UpBots AMA w/ UniFarm
In this edition of UpBots AMAs, we welcomed the crypto farming platform, UniFarm, to talk with our community!
Operations head, Rohit, joined us from their team to talk all about what UniFarm does and the awesome benefits it brings for yield farmers.
We started things off with a little introduction about UniFarm
I’m Rohit Rai, I handle the Operations for Oropocket, which is the parent company of both OpenDeFi, as well as UniFarm.
UniFarm is an innovative farming solution where a bunch of projects comes together to create a reward pool. Users can stake anyone token and get multiple tokens as rewards.
For example, if there’s a UniFarm pool of $ORO, $UBXT, $OM, $REEF, $CNTR, and $FRONT, you could stake any of these tokens and start earning all the tokens as rewards.
Although it is the best place to stake tokens of projects you believe in — period.
Why do I say so?
1. No market exposure
2. 100% decentralized — just plug your wallet and play
3. Stake ONE token — the one you believe in and HODL — but farm MANY
4. This means FREE OPTIONALITY — both offensive and defensive benefits to this.
We are already on 3 chains, ETH, BSC & Matic, and we had an all-time TVL of $20M+
The First Cohort of UniFarm went live on January 28th, and we have had a whirlwind since then.
We’ve had 16 successful cohorts, and the 17th cohort is going live on Friday.
We had raised a $2 Million dollar private round. Had 4 IDOs.
We had the Uniswap and Pancakeswap listing of our token $UFARM. We did a $12 Million cumulative trade volume in less than 24 hours!😇
It has been an incredible journey, and CRAZY fast, in typical crypto fashion.
What do you think helps UniFarm stand out from the crowd of similar staking platforms? What are some of the aspects that UniFarm has that other platforms are lacking?
The thing that excites me most, is that you stake ONE token, but get to farm MANY.
This way investors get exposure to more amazing projects, and the community size of each project grows.
Having pioneered this, it is something that we do think is a differentiator, for sure. Apart from this, I believe the community we are building also separates us from any “Competition” we simply aren’t competing.
We already have 45+ projects who have joined our pools, and these projects are friends of ours and we are all working together to be the tide that raises all boats, so to speak.
Could you elaborate more on the benefits of the Cohort system, how it works, and what’s your revenue model?
The cohort system allows us continuous reiteration, basically.
So with each new cohort, we are able to evolve every single thing about UniFarm based on feedback from the community.
We recently launched a Refer and Earn feature, or even the move to BSC & Matic and launching the pools respectively — these were all suggestions originally made by the community because we’re following a cohort-based system, we are able to take feedback, execute on it and make sure we make staking better every single time.
The site improves, more wallets get added — all this is possible in a scalable way because of the way cohorts work.
Our business model is simple:
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:
So let’s change track and talk about roadmaps and longer-term vision. What can you tell us about where UniFarm is headed in those respects?
Unifarm has launched farming solutions for 45+ projects already including — Polygon, Reef, Frontier, Paid Network, Razor, Kylin, MantraDAO, etc.
Cross-chain staking — this will come up in a couple of months but basically, you would be able to stake on any chain, regardless of what token you’re holding. It’ll be truly seamless and I’m very excited about it.
Apart from this, we’re looking at the tip of the iceberg right now.
Imagine staking $UBXT and farming $TSLA. It’s in the works. 🤩
Here is our roadmap.
What insights can you give us into the impact on the growth of bringing various projects into one pool and how do you optimize the growth rate?
COMMUNITY is the ultimate growth hack and the ultimate moat.
Every week or so, we launch a new cohort with new projects building amazing things across the world.
The advantages of coming together are many:
1. Cross-marketing opportunity that is 5x bigger than the regular partnership announcement
2. Cross-pollination of communities
3. Education each community about amazing projects building cool things
4. USERS benefit the most — since the stake ONE farm ALL method is possible when projects come together to form a pool. :)
COMMUNITY — whether it’s projects or project supporters — that’s what UniFarm is all about.🙌
We then opened the floor up to our community for questions.
What are the security measures you took in the face of repeated attacks on farming platforms? and what measures did you take to protect UniFarm from the manipulation of great whales in farming?
I will try to explain this with a recent example, Our bridge partner Chainswap has faced an attack, and a lot of tokens were hacked.
This was our action here
📍Chainswap exploit update
🔸This is the wallet address of the hacker 0xEda5066780dE29D00dfb54581A707ef6F52D8113
✨we have locked all the $UFARM tokens of the hacker, so that the hacker is not able to sell these, and here is the txn hash for that:👇🏻
⚡️Funds are #SAFU
Liquidity has been removed.
Now we are deploying new tokens on BSC to swap them with the old tokens.
We were able to lock the hacker’s wallet, we had a safety valve to face such emergency situations.
The safety and security of user funds are always an utmost priority for us.
Apart from this recent incident, our smart contracts are regularly audited by trusted partner Quillhash!!
For detailed updates, the community can refer to our latest blog on this.
Yield Farming has provided an avenue to help individuals increase their profits. Token inflation, however, will start to happen in the near future so what do you think the impact of this will be to UniFarm? Will this avenue for profit be degraded in the coming years?
Yield farming has just started catching its pace and we at UniFarm have a feature of Group Farming, where a user stakes one token and farms multiple tokens as staking rewards.
Also, crypto space is very dynamic and we see new working projects popping up every day. This is where UniFarm comes to help those projects in gaining some value by getting their tokens locked for a certain period of time. so with time Unifarm ecosystem will expand and add value to other projects with new innovations and new strategies.
As a DeFi farmer, why would I choose UniFarm? Maybe list 2 or 3 things that sets you apart from the other projects in this space?
P.S. Will I be able to farm with UBXT?
It seems like a VERY simple idea, not much of a differentiator:
You stake ONE token, but farm MANY.
However, it’s actually very sophisticated indeed.
Let’s say I stake $UBXT elsewhere. Even if I’m being promised an APY — I’m getting it all in $UBXT.
Now, this is cool. But consider this:
I stake $UBXT and earn the same guaranteed APY in FIVE more tokens.
My returns are automatically diversified.
In a bull run, the odds of one of my interest holdings exploding in value just got MULTIPLIED by 5.
In a bear run, I’ve hedged 5 ways automatically, in projects that are all vetted with insane attention to detail.
It’s a win-win.
Will there be advantages in the future for owners of the UFARM token?
There are lots of coming in the next few months. Although our white paper really talks about it. Kindly check this.
As a community driven project and me a developer am interested in contributing to the project, do you have such programs?
We’re a remote first team and also expanding aggressively and hiring on all fronts. Anyone who wants to join this fast paced journey can reach out to me at email@example.com
What do you think is the biggest problem UFARM will solve that no other project is solving now, and why is the problem important to solve?
UniFarm was born of necessity.
With OpenDeFi and our token $ORO, we realized there were key problems that frankly don’t have many solutions right now:
1. Sell pressure
2. How to gain exposure to a wider set of investors
3. How to incentivize these investors to hold long term
We thought something can be made that addresses these issues faced by all projects in a way where the users actually get SO MUCH value — it becomes a win-win for everyone.
Many people would like to invest in a project that has been audited. Does UniFarm have any audit certificate, or it is in the process of being audited to make the project more trustworthy?
Our smart contracts are regularly audited by Quillaudits. Here is one of the audit reports.
How can a NEWBIE like me understand the platform easily? Can newbies with little cryptographic knowledge be able to successfully use, trust, & invest in your platform? Are you a global project or a local project?
To help out newbies, we have created a gitbook with detailed documentation and video guides in order to make UpBots and crypto in general as easy as possible for beginners. We update this regularly and are always open to adding new content as requested and as the platform develops further. 🙂
With regard to usability, How easy is it to access the UniFarm platform? is your interface simple enough so that a user not used to it can use your platform without problems?
Unifarm UI is clean and clear. Any new user can easily use the platform. Although we are bringing new features in every cohort as we received feedback from the users.
Can you list 1–2 killer features of this project that make it ahead of its competitors? What is the competitive advantage your project has that you feel most confident about?
You stake one token and farm multiple tokens
By staking UFARM on UniFarm.co you are able to diversify your portfolio and get a bunch of good tokens as rewards without investing or any market risks.
People have made some great returns simply by staking one token and getting rewards:
It has been a wonderful experience to have a conversation with UpBots community members. If you have any questions you can DM me or join the UniFarm Telegram channel where our MODS will be happy to answer any questions related to UniFarm.
We’d like to thank UniFarm for coming by and talking with the UpBots community about their awesome platform!
Be sure to catch the next UpBots AMA!