Here is the latest case study from UniFarm Cohort 1:
https://blog.oropocket.com/announcement/user-earns-400-66-apy-with-unifarm-cohort-1/
Shashwat Eternal: This is not even NEARLY the highest.
We have had a case study of a user who staked $1700 in $FRONT. And earned $20k+
Q4. Does UniFarm get some transaction fees?
Shashwat Eternal: Absolutely not!
You simply pay gas, depending on which network — and to reduce precisely this, we added BSC.
Our business model is very simple and entirely transparent. We charge a fee from projects and we’ll use a portion of it to buy back Unifarm tokens.
You can find more details about it here: https://docs.unifarm.co/unifarm-token/tokenomics
Burn events also mean $UFARM holders are happy. The first one will come in a bit.
Q5. What are the advantages of UFARM to compete with competitors of the same side?
Shashwat Eternal: There is a lot of talk about competition in the blockchain. Our perspective is a little different though!
We don’t focus on our competitors. We focus on our friends.
And we have nearly 30 of them now. Projects like Umbrella Network, Paid Network, JulSwap, MANTRADAO, Polygon, Frontier, UnidoEP…I could keep going.
The point being that our strategy is simple: we are the tide that raises all boats.
You will see this in every single thing we do. We don’t market ourselves — we market the projects that have joined us. This is intentional.
Our interest is not just our token’s performance — but the performance of all our partners’ tokens — $UMB as well, now.
We are fostering deep relationships — helping other projects within our ecosystem do the same. This sets us apart.
You’ll see us around. Umbrella and UniFarm are both in this for the long term.
Many more partnership announcements. Many more cohorts.
Why?
We do everything together.
Q6. Could you please tell me just a little more about the team and some of their backgrounds? I have personally seen many projects launch with inexperienced team members, and some of those didn’t go so well due to easily avoidable mistakes.
Shashwat Eternal: This is actually a very important question, especially now, with a million shit coins dropping a day.
I’m Shashwat, I am not actually from the blockchain space — I stumbled into it through marketing, and content creation before it. I’ve been a founder, I am a writer with a book that’s on Amazon right now — I’ve done some fun things, to say the least.
The founders, Mohit Madan and Tarusha Mittal — are Blockchain veterans, however.
They’ve both been in the space for over a decade. They co-founded the 1st Ethereum exchange in India. They founded OroPocket with a vision of bringing financial freedom to everyone, everywhere — a bank in your pocket. This is out, Fiat on-ramp, which is a live product right now with users worldwide. You can buy gold and silver tokenized on blockchain and use them as digital payment.
They then developed OpenDeFi to take the vision further — true decentralization.
UniFarm is the latest step in that journey. A product by true believers in blockchain and what it can do.
The track record is there to see. :)
Q7. Only getting users, holders etc is not everything. In my opinion, a project needs to deal with solving a real-world issue or problem. What is the problem that your project primarily focuses on?
Rohit Rai: UniFarm is solving 3 common problem statements:
- Token price fluctuation
- Creating a demand for the token
- Pump and Dump
UniFarm creates a utility for the tokens. By creating a pool with UniFarm, startups enable a new utility for their tokens, which is that now it can be staked to earn a bunch of other tokens as rewards. Since tokens are now getting staked, they are removed from the trading supply giving startups breathing space to focus on other aspects. UniFarm‘s gamification framework is designed to encourage users to stake tokens and stay in the pool for a longer duration.
~ AMA Concluded ~
Join the discussion on Telegram at https://t.me/umbrellanet
