We’d like to say massive thanks to all of you who joined the AMA with Unbound Finance — is a decentralized cross-chain liquidity protocol that is building the derivative layer of Automated Market Makers (AMMs). Unbound offers three main services in the form of fully automated smart contracts that do not require any third-party intervention.
The AMA session was held in GameFi’s Telegram Channel with the participation of Ms. Shweta Agarwal- Business Development Manager at Unbound. This is a recap of the entire session, in case you missed it!
The team provided information about the project’s features, special insight into the game vision, upcoming plans, etc.
The AMA included 3 segments:
- Segment 1: Introduction
- Segment 2: Twitter Questions
- Segment 3: Live Community Questions
5 Whitelist Slots will be given away as rewards for the best questions!
Below is section 1: Introduction
Host: Hello guys! Let’s get ourselves ready for our AMA session today 🤩
To start, let’s welcome the Business Development Manager of Unbound, Ms. Shweta Agarwal 👏 👏. Hello Ma’am How are you today? Are you ready for our AMA session?
Ms.Shweta: I am doing great, thank you. I am really excited about the AMA with this wonderful community.
Host: We are too, Ma’am! Shall we start now?
Ms.Shweta: Please do.
Host: First of all we’re so curious about the speaker. Can you introduce yourself as well as about the experience and strong suits of the team behind the project?
Ms.Shweta: I am Shweta Agarwal, Business Development Manager at Unbound. I have previously worked as a data analyst and software developer with some of the best companies in India. I have pursued my Masters’s degree in Business Administration. I have a special liking for mathematics and have earned a few awards in this category. The growing hype around the blockchain industry quickly caught my attention and I started my career in DeFi with Unbound. It gives me immense pleasure to be a part of Unbound Finance, a truly incredible, revolutionary DeFi project.
The key members behind the strong foundation of Unbound are:
- Founder and CEO, Tarun Jaswani : Tarun is a developer, technologist and entrepreneur. He has an experience of 21 years in Digital Ad Networks, VR and Blockchain. He started building Unbond Finance in March 2020 when only 200 million were locked in 3–4 AMMs in the space. Once he realized the importance of AMMs and how it is a new iteration in value discovery, it was all about building a derivative layer that could make the space capital efficient. Unbound was one of the few projects that had Proof Of Concept before the whitepaper or the domain name was registered and each investor was brought on after the working product demo.
- CMO, Pratik Oswal: Pratik is the founder of IQube. He is ranked amongst the top 4% of the highest IQ in the world by Mensa. He has authored 7 books on Mathematics which are currently being used by over 100,000 students in over 300 schools across India setting the first syllabus in India on IQ. He is an Engineering gold medallist in the field of Electronics and Telecommunication and is currently pursuing Masters in Economics. He has been actively studying blockchain since 2016 and has worked closely with several projects in the space.He has a passion for Fundamental and Technical analysis and was heading the Technical Analysis section of AltcoinBuzz which is a leading crypto centric media house. He has written over 190 articles for Altcoin Buzz on Fundamental and Technical Analysis of over 100 projects. He was upgraded to Binance Affiliates status.
Host: You have an amazing background, Ma’am. I can tell that you have a very fantastic team too. This is why the concept behind your project is exceptional!
Ms.Shweta: Yes, a phenomenal team is the backbone of a successful project and so is a strong community.
Host: Here’s the next question, can you give the community a brief introduction what Unbound Finance is?
Ms.Shweta: Definitely. Unbound Finance is a decentralized, non-custodial protocol that enables the locking up of LP tokens to mint synthetic assets (including UND stablecoin and uETH) that further reinforces liquidity in AMMs and DeFi, unlocking liquidity from existing AMM Liquidity Pools.
The protocol is characterized by several unique features, some of which include:
- Get Liquidity Without Removing Assets From Liquidity Pool: Users can keep their liquidity on a DEX in a liquidity pool and still have additional stablecoins to trade on different AMMs.
- Debt-Free Borrowing: The protocol charges zero interest on loans taken out by the liquidity providers.
- Liquidation-free Collateralization: Unbound completely nixes the liquidation engine seen with more collateralized lending platforms. As a result, users do not need to concern themselves with the potential liquidation of their collateral. Instead, Unbound uses SAFU, an emergency insurance fund, to secure the collateralized assets of borrowers during so-called ‘black swan’ events.
- Perpetual Borrowing : At Unbound, loans have no fixed repayment deadline.Users can unlock their collateralized assets any time by paying back the outstanding debt — without any restrictions.
- UND Stablecoin: Unbound Finance’s first product is the cross-chain, decentralized stablecoin known as UND. It is an ERC-20 token soft-pegged to the US dollar and backed by user deposits.
Host: Wow! Superb 👍 We are truly learning more information about your project today,Ma’am. This is the last question for this segment, can you tell us the details about your partnership with GameFi?
Ms.Shweta: Sure. The Unbound IDO on GameFi will take place on 13th December 2021. The Total IDO raise will be $75000 and IDO price of $UNB will be $0.012, You will be able to claim the tokens at 3:00 PM UTC on 14th December 2021. UNB will be listed on Huobi and other major centralized exchanges on 14th December itself. A big surprise for you there 😊
Host: GameFi will surely give its full support to Unbound. The GameFi Community is looking forward for this as well. Thank you for introducing yourself and your project to the community, Ma’am.
In segment 2, the GameFi team picked questions from the Twitter announcement to answer in this AMA session.
Host: A while ago the team have chosen 2 questions from the Twitter Announcement. Here is the announcement link: https://twitter.com/GameFi_Official/status/1468865342701072384
Here’s the 1st question from @NguynThHuynMy17:
“All project coins have their main Utilities & real-life usecase! So, Can you tell us what are the main role of your coin in your ecosystem? Explain it’s Utilities & Real-Life usecases? and Why should i invest in your coin for long term??”
Ms.Shweta: Indeed a good question! Would love to answer this one. We have 2 tokens UND and UNB. UND is the native stablecoin of Unbound. It is the first ever decentralized, liquidity backed, cross-chain stablecoin. It is an ERC -20 token soft pegged to the US dollar.
UNB is the governance token for Unbound. Holders of UNB will be active members of the DAO and will be able to vote on all protocol changes, whitelist pools for UND minting and set Loan to Value parameters.
a. UNB will be live on multiple chains like Ethereum, Polygon, Binance Smart Chain and Harmony and later on Solana, KCC, HECO, OKEx chain and Kalytn.
b. UNB will be listed on multiple DEXs like Uniswap, Balancer, PancakeSwap, Quickswap, Curve, DFYN, Kyber DMM, etc.
c. We will be launching UNB pools with all our partners. Users adding liquidity to UNB pools will be rewarded with yield tokens of our partner platform against which we will whitelist their tokens LPs to mint UND.
d. As seen on multiple governance tokens like UNI, SUSHI, BAL, CRV, QUICK, etc. the higher the TVL gets locked in our system, the higher will the price of UNB be.
e. We will be coming up with prediction markets for UNB and a part of the fee will be used to buy back UNB and burn it.
f. Lottery draws where people will participate by locking UNB and a portion of the collected UNB will be rewarded to winners and the remaining will be burnt.
g. Buy back and burn options for UNB.
h. Liquidity Pool Tokens of Uniswap V3 will be locked up in DeFiEdge for Decentralized hedge fund management. These LPTs will by default be added to the TVL of Unbound thereby adding more TVL and higher TVL would drive the price of UNB.
Host: Here is the 2nd question from @VenturesTo1:
“Could you list some of your most advanced features that we have not seen on the market before? What kind of additional input does Your project have to already-existing solutions on the market?”
Ms.Shweta: Some of the prime features of Unbound which distinguishes us from any other project is:
Debt-free borrowing: You can borrow our decentralized cross-chain stable coin UND without any interest by simply locking up your Liquidity Pool Tokens(LPT).
No Liquidation: The LPTs that you lock with Unbound won’t be liquidated. LPTs are way more stable than a single crypto asset since LPTs that we whitelist will consist of 50% stable coin. We have a simulation of how we enable no liquidation even after considering impermanent loss along with our break-even formulae on our whitepaper. Feel free to go through it.
Besides, in case of extreme price surges, we have SAFU, an emergency reserve to safeguard user assets. 40% of the Unbound minting fees goes to SAFU.
Perpetual Borrowing: Unbound does not impose a deadline on loan repayment. Users can repay the borrowed funds anytime without any restriction.
Besides, users can repay only a part of the loan and unlock the corresponding collateral.
Secured Price Oracles: Unbound uses the geometric mean of Uniswap’s TWAP and Chainlink price oracles to obtain highly secured price feeds.
Full details can be read here:
UND Stablecoin: Unbound’s native stablecoin UND is the first ever decentralized, cross-chain stablecoin backed by user liquidity. The stablecoin will be instrumental in promoting inter blockchain operability and profitability.
Host: Thank you for your accurate and on point answers from the Twitter questions, Ma’am. We are now down to our last segment, the Live Telegram Questions.
In segment 3, Unbound Finance selected questions from the Live Telegram in this AMA session.
Question 1: Can you share some plans before the end of 2021 and for the coming year? Will 2022 be the year of Unbound Finance?
We are currently live on the Ethereum mainnet and the testnets of BSC, Polygon, Harmony and Avalanche. Along with these blockchains, our engineers are actively developing solutions for integration with various other chains such as Solana, Fantom, Arbitrum, KCC, HECO, Polkadot and Tezos whose Roadmap we will be releasing soon.
Ethereum mainnet : https://app.unbound.finance/
Polygon testnet : https://app.unbound.finance/
Harmony testnet : https://app.unbound.finance/mint
BSC testnet : https://app.unbound.finance/mint
Avalanche testnet : https://app.unbound.finance/mint
We also intend to launch our mainnets on BSC, Polygon, Harmony and Avalanche in the days to come.
UND will be one of the first decentralized stablecoin which will back gaming NFTs on Efinity. We will continue exploring the backing of NFTs for various in-game NFTs and metaverse NFTs.
As a part of our plan to construct native bridges for enabling cross-chain transfers of our stablecoin UND and other synthetic assets (like uETH), we are working towards building our platform on multiple EVM-based public blockchains.
Collaboration with DEXs and launching UND pools
We plan to partner with various DeFi DEXs and launch UND pools on AMMs across multiple blockchains.
Collateralizing Uniswap V3 positions at Unbound
We are also building doorway liquidity aggregator contracts for Uniswap V3 that would enable the collateralization of Uni V3 NFT liquidity positions through Unbound.
Question 2: Hacking attacks are a very common problem in DeFi when they break a contract, what is your security system, will you have audits from companies like Certic and Hacken, and do you have any action plans in case?
Ms.Shweta: Since the launch of Unbound in 2020, we have achieved major milestones followed by a series of transitions and developments. Our platform has undergone robust verification and validation processes performed by some of the best industry auditors.
Our first security audit and threat modelling exercise (STRIDE) was done by Peter Kacherginsky, a principal blockchain security researcher with a major crypto exchange and incident responder who helped us in identifying the threats such as flash loan attacks in our platform’s infrastructure and successfully executed our first audit.
The second audit was completed with Securing, who reproduced the flash loan attack threat as pointed out by Peter Kacherginsky during the first audit. We resolved the issue by implementing a new oracle structure.
As a part of the new price oracle solution for Unbound, we decided to use a geometric mean of Chainlink and Uniswap’s TWAP to provide a more accurate price feed and to reduce dependency on a single price oracle.
The Third audit was recently conducted by Whitehat Lucash-dev, a recipient of the Whitehat Scholarship at Immunefi, one of the highest-paid bug bounty hunters at Hackerone.
We have also completed our fourth audit with Securing. The Securing team reviewed the code of Unbound vaults for security vulnerabilities and successfully completed the audit.
Question 3: How do you plan to spread awareness about your project in different countries where English is not good? Do you have local communities like Vietnam, Indonesia, Thailand, Korea,.. so they can better understand your project?
Ms.Shweta: We have a global community that includes members from all over the world. Besides, we have also created separate native language communities in China, Vietnam, Indonesia and Korea on Telegram.
Unbound Global — https://twitter.com/unboundfinance
Unbound Vietnam — https://t.me/unboundfinancevietnam
Unbound China — https://t.me/Unboundchina
Unbound Indonesia — https://t.me/unboundIndonesia
Unbound Korea — https://t.me/unboundkorea
Unbound (@unboundfinance) | Twitter
The latest Tweets from Unbound (@unboundfinance). Liquidation Free Liquidity | A Defi Treasury For LPTs and More Derivative Layers on AMMs. $UNB $UND
Telegram : https://t.co/RRrX0T7d4B
Host: Thank you so much for your time and participation, Ma’am. We have learned a lot about Unbound today.
Ms.Shweta: The pleasure has all been mine. Thank you having me here today. I really hope the community is a lot more educated about Unbound than before.
Thank you also to everyone who participated in our AMA today.That’s the end of our AMA segment. Have a great day everyone!
UNBOUND’s Official Channels:
- Unbound Finance Website: https://www.unbound.finance/
- Unbound Finance whitepaper: https://docs.unbound.finance/documentation/whitepaper/governance
- Unbound Twitter: https://twitter.com/unboundfinance
- Medium : https://unboundfinance.medium.com/
- Instagram : https://www.instagram.com/unboundfinance/
- Unbound Global Telegram Group: https://t.me/unboundfinance
- Unbound Announcement: https://t.me/UnboundAnnouncements
- Regional communities:
-Unbound Korea: https://t.me/unboundkorea
-Unbound Vietnam: https://t.me/unboundfinancevietnam
-Unbound China: https://t.me/Unboundchina
-Unbound Indonesia: https://t.me/unboundIndonesia
GameFi.org is an all-encompassing hub for game finance. Its ecosystem features Aggregator, Launchpad, Marketplace, Yield Guilds, Metaverse, and Feature G. GameFi.org was created to work out problems that most game studios have encountered and discovered effective ways in developing a platform that builds relationships with game players, token holders, and traders all in one place.