UNIFUND AMA RECAP With CRYPTOSCREEN INDONESIA
Earlier today the UnifundGlobal team joined the Cryptoscreen Indonesia Telegram to connect with the community and answer any questions they had relating to UNIFUND mission, tech, progress on our journey so far, recent updates and our plans moving forward. UNIFUND Team took part in a particularly exciting AMA session which included introductions, questions from twitter, and a live AMA session with the Telegram community. If you missed the AMA live, have a read through this recap to gain some deeper insights into UNIFUND, You also need to know that our AMA this time has a $100 prize in IFUND.
Samuel Yabes : Hello @unipumper welcome to our Community .
Unifund Team : hello, thanks for inviting me. This is my first AMA
Samuel Yabes : before we start the first session. We want to know little about your backgrounds .
Unifund Team : I’m a developer who started with Bitcoin many years ago. But I now build on Ethereum because experimenting and trying new things is very encouraged. I really like the way DeFi has grown but most products target whales with large amounts of coins. I wanted to build something that could be used by everyone
Samuel Yabes : Thanks for sharing your background, So can we start this event?
Unifund Team : yes lets do it :)
Samuel Yabes : Can you explain what is UNIFUND to our community?
Unifund Team : UNIFUND is a system for creating decentralized Uniswap trade groups under the control of a manager. The token is used as collateral for the Fund Manager. If the manager makes losing trades, some of the collateral is taken and given to group members. For winning trades the manager gets to take some of the profit. With Uniswap trading fees being, UNIFUND lets users combine many trades into one transactions. We also give new traders the ability to let someone more experienced trade for them in a safe way.
Samuel Yabes : Can you explain why the Unipump migration to UNIFUND Global ?
Unifund Team : After activating our staking contract, a bug was found that could have caused user tokens to become locked. It was a hard situation to deal with because our liquidity was locked in in uniswap, but with the help of our community we managed to pull it off. When we started the token migration we did not plan to change our name, but when the migration started a few community members brought it up and said it was the perfect time. When your community sticks by you when things are looking their worst, I think its always the right move to listen to them. We had the word "pump" in our old name and a lot of people who ended up joining the community told us they almost didn’t join because of that. We liked our previous name but building a successful product is much more important than having a funny name.
Sameul Yabes : With the change name from Unipump to Unifund. Will the Roadmap, products and etc .. change too?
Unifund Team : All our plans and roadmap remain the same, this was just a branding change. Our old branding went too far with a joke name and kept others users from trying the product. Our 2 biggest promises we still need to deliver on are leaderboards and a trading contests which will be in our next major release. After that we have a lot of different ideas about what to add next but haven’t set our path yet because the industry changes very quickly We want to add more gamification elements over time, and are exploring some cool new ideas in the background.
Samuel Yabes : Many people are interested in staking. When Unifund Staking be launched?
Unifund Team : Many people used the staking system, more than we expected. We are going to launch our new one as soon as possible. Instead of building our own this time, we are going to be using an already built one that is currently used by other systems. Our new staking contract will go live on October 15th, and more details will be released on our medium page soon. We are going to make some changes to the payout system but there is some final decisions the team still needs to make before we post the official announcement.
Samuel Yabes : Can you tell what benefits are received for $IFUND holders?
Unifund Team : The $iFUND token has 3 main uses other than being traded, opening groups, joining groups, and staking. The design is to use the token as collateral, so the token provides more utility at a higher price. Because at a higher price it more groups can be opened. When we were designing our tokenomics model we focused on lock up periods to help with price increases, so all 3 main uses of the token lock it out of the trading market, and in 1 case also burning it. This was the reason for adding a staking system as well. As more groups are created, this will lock even more tokens out of the trading market. In our most recent update we also added a burn feature for half of the member fees when groups start. This encourages Fund Managers to charge higher fees, because all managers are also investors and this benefits them directly.The value of a token can sometimes be based on hype and excitement, but with good design it can also directly show how good the system is working. We are the only team I know of building a product that works like this, and our core offering is very strong. We are sure that after more people discover us and how our system works it will be the iFUND holders and benifit the most.
Question 1 : Community support is an important factor in the development of a project. how do you convince the community to always faithfully support Unifund products, what programs do you offer to community?
Unifund Team : We believe that community support is the most important part of any blockchain project. It doesn’t matter if you have the best product if there is no community to support its use. Our method has been to always be honest about what we are doing and why we are doing it. And listing to suggestions is very important as well. We would not have changed branding the way we did if we were not ready to listen We are very close to finishing our main product, and delivering all promises from the white paper. After that our focus will be community building and rewarding. We think NFT prizes for people that use our system is a great way to start, ad we are thinking about offering a governance token soon to give community members an even bigger voice.
Question 2 : Could you give us an overview of the tokenomics? Is the token designed to rise and fall with the success of the platform, and does it include any scarcity paths such as stake, store, or burn?
Unifund Team : In some ways yes, the rise and fall will depend on use. Our design causes many tokens to be locked away from trading, sometimes for a few months. tokens are locked up for staking, trading, and joining groups. When we did our recent branding change we added a burn feature as well. The community had been suggesting a burn system, and we always listen. When a trade group is started, half of the fee’s are burned forever, and the other half is added to the group leaders collateral. This will give us deflation over time, and deflation will be under the control of the group leaders, and not under our control.
Question 3 : What do you currently think is the biggest obstacle that as a whole we need to overcome towards further mass adoption of the Defi and Defi protocols engine?
Unifund Team : I believe education is the biggest part that we are missing, this is true for all of crypto. Many people are just looking for profit, and thats ok sometimes. But when you dont understand what you are buying, it is very easy to lose your investment. Most products in the defi space just copy other projects and make small changes. I think if people took time to learn more about the systems they are using, a lot less people would get tricked into buying something that it not new. Its very easy to get excited about something when everyone else is excited too, its actually very fun. But in order to grow DeFi, everyone must take the time to learn.
Question 4 : What are the great achievements that $IFUND has achieved so far? What difficulties and risks did you encounter during project implementation and what factors helped motivate you to
Unifund Team : Our biggest achievement was moving a locked liquidity pool with the help of our community. I do not think anyone has ever done that before. There was a high chance the product would not survive, so we were very nervous when it started Our staking problem set development back a couple weeks but it could have been a lot worse. We stayed motivated because we are very proud of our project, its rare in DeFi for teams to build unique and new thing. And its even more rare for teams to build things that help people with smaller trade stacks, instead of helping whales. We are sure that many different user groups will be helped by what we built, so the team is always very motivated and focused.
Question 5 : How do you think with Asia market? Does UNIFUND team have any plan approach INDONESIA which the potential market in crypto, there have many great teams and investors want work and earn money from crypto?
Unifund Team : Our team is mostly developers, when we started it was mostly about building and we didn’t have any marketing plan. Developers always think that if something is good people will use it, but that’s almost never correct. Community is always the most important part of any product. When Bitcoin was new people always talked about how it was going to help everyone in the world by connecting them and giving equal access to money systems, but most people dont talk about that any more. We have been so happy to see support and interest from all over the world. We want to keep the original goal of bitcoin alive, the goal to help people from everywhere. If blockchain only succeeds in the western world, it will not change anything for the better. When we chose global as part our new brand name, it was because we want to make sure we are accessible to everyone. Starting a community in a foreign language country is very hard, but we are going to be trying everything we can. After our website and white paper are finished with some updates. We are going to be getting translations done for many Asian languages. I will also being doing many AMAs in the future, this is my first one and I am very happy with it. I think it a great way to connect directly with different communities I like this question because it forced me to say my plans, and not just think about them. Thank you to the user who asked.
Question 1 : Today in every sector our slogan is "PRIVACY IS OUR RIGHT". How would your project offer a Blockchain Privacy Protection for users?
Unifund Team : We think privacy is very important, one of the most important things, maybe the most important. Our system lets the Fund Managers of groups select how much collateral to use and how much ETH their trade group can accept. Because of this it gives them the option to remain anonymous and keep their privacy. With a high collateral group the risk of losses can be calculated before a user joins. We designed with privacy in mind. Right now the Fund managers are all known people, but we hope more keep their privacy in the future.
Question 2 : How does the mechanism of change of Circulation Supply according to Liquidity work? Which factorial does Circulation Supply of $iFUND depend on ? Could you tell me more about the decentralized '’add’' and '’remove’' Liquidity Token Sale process?
Unifund Team : We used our own liquidity lock system for our uniswap liquidity pool, it let us customize the way we want. most other have a unlock date in the future when the team can remove liquidity. We used 4 different unlock dates, each unlock happens 3 months after the previous one. So instead of all at once, we remove liquidity slowly and our users always have a good idea how much liquidity there will be, and for how long it will be there.
Question 3 : Why Unifund have 2 types of tokens? $UPP and $IFUND? Can you tell me which are their uses cases?
Unifund Team : UPP was our old token, anyone who had UPP token it there wallet was given iFUND token in the same amount. Some of the UPP token liquidity is still in uniswap, we could not get it all out when we moved because of the lock. iFUND is our token now, and is used in all parts of our system. Opening and managing trading groups, joining trading groups, and staking for rewards of more iFUND token.
Question 4 : What are you focusing right now? In Marketing or build a strong product First? Also apart of Uniswap Unifund Will also have an impact in other platforms?
Unifund Team : We are almost done building a strong product, only 2 more big things to release from the white paper and we will have finished every promise. Marketing will be our next focus, and then when there is more users it will be easier to make good choices about what extra things to build for iFUND next. Right now we are only on Uniswap because it is the most popular. But we have plans to enable trading on other similar platforms in the future.
Question 5 : From a startup project to a mainstream project, being a pioneer in the industry, does the team anticipate that many new startups will show up and compete?
Unifund Team : I will keep your names close by and maybe can get you to translate the white paper and website when they are ready. and later help build up the Indonesian community when we are ready for that.