Unifi x BUDAO AMA Transcript
Transcript of AMA hosted by BUDAO, covering Unifi milestones and UNFI governance
As part of our global marketing strategy, we have had the pleasure of being invited to participate in many AMA’s with various communities around the world. Spreading awareness of the Unifi Protocol is our mission leading up to the launch of UNFI token and the Global Governance Model.
Please enjoy this transcript from a recent AMA on October 29,2020 which was hosted by the Chinese BUDAO community.
Hello Everyone, My name is Juliun Brabon, I’m the CEO of Unifi Protocol and Sesameseed. I co-founded Sesameseed in early 2018, which today is one of the largest communities on Tron, Ontology and Harmony. We are a very much decentralized team made of community members really, and have been driving the concept of community governance since inception.
Q1：What are the major milestones Unifi Protocol has achieved so far and what’s in the pipeline for the future?
JB: Well, we really started off earlier this year with a clear focus, to reassess the existing Defi landscape, and find what 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 already deployed our fully audited smart contracts on Tron, Ontology and Harmony. 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.
Q2：Unifi’s token economic model involves four types tokens: UP, uL, SEED and UNFI. What are the roles they play in the protocol?
JB: UNFI Token — (Global Governance) The global governance token for the entire multi-chain protocol and the public face of the Unifi Protocol to be listed on major exchanges. This is the token that brings the entire Unifi ecosystem together and unites all Unifi users behind incentivized community governance. This will come online soon and I think it will be different than anyone has ever seen before. It will really excite the community, we believe.
UP Token — (Unlimited Potential Token) The liquidity mining token earned by liquidity providers. UP earns a share of fees from every trade in every pool on the platform. UP also provides exclusive access to protocol specific opportunities to acquire UNFI.
uL Tokens — (Liquidity Token)This classification of token can take many forms, as it is a representation of the liquidity funds provided by a user to a particular pool. uL tokens allow liquidity providers to claim the UP tokens they have mined.
SEED — (Rewards Token) SEED is a multi-chain staking rewards token, generated by Sesameseed’s node rewards on multiple blockchains. Traders earn SEED as a loyalty bonus. SEED automatically stakes on multiple blockchains and compounds staking rewards daily.
Q3：How can ordinary users participate in UNFI mining?
JB: Oh, well I think I just mentioned that. Mining UP now is the best way to prepare for the UNFI governance model launch. All you need to do to mine UP is to take the tokens that are sitting in your wallet doing nothing and deposit them as liquidity on any blockchain we’re on. That’s it! This is because UP will be able to migrate into UNFI. The only other options would be to buy the tokens, and if everyone gets as excited about UNFI as we are, who knows what that will do to the price… There will actually be more information about UNFI mining coming out in the next week or two. I can’t wait to share what we’ve come up with for this token!
Q4：What is the specific governance mechanism of UNFI governance token?
JB：This hasn’t been released yet. The basic idea is that the user can take some voluntary actions with their UNFI and over time it earns the right to vote on proposals, and even create those proposals. It will include a token burn mechanism for UP, which will of course make the redeem value of UP increase at a faster rate, potentially creating better yield farming. But I can say this about the full version of the governance model -no other platform in Defi is doing what we have planned. It is something we think is completely revolutionary.
Q5：When will UNFI make a public offering and when will it go online trading?
JB：If you take a look at our roadmap which was just released in our UNFI Litepaper and available on our website, you will see that we have a very aggressive plan and everything is for this quarter. So you won’t have to wait long. I would say join our channel and stay up to date with our announcements over the next few weeks…
Q6：Practitioners in the blockchain industry are very concerned about the protection of personal privacy. May I ask what measures Unifi has taken to protect personal privacy from leakage?
JB：Oh, well that’s an easy one. We don’t store any personal data of our users. Everything is on chain and completely governed by smart contracts. This is something that is very important to us. In fact, even our custom staking wallet that we designed for our SEED token is non-custodial and does not store any passwords or user information on a centralized server anywhere.
So the Unifi Protocol is a 100% on chain solution. Although the website [unifiprotocol.com] is a nice front end which we encourage users to access for ease of use, these contracts can actually be called directly and interacted with if you so choose.
Unifi provides some of the very best protection of user data because it does not collect any personally identifiable information. There is no need to establish an account with Unifi, and no login or personal information is required. The user can access their choice of supported wallet and use that to interact with Unifi in the same way they would interact directly with the blockchain. Unifi is designed to hold true to the private nature of the industry
Q7：At present, UNIFI has launched several versions of uTrade, but in the case of insufficient liquidity in the initial stage of the new uTrade, the trading slide point is very big. May I ask what measures will you take?
JB：We try to fund a minimum level of liquidity when possible on any new pairs. That being said, we always advise that users be aware of the slippage to ensure they make the trade they want in the amounts they want. Ultimately, our efforts to obtain more liquidity will alleviate this concern. And we think it is only a matter of time until people realize the benefits of providing liquidity on Unifi products. We keep hearing of other projects steal people’s funds, and it’s sad to see. Eventually they will realize that Unifi is a lot more sustainable and reliable.
Q8：Recently, uTrade platform has launched multiple language versions. May I ask what kind of layout Unifi has in the global community at present and what kind of global community development plan will Unifi have in the future？
JB：Unifi has a global marketing strategy, as you can see. That’s why I’m honored to be here with you all for this AMA. This is just the beginning. Once we launch our UNFI token planned for this quarter, I think it will become clear just how Unifi plans to incorporate a global community into its governance plan.
Q9：There are many people in China who are interested in Unifi projects. Now the number of Chinese communities is approaching 20,000. How do you see the future development prospects of Unifi in China?
JB：We are blessed to have amazing Chinese partners and investors who have given us invaluable advice and guidance when it has come to capturing the interest of the Chinese audience. It’s wonderful to have investors who see the true potential of Unifi and want to make that a reality, so they are constantly giving us feedback on how best to improve our service. I think the Chinese community will continue to play an important role in our development.
Q1: How do I participate? How many levels of participation? Are there any level restrictions?
JB: Defi is designed to be accessible to everyone. There really shouldn’t be any barriers or restrictions for participation. This is especially true on the blockchains where we are currently live due to the low cost of transactions. As long as you have the correct tokens to provide liquidity, you can start mining UP now.
Q2：What is the overall trading volume and total locked value on uTrade right now?
A2：Wow that’s so interesting you ask that! The site unifi.report has just launched in beta mode, and you can see exactly that information. This is a community-built tool from one of our developer bounties on our Gitcoin page, proving yet again what a wonderful community is surrounding Unifi. Please check out the site at unifi.report. This is not a final product, and plenty of new features and improvements will occur in the coming weeks. Enjoy!
Q3: Does the audit cover all uTrade versions?
JB：So the audit was done on ERC20 based blockchains (compatible with EVM), so that covers chains such as Tron, Harmony, Ethereum. Other chains with different virtual machines would technically not be audited, but those smart contracts are constructed using the same guidelines as in the report. All Unifi smart contracts can thus be considered audited.
Q4: How many users you have right now? And Chinese active users?
JB: This is an interesting question as a lot of users might be using VPN, or certain analytics tools might be blocked in certain countries, which can make it difficult to track the precise geography makeup of our community.
I will say that our website has had over 5.2 million page requests and 30K unique visitors in the last month. A significant portion of that seems to be coming from China, I would say over 20%