MOD: Hi everyone and welcome to the AMA on Forum Crypto Moonlight Official Group. We’re honored to host an Ask-Me-Anything session with Unifi Protocol.
MOD: Hi Mr. Steve Green @SteveGreen416 from Unifi Protocol team, thank you for having AMA in here. Will you say Hi to our audience?
Mr. Steve Green: Yes. I am very much looking forward to this AMA with the community here
MOD: Okay There are 3 segment in this AMA today
Segment 1: project introduction
Segment 2: Question from Twitter
Segment 3: Free asking
MOD: Lets start this party
SESSION INTRODUCTION PROJECT
MOD: Q1. Can you tell us a little bit about what you did before entering the world of cryptocurrency and what is your role now in Unifi Protocol?
Mr. Steve Green: Sure. I’m Steve Green, Project Manager with Sesameseed and Unifi. I found crypto while browsing reddit. For some background, Sesameseed is a community organization that believes in fair and democratic governance as well as promoting blockchain development. So like everyone else on the team, I started off as a regular community member and my passion for solving problems with innovative blockchain technology just got me more and more involved. Which leads us to the Unifi Protocol we just developed, with the goal in mind to make DeFi more accessible to different blockchain communities and to provide the building blocks for next generation of Defi development
MOD: Q2. Unifi Protocol is made to expand DeFi to the next level. Why are you interested in this and the development of DeFi like what your project wants to achieve?
Mr. Steve Green: 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 our 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.
MOD: Q3. See from your project roadmap, in 2021 you will release uLend. Can you tell us what is uLend and how does it work?
Mr. Steve Green: I mentioned earlier that Unifi provides the tools to build DeFi products. uTrade is one example – a trading platform with liquidity mining. But it doesn’t always have to be trading. There are other ways to create a Defi service. An example of that would be uLend. Assets that are backed by real value can have many different uses beyond just watching them go up in redeem value, like our UP and SEED tokens. These tokens are backed by funds which are verifiable on-chain. uLend can allow unlocking that value for re-use, without giving up the underlying value they represent.
The great thing about Unifi Protocol is that anyone can build these services and DeFi products on our protocol, and UP and UNFI token holders will benefit from that! Imagine earning rewards from a completely developed DeFi ecosystem, and not just relying on traders and miners. There’s a whole world of opportunities out there.
MOD: Q4. Can you explain to us what are the advantages and disadvantages of multichain?
Mr. Steve Green: Oh yea. Sesameseed has a been a multi chain community for over 2 years, so we are experts in this area. That puts us way ahead of the curve from other projects who are trying to achieve true interoperability. And the industry recognizes that interoperability is indeed the future of decentralized finance and crypto in general. With Unifi, we will bridge all the various token economies on all the different blockchains together, or in other words, unify them. This creates stability in the marketplace and allows true development to thrive.
The only disadvantage to multichain at the current time is the complexity it causes. Which is why it’s so important to take into account the history of our team. That knowledge and experience with multi chains systems will allow us to rapidly expand.
MOD: Q5. What are your plans for the future to attract more investors and users to your project?
Mr. Steve Green: Haha i remember when we first announced going multi chain, it definitely blew a few people’s minds
Mr. Steve Green: Take a look at our UNFI Litepaper we just released. There is a roadmap, and you will see its quite an aggressive plan, with so much planned for this quarter. We’ve set ourselves up for rapid growth for our future, and currently in negotiations with a few more exciting projects and blockchains.
We plan to add on many additional blockchains including Ethereum.
Deploy our mainnet $UNFI token,
Launch our cross chain Governance Ecosystem,
and Launch our Cross Chain trading / functionality.
I believe all these things will bring more users to our platform and to our community. The UNFI governance token, when we finally publish all the details, will get us a lot of attention, we believe. It’s something completely cool and unique in the space.
SESSION QUESTION FROM GOOGLE FORMS
MOD: First questions come From @Vexofnirvl
Q1. What innovations does Unifi Protocol offer at DEFI? What DEFI features will be available on unifi protocol main chain?
Mr. Steve Green: So there is no plan to launch our own mainnet at this time. Our innovation comes from our unique tokenomics that we’ve designed into the Protocol. Our tokenized rewards system are built with real value and sustainability in mind. This is something that we thought was missing from other platforms.
UP token has a redeem value that can literally never go down in redeem value, only up! Every time a new UP is minted, the redeem value goes up. And there are burn mechanisms in place, which makes the redeem value go up even faster. That also ties into the UNFI governance model we will announce pretty soon.
MOD: Q2. @RoZerius Unifi Protocol has released the Global Governance Model (GGM). How do you encourage participation in the Global Governance Model? How are UNFI and UP holders incentivized to perform the service of voting activities?
Mr. Steve Green: Ok great question. 55% of the total supply of UNFI is allocated for just this purpose, to incentivize participation in the governance of the Protocol. If you take certain actions with your UNFI tokens, over time they earn the right to vote or make proposals, and those activities would earn rewards. It’s a self-sustaining system, and we haven’t even announced the best part! Stay tuned for that in the next few weeks.
MOD: Q3. From @dustyllanos “UNIFI is developed by SESAMESEED which also has a native token $SEED. So, How does Unifi balance with the Ecosystem? Specially with many useful tokens involved like $UP, $UNFI and $SEED?”
Mr. Steve Green: So each token plays a very important role in the Protocol.
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.
Mr. Steve Green: 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 and use to reward the traders. Once in their wallet, it starts to automatically stake on multiple blockchains at once and compounding rewards daily. No other platform offers this kind of trading rebate!
MOD: Q4. From @JesusFre1tes UNIFI has made many contributions to different networks such as TRON, Harmony and Ontology. Soon, the ethereum network will join this list. What are Unifi’s plans with ETH? What contributions will it make and how will it improve this great network used by many?
Mr. Steve Green: Unifi will bridge all the token economies on these blockchains together. So for example, even right now, users can import BUSD from Ethereum to Harmony and trade with it on uTrade on Harmony blockchain, or use it to deposit liquidity and mine UP.
(For Eth users, this can mean faster and cheaper transactions.)
This is just a proof of concept for what will be possible after we deploy our plan for interoperability. True cross-chain swaps will create stability in the marketplace and allow development to thrive on all these blockchains, particularly the alt-chains.
MOD:Q5.From @Masnunwau Can you explain to us what features are included in uTrade and what are the advantages of uTrade?What is the difference between uTrade & uLend?
Mr. Steve Green: uTrade is a trading platform, and uLend is a lending platform. Two different Defi use cases, but both able to be built using the Unifi Protocol smart contracts. This is what is very special about Unifi – it’s not just one product on one blockchain. It can be an unlimited number of different products on different blockchains. Anyone can develop using these smart contracts, and UP and UNFI token holders will still benefit! So for example, uLend isnt on the roadmap until next year. But if some other developer decided to build it using our smart contracts before then, we would love that
As for uTrade. I think we touched on most of the points already. The advantages are that you get to mine UP, which has true on chain redeem value which can only ever increase, and never go down. Mining UP can give you access to the governance token UNFI, which is multi-chain and will be something completely unique in this space
MOD: Amazing answer from you, hope this makes us all understand about the Unifi Protocol
SESSION FREE ASKING
Q1 From @mrbitcoi: Tell us about your plans for 2020, what are you currently working on, and are you going to expand the list of big exchanges?
Mr. Steve Green: 1. Ok, this is a question we get a lot. It’s why we recently released our UNFI Litepaper and it’s available on our website. You can see our roadmap in it, and there are A LOT of things planned for this quarter. So you wont have to wait very long for more announcments, I can assure you
Q2 From @bigbabu: Q. Could you please elaborate more about your tokenomics? What’s the total supply and what kind of plans do you have regarding the token unlocks in the future?
Mr. Steve Green: 2. There is a total supply of 10M UNFI, of which 55% is allocated to incentivize participation in the governance of the protocol. There will be rewards for voting on proposals and creating proposals.
The most interesting part of UNFI governance hasnt been announced yet, in my opinion. So please make sure to follow our progress in the next few weeks.
Q3 From @HeRmAwAnTrAdEr: What problems did you face when trying to implement your product in working businesses ? Is it hard to explain to usual non-crypto people what is Unifi Protocol and what are the advantages of using it ?
Mr. Steve Green: 3. Probably the hardest part is trying to explain what a redeem value is.
Our UP token has a redeem value – this means at any time, you can redeem your token and get back an amount of native tokens.
For example, UPone on Harmony has a redeem value of 9.6.
So when you redeem your UP, you will get back 9.6 ONE
And that number can only ever go up, it will never go down. Every time more UP is minted, that number goes up. And UP gets minted from each trade that occurs…
Q4 From @asalas95: The giant DeFi boom has produced an incredible increase in the number of projects that are starting to grow in this sector. Why should users choose UNIFI as an investment opportunity over other projects?
Mr. Steve Green: 4. I think people should look at our team and our history. We’ve been around building communities and cross chain products for over 2 years. We build them with sustainability and true value in mind.
That makes us stand out from our competitors, in my opinion
Q5 From @minseo2: How can I be a liquidity provider of UniFi Protocol & What is the requirements? Also what is the benefit of Liquidity provider?
Mr. Steve Green: 5. A simple question, but soooo important! Thanks for asking.
If you have tokens just sitting in your wallet doing nothing, it would make so much more sense to use them to deposit liqudity so they can start earning rewards from them.
When you deposit liquidity, each time a trade is made in that pool, you earn some UP. That UP starts earning fees from every single trade in ALL the pools!
And it has that increasing redeem value.
And you can use it to migrate into UNFI, which will be very exciting and fun.
No other platforms offer these kinds of opportunities, i believe
MOD: AMA Crypto MoonLight X Unifi Protocol has finished 🥳🥳🥳
Thank you sir @SteveGreen416for attending this event. I hope all this knowledge will make us understand more about Unifi Protocol 😊
To all members I thank you for participating in this event.
See you next time, and we will announce the winners later.
Don’t forget to Follow official Unifi Protocol 😁
•Telegram Group official : @unifi_protocol
•Telegram channel official : @unifiprotocol
•Twitter official Unifi Protocol: https://twitter.com/unifiprotocol
•Website : https://unifiprotocol.com/