Recap AMA Unifi Protocol x Vietnam Coin Market Community

10 min readOct 17, 2020

Hubert: Hello everyone,

Only 12 minutes left and the AMA event of UNIFI PROTOCOL will be started

The representative for Vietnam Coin Market (VCM) is Admin Owner @taitan296 who will run AMA and UNIFI PROTOCOL project’s representative is @nuljui.

Translator: @nguyetvcm

Vietnam Coin Market Group (VCM) will be locked to make the event convenient.

After Segment 2 of the Vietnam Coin Market group will be opened a chat so that the community can ask the project.

How’s everything going?

Again, it’s been my greatest pleasure to announce today’s special AMA session

“UNIFI PROTOCOL”

Today’s AMA session is composed of 4 parts:

1 — Say hello, introduce the project

2 — AMA moderator asks the project 5 questions that will be selected first.

3 — Ask the community (unmute the channel and let the community ask questions freely on telegram. Then the guests will choose about 10 good questions to answer).

4 — Quiz — Give 5 quizzes to the community to answer

You must complete the task at this Tweet. All violations will result in cancellation of AMA results:

https://bit.ly/3jVdNFR

Craving for the question rain ahead after I unmute the group.

Anyway, let’s get the curtain roll-up and welcome @nuljui.

Mr Juliun: Hello Everyone, happy to be here!

Hubert: It’s a pleasure to all of you who participated in the AMA today.

Mrs Nguyet: Hey Sir, Welcome to VCM Community ❤️

Hubert: Could you briefly introduce about yourselves as well as your project?

Mr Juliun: 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 Tron, Harmony and Ontology.

Today we’re happy to announce Unifi Protocol 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.

We developed Unifi from the ground up as 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.

Today anyone can participate by providing tokens as liquidity to the platform in return for their proportional share of fee’s on Tron and Ontology, with Harmony Onboarding in the near future.

Hubert: Welcome!

Looking forward to have our audiences to know more about the project and the views.

Let’s get to the first question we’d like to know from you.

What makes the UNIFI PROTOCOL project stand out more than the projects in the same direction at the moment?

Mr Juliun: So, When building Unifi, we really thought through the existing systems (balancer, uniswap, bancor) and identified some areas where 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 themselves.

UP token is the most noticeable result of these changes, as UP is actually a token that mints itself after every trade at a given redeem value, that increases over time.

This mechanism also allows the value of the rewards that individuals earn to increase the longer they participate as a liquidity provider.

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.

Hubert: Thanks for this impressive information. We will go over the next question.

Who are some business partner/clients for UNIFI PROTOCOL?

Mr Juliun: Today, we’ve attracted some investors and key business partners to support the sustainable growth of Unifi Protocol.

On the investor side, we’ve brought in key supporters such as HBTC, MXC, Signum Capital and many others to advise our growth and support our expansion.

While on the partnership side we’ve had many of our existing friends offer to help mutually promote Unifi Protocol, including Wing, Harmony, and many others.

Hubert: I have seen the big projects in your message. That was amazing. There will certainly be many further steps forward in the future.

Mr Juliun: Thank you,

I think building a community for the past 2.5 years has really helped us make a lot of friends in this space.

Hubert: Thank you, we could give some mins for our audiences to read more about the comment.

Hubert: We will come to the next question:

What are the memorable milestones of UNIFI PROTOCOL in the research and development process?

Mr Juliun: 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.

In terms of our most memorable milestone, i would have to say passing the Audit, this is a pretty unique protocol and having a 3rd party validate this meant a lot.

Hubert: Feeling quite excited about this project, sir. I think everyone will love it and support it as well.

Hubert: Thank you. What does UNIFI PROTOCOL plan to do to attract more users in the upcoming time?

Mr Juliun: I think this is really all about starting with the liquidity providers.

More liquidity will make for more trading, fee’s etc.

Ultimately the Token economy with UP and UNFI is designed to incentivize those liquidity providers, in unique ways.

This coupled with our rapid expansion to new blockchains and our cross chain interoperability will really help create the awareness Unifi Protocol needs to be successful.

Hubert: How wonderful, sir. VCM will make a small contribution to the project support. Nice to do this. 😊

Mr Juliun: Thats great! we’re happy to have your support

Hubert: The last question is already done. Thank you @nuljui for bringing the above useful information.

Next, the Vietnam Coin Market team (VCM) will open a chat for the community to ask questions to the project. We will have 3 min to ask. The UNIFI PROTOCOL project will then choose 5 questions to answer.

Let’go!

Now!

Let’s give some mins for @nuljui to choose 10 questions to answer.

@nuljui, you may proceed now.

Question 1. In which ways does Unifi Protocol provide security to its users on the platform? How do you plan to build trust to your customers?

This is very important to us. Firstly, I’d just like to say that Unifi has engaged the well-respected auditing firm of Slow Mist to audit all our smart contracts. That report is now back and Unifi will be posting the complete audit report for public viewing within hours. As expected, there were no major concerns. Secondly, Unifi Protocol’s innovative tokenomics provides its own security. While many cloned DeFi platforms suffer from fatal hacks, the minting process of UP tokens prevents the custom smart contracts from being a target. For each newly minted UP token, some of the input base tokens from the trading fees are allocated to raise the redemption value of all previously minted UP tokens. This removes any financial incentive to try attacking the minting process as it would cost more than it returned. This same utility also happens to offer maximum rewards to those who mine first, but still ensures it will always be a great time to mine UP.

Question 2. Token burn is beneficial for any project, in being able to control the number of token circulation and to provide greater incentives to investors. Does your great project unifiprotocol have a plan about token burn?

UP token is designed to be burned actually, every trade mints some amount of UP for the liquidity providers of that pair. a portion of the trading fee is reserved from every trade to increase the redeemable value of UP.

Since UP is a 100% reserve token, Meaning it is actually backed in smart contract by an amount of ONT, TRX, One etc (which increases with every trade) if users burn it they receive the tokenthat is backing it, which further increases the rate at which the redeem value increases. Its a sustainable cycle.

Question 3. How does the migration of $UP to $UNFI work? The change is 1:1? what other ways can you get $UNFI?

UP and UNFI have a very interesting relationship. Since UNFI is the global governance token, it links all the entire multi-chain Unifi model together. Each blockchain Unifi is on will have a relationship with, and interaction with, the UNFI token. How this happens has not yet been announced, but it is something that will be out very soon.

We have seen how desirable DeFi governance tokens are, and I expect UNFI will be no different. There are only 10,000,000 UNFI tokens total, and over half of those are set aside for Liquidity Miners and Ecosystem Development. For those who want UNFI, the best thing they can do is earn UP by providing liquidity to Unifi. UP holders will have an opportunity to get UNFI tokens that is exclusive only to those who hold UP tokens.

Question 4. What is the background of the Unifi team? Do you have experience developing DeFi projects before? Do you have a team that can carry out a project on a global scale?

So the Unifi Team has been around for the past 2.5 years,

During that time we’ve developed smart contracts and applications on Tron, Ontology, harmony and others. We’ve also grown a large sustainable community on each of those blockchains.

Our background is quite diverse, as we are a decentralized team. I would say our expertise lies in development both technical and community development.

Question 5. Too many projects promise magic but never release any working product or prove any revenue, Within a short/long time of release. Is your project also like this? If not can u tell us, What makes your project different from other projects?

We already have our project deployed on Tron and Ontology Main net, with Harmony and others in the very near future.

We are expanding to new blockchains at a fast pace already, over the past 4 weeks we’ve added 2 new blockchains and announced a possbile 4th and 5th blockchain (icon and Ethereum).

Question 6. What is your strategy to marketing and for Mass Adoption? What message do you want to send to community through AMA today?

Really our primary focus is on Awareness today.

We already have some of the strongest and most sustainable rewards in the space.

We exist on multiple blockchains

and we have cross chain interoperability built in.

Today we need to make the community aware of the platform and the ability to mine off of your liquidity on Tron, Ontology and soon Harmony.

Question 7. Are you planning to promote your project in countries / regions where English is not good? Do you have a local community for them to better understand your project?

Yes this is a goal of ours and partly why we’re here today.

Though we have a global team we want to emphasize this through our communications and marketing.

Question 8. I understand that you want to establish a DeFi protocol with the broad chain of TRON (which has multiple tokens), but really why connect it to ONT too? why not use EOS or another popular blockchain?

oh this is a good question.

It comes down to our partners and supporters, Ontology and Harmony are both blockchains where we have an existing community and support.

though other major blockchains are on the near term horizon its important to leverage our existing supporters.

Question 9. Protecting users/member data and privacy has become a problem that many companies/projects must face in their development.

So can you explain a bit about your project Security?

Hmm i think this comes down to how we are an entirely on chain solution.

We hae really emphasized the importance of developing all aspects of Unifi Protocol into our smart contracts, which intrinsically makes these transactions private.

Question 10. Projects that are not traded on major exchanges remain unnoticed. What do you think about listing the $UNFI on the additional leading exchanges?

This is certainly a priority.

I think creating awareness is our goal and this is one of the ways in which we can quickly create wide spread awareness.

Hubert: Thank you @nuljui for replying to the community.

Hubert: Tks sir

We will go to Segment 4, the UNIFI PROTOCOL project will ask the question. The person with the fastest correct answer will win.
Each person can only answer 1 time / 1 question

Please @nuljui to ask Quiz questions.

Quiz 1.What is the total supply of UNFI governance token?

10,000,000

Quiz 2. What layer one blockchains are currently live on uTrade?

Tron and Ontology

Quiz 3. Name any three Investors or partners of UNIFI protocol.

HBTC, MXC, Signum Capital

Quiz 4. What is the current REDEEM value of UP on tron? And on ontology?

TRX: 6.27638

ONT: 0.2986

Quiz 5. What’s the liquidity currently on UP / TRX pair on UnifiProtocol.com?

Its currently ~110,000 UP and 1,500,000 TRX

So the AMA UNIFI PROTOCOL at Vietnam Coin Market (VCM) is also coming to an end. Hopefully in this direct exchange, the community has a basic understanding of the UNIFI PROTOCOL project. I am the moderator today. Congratulations to the UNIFI PROTOCOL.

Thanks @nuljui for joining AMA with the VCM community today. Wish you much health and success.

Again, don’t forget to join the UNIFI PROTOCOL community for further assistance. Thanks everyone.

Telegram: https://t.me/unifi_protocol

Twitter: https://twitter.com/unifiprotocol

Website: https://unifiprotocol.com/

Good luck to you, guys 😺

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