BlockTalks x Unifi Protocol AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with Unifi Protocol, on October 15th, at 02.00 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Juliun Brabon, CEO at Unifi Protocol So here we are up with the AMA transcript, for those who missed the live session, this blog post will be a saver & feeder of knowledge for them.
Juliun Brabon — My name is Juliun Brabon, I’m the CEO of Unifi Protocol and Sesameseed.
We launched sesameseed about 2.5 years ago with a focus on community building and decentralized governance, expanding this methodology as a blockchain developer and node operator on many blockchains including ontology.
Today we’re happy to announce Unifi Protocol is live on the Tron and Ontology blockchains, This protocol is a group of non-custodial, interoperable, decentralized, and multi-chain smart contracts providing the building blocks for the next generation of DeFi development, focusing on building a community-driven ecosystem of governance and innovative DeFi products.
Introduction Questions Asked By BlockTalks
Q1. Could you please introduce Unifi Protocol to our community in layman’s term?
Ans — Unifi Protocol has developed from the ground up a series of smart contracts similar to other Defi Exchanges, that allows for Individuals to provide liquidity and earn a share of the protocol fees in a sustainable way.
As they are currently built anyone can participate by providing tokens as liquidity to the platform in return for their proportional share of fee’s
These are live on Tron, and Ontology today with Harmony onboarding later as early as next week and others in the near future.
Q2. What are the advantages of Unifi Protocol to the other alternatives in the Blockchain field?
Ans — When building Unifi, we really thought through the existing systems (balancer, uniswap, bancor) and identified some areas we could improve to make the economy surrounding these systems more sustainable. Some of the most important changes we made were to the rewards mechanism, which unlike other protocols happens entirely on chain and is managed by the smart contracts.
This mechanism also allows the value of the rewards that individuals earn to increase over time.
In addition unifi is designed to be a cross chain defi platform allowing communities from different blockchains to easily move into and out of different ecosystems.
Q3. What are the major milestones Unifi Protocol achieved so far & what are in the future pipeline?
Ans — Well, we really started off earlier this year with a clear focus, to reassess the existing defi landscape, and find what’s improvements could be made to existing contracts and infrastructure to provide more sustainable rewards to liquidity providers, and better cross chain interoperability to users. We developed all of our smart contracts in house from scratch with these goals in mind. This has really set us up for an interesting future.
We successfully completed a capital raise from a diverse group of investors
We have deployed our fully audited smart contracts on Tron, Ontology and soon Harmony
and we’ve set ourselves up for rapid growth for our future.
We plan to add on many additional blockchains including Ethereum, Deploy our Main net $UNFI token, Launch our cross chain Governance Ecosystem, and launch our Cross Chain trading / functionality.
Questions Asked on Twitter For Juliun Brabon!
Q1. Reading about you I could see that your platform uses four tokens (UNFI, UP, uL and SEED). Why use a system with multiple tokens instead of creating a currency that integrates all the features you would need?
Ans — So these tokens all play very important roles within the platform:
UP is the blockchain-specific liquidity mining token of the Unifi Protocol.it’s backed by the native token of whatever blockchain its on (e.g. UPtrx is backed by TRX, UPont is backed by ONTd). It is designed to only increase in redeem value, and it can do so sustainably because it is 100% backed by those native tokens. It’s a long Term, sustainable reward token on each blockchain.
UNFI is the global governance token on all Protocol blockchains. By using UNFI’s global position in the Protocol token economy, liquidity providers can mine UP on one blockchain while still benefiting from the liquidity mining on all the other Protocol blockchains. It is designed to be cross-chain, allow users to participate in Voting, Proposing governance activities, and earn more UNFI as a result of their participation. This token ensures the underlying protocol is constantly evolving along with community sentiment.
uL tokens are simply the tokens that represent the share of liquidity you provided, these are burned when you withdraw your liquidity and minted when you add. They can also be traded on a derivative market, something coming in the near future. and SEED, Seed is a rewards token for sesameseed. Since Sesameseed exists already on all of the blockchains that Unifi Protocol is on, its acts as a token we can integrate with the ecosystem.
Q2. Defi, farming is the hottest topic these days. Can you share your opinion about Defi, farm and how the crypto market works as it is now? What is Unifi Protocol’s approach to Defi, farming?
Ans — I think Defi has permanently changed the industry, and Farming is a popular result of that. I expect that we will see long lasting changes to how finance is managed in the space. I believe Defi will play an essential role in our future, Its already demonstrated the need to better distribute fee’s (from lending, trading etc) to the community, or individuals holding crypto assets. I don’t think this core concept will ever go away, as its been a promise of the industry, to take control of your finances and earn directly off of it since day 1.
We’ve take the past 2.5 years of community building experience and cross chain governance and designed this new series of Defi Contracts with sustainability in mind.
Its why you see a more sustainable rewards token (UP). Cross chain functionality and Cross Chain Governance from the start. Our approach as i mentioned, is to build an ecosystem that can work with what the community wants, Yield Farming, with more sustainable results.
Q3. Staking & Liquidity Mining is very popular today as incentives, so does Unifiprotocol support any and what are the requirements? how do I get involved in Staking?
Ans — Sesameseed originated as a Staking community, we developed a sustainable rewards mechanism with our community around a rewards token that is 100% backed native tokens, making them redeemable and provable on chain.
you can see a lot of the principals of sesameseed staking in the Liquidity Mining of Unifi Today. Getting involved in liquidity mining is as simple as providing liquidity to the pool smart contracts of Unifi Protocol to start earning rewards. Getting involved with Staking is as simple as Voting for Sesameseed on Tron, Ontology or Harmony today.
Q4. Can you tell us about the degree of decentralization and governance model of this protocol? What incentives will be there for participating in the Governance activities?
Ans — Unif Protocol Governance is powered primarily by UNFI Token. UNFI holders earn the right to participate in the governance of the Protocol, so for users of the platform that is a huge benefit to be able to influence the direction and evolution of Unifi across multiple blockchains. The longer you hold UNFI and choose to do those voluntary actions, the more rights you earn.
Now there are also rewards for participating in those governance decisions. Unifi is a big believer in sustainable incentivization. So not only can you have a say in platform decisions, but you also earn additional UNFI tokens for doing so, which creates a long term positive feedback loop.
Q5. What are the features or unique advantages that have UniFi Protocol to be a better sustainable version of existing DeFi Liquidity pools Projects?
Ans — Well, the interesting thing about uTrade is the UP token and that activities on the platform are designed to support UP token holders.
By participating in uTrade you can earn up, and the value of that up is designed such that the redeemable value of that token can only increase over time. Unlike many alternatives it has more than just its speculative value, It also has a true value it is backed by.
Questions Asked by our BlockTalks Community Members during live Session to Juliun Brabon!!
Q1. Why do people have to choose and joined Unifi Protocol over others? what are the advantages for us? Who is the biggest competitor in the field, in your opinion?
Ans — Well I think Unifi Protocol is backed by a team thats been doing this for over 2.5 years, we have the experience in community governance, blockchain development, and cross chain activities to produce something with a longer term vision.
Since we’ve designed all of these contracts from the ground up, not relying on existing systems, I think our biggest competitor is going to be in the cross chain space. Its hard to say who that is, as its a technology many are working on currently.
Q2. “Earn $ UP” is displayed on the Twitter account. What are the available ways to earn $ UP?
Ans — Simply providing liquidity on Unifi Protocol Tron, Ontology and soon Harmony.
Q3. As you mention that Unifi Protocol is Multichain DeFi protocol, can you list what chains integerated on Unifi Protocol? And why you decide to make Unifi Protocol use Multichain technology?
Ans — Currently we are integrated with :
and many more are in the pipeline.
Q4. Can you explain how is your Tokenomics Distribution? How many tokens Will be minted ? And How many tokens Will be locked by the team?
Ans — So the UP token has no initial lockup and all Tokens are minted by a formula.
That formula is such that all Tokens minted are back by 110% of their redeemable value, thus increasing the value of all tokens in circulation.
Q5. DEFI bubble is pumping every day and it is only a matter of time before it burst. What do you think about this and can you be sure that Unifi Protocol products will be in great demand in the long term? What is Unifi Protocol’s plan to contribute to DeFi’s development? Does Unifi Protocol have a plan to promote, raise awareness, and understanding in the community so that more people get to know Unifi Protocol?
Ans — the bubble is based largely around unsustainable growth, or value being associated with tokens that dont have the utility to support them.
UP token is a token with a redeemable value and as result is much more stable, and can reliably grow based on the performance of the underlying platform. UNFI is the governance token of the whole token economy and is earned through several activities including migrating up. Probably our most significant focus today is to increase awareness of Unifi Protocol.
Q6. How does UniFi consider developing the protocol on other smart-contract enabled chains and why did UniFi ultimately settle on Tron and Ontology?
Ans — The contracts we’ve developed are compatible now with several different programing languages. We choose Tron and Ontology to kick us off because we had the largest communities there.
Q7. Security is really important and valued by users. Would you mention Unifi security measures? What is special for your security? Are you audited?
Ans — Yes Unifi Protocol is actually audited by SlowMist actually, and we’ve strived to put all of our activities on chain and in smart contract.
Q8. Your foundation idea is very new, so it takes a lot of formula and takes a long time to develop. This must have a tricky point for you? Do you agree that the strength of the community will lead your project to grow globally?
Ans — Absolutely, probably one of our keys to success is having an active community.