On the 15th of April, Razor Network community played host to Unifarm by OroPocket and enagaged on an eventful AMA session.
Unifarm team led by Tarusha and Shashwat joined Razor Network telegram community to discuss and share insightful information and events on Unifarm.
The AMA session was moderated by Mike, Razor Network community Moderator.
To ensure clarity, this article is divided into two sections; the first section gives a full account of questions asked by the AMA host while the second section gives full detail of questions asked by the Telegram community.
SECTION 1
Mike: Hello Mohit and Tarusha, it’s a pleasure to have you with us in our wonderful community!
TM: Hi again, I am Tarusha, the cofounder of Unifarm and OpenDefi.
Mohit Madan: Hey Mike. Thank you for hosting the AMA and giving us this wonderful opportunity to address this amazing community! Just for the record nearly 1 million USD of $RAZOR is already staked by this super community on Unifarm
Mike: I know you have a lot of updates and exciting events coming but let’s start back at the beginning, what birthed the idea of UniFarm?
TM: We started working on Unifarm when we realized that blockchain founders seem to have the same issue regarding their tokens - the massive price fluctuations, bad unlocks leading to sell pressure and essentially the project being labelled as a pump and dump are all very disheartening for the founders and the team. We were solving these problems for $ORO and thus $UFARM was born. We were trying to ensure that the solution helps both projects and retail users.
Mohit: Unifarm was born out of necessity. While building OpenDeFi, we were worried about the falling price of ORO and wanted to make sure there is more utility for it, so we got together with few founder friends to discuss this idea.
They loved it instantly and we launched our first cohort with MATIC, REEF, CNTR, ORO and FRONT. We expected it to be like any other staking program, growing slowly then gradually. All of us were taken aback when the pools got filled in hours.
We started getting bombarded with projects and investors for new pools. So, we knew we had the product market fit. Since then, we have added a lot more functionality, 3 different gamification modules and have launched 4 cohorts with $8.3 million in TVL already.
Mike: What will you say is the unique selling point of UniFarm? Why has it caught on so fast?
TM: The USP is simple yet multifold:
- Users can stake one token and farm many.
- It is non-custodial.
- Users can unlock at any point.
- We have some awesome projects already locked in.
- Projects see immense value in being able to do cross marketing and leveraging each other’s network.
There are so many more features that make Unifarm absolutely a no brainer for users and projects alike. We are just immensely grateful that we are able to create and deliver value.
Mike: Aside from giving users a place to stake tokens, what problems does UniFarm solve?
Mohit: 1. Investors
- They get to create a lot of value by staking 1 token as they now get multiple good projects tokens with a guaranteed minimum APY
- It's decentralized and regularly audited (we have done 2 external audits so far and now going in for the third)
- They don't have to go on multiple platforms, they can stake just from one interface
- We're working on adding more financial services on top of it. Imagine being able to stake $RAZOR and farm Alphabet shares, or Apple shares or coinbase shares 😍
- Projects
- Since the tokens are staked, they get more room to grow
- Extensive marketing across different project communities ensure there's new set of eye balls for each project
- Creating long term holders
- Building a new utility for the token
Mike: So, what can we expect to come next for Unifarm? What other major updates do you have in store for us?
Mohit: We've barely scratched the surface. This month we'd be launching our first ever cohort on Binance Smart Chain. Then moving to Polygon cohorts very soon after that.
We're super excited about our upcoming token launch and IDO on Duckstarter, Poolz, Launchpool and Zendit!
Mike: Your journey started with building utility for ORO and from that you have made a simple and in-demand utility solution Unifarm. I know a lot of people must be wondering, why $UFARM? Why not stick with the ORO token?
Mohit: When we had started with the ORO journey, we had not accounted for Unifarm. In fact, the idea was not even incepted.
Unifarm is a very community driven product and hence demands its own tokenomics which can ensure value creation for stakers. Having said that we have tried to make sure that there's massive value capture in ORO token by $UFARM
For this we have a three-tiered strategy:
https://docs.unifarm.co/capturing-value-in-oro-token
docs.unifarm.co (https://docs.unifarm.co/capturing-value-in-oro-token)
Capturing Value in ORO Token
Mike: So, tell us more about $UFARM! What are the use cases of $UFARM and will they be included in some of the up-and-coming Cohorts?
Mohit: $UFARM would be part of several major cohorts enabling $UFARM holders to stake it and get access to many high-quality project tokens.
Here;s a complete overview of $UFARM use cases including Governance, access to premium pools, etc: https://docs.unifarm.co/unifarm-token/use-cases
Mike: I like some of the add-on features listed like Insurance and NFT farming. Those I think we will be big in the future.
Mohit: Yup, giving $RAZOR stakers the ability to claim NFT, or even for that matter get instant loans against their stakes is just scratching the surface.
Mike: If you have any last info you would like to share before we open it up, feel free
Mohit: Yep, so Unifarm being so community driven we're doing 4 public Launches with
Duckstarter, Poolz, Launchpool, ZendIt
SECTION 2
Q We can see uncountable amount of Hacking & Leaking News today in this Cryptocurrency Space. How you ensure that the assets of UFARM Users are Safe and Secure???
TM: We undergo regular audits to ensure that the safety and security is kept paramount. We have Zokyo on our captable to ensure that we do not lag in terms of security, at all.
Q Does UNIFARM provide security to any decentralised contract ? What plans do you have for future other than security?
Mohit: Not only are is our contract audited regularly but we're also working on adding on-chain insurance enabling the stakers to instantly stake and insure.
Here's the latest audit report: https://blog.oropocket.com/announcement/unifarm-smart-contract-audit-report/
Q Although ETH 2.0 is delayed to next year, but it will solve all exist problem of ETH and become the best choise for dApps in future, so do you think this is a threat for your project and how could you overcome this barrier?
TM: Not at all. We are working L2 farms as well. We have always been big fans of the Ethereum chain.
Q And what about Unifarm's staking program. "Staking is one of the features to attract users and generate Mass Adoption. How much APY is offered to your users? And how do you maintain the staking reward for the staker?
TM: We guarantee a minimum APY of 36% and it can go as high as 250%
Q I'm an investor so can you share what is the uniqueness of UFARM that cannot be found in other projects that´s been released so far? What influence do we have in the crypto industry??
Mohit: The ability to stake one token and get 5-6 good project tokens as reward. That too without any liquidity tokens or any other associated market risks.
Q For a project development first of all main priority is having enough fund. Does your team financially capable to run this project? and Do you have enough fund for it is development Can you tell us that how your project generates the profit?
TM: Yes, fortunately, we have been able to raise successfully and have some of the best names associated with us.
Here is our funding announcement details : https://www.newsbtc.com/news/company/unifarm-raises-2-million-after-launching-innovative-farming-pool-featuring-17-top-defi-projects/
Q Lots of Tokens that have become worthless due to the absence of use cases. Then, what about $UNIFARM? what is the use case? and is it only useful in your ecosystem
Mohit: $UFARM is built on breathable economy. Here are some of the use cases:
https://docs.unifarm.co/unifarm-token/use-cases
Q Do the token holders have right to participate in the governance of the project? On what kind of decisions can they vote on about the project?
Mohit: Absolutely. $UFARM is the governance token for Unifarm and all its protocol level changes
Q DeFi project is very popular and there are many DeFi projects right now, what are your plans for now? what makes UFARM unique??
Mohit: Unifarm brings together top DeFi and Crypto projects
Q Most of users are still not aware with Blockchain & its related projects! So, How # UFARM platform create awareness about their project with NON-CRYPTO users too???
Mohit: Our major target audience is crypto users now (as the platform supports self-custodian wallets like Trust wallet, metamask etc) but to ensure mass adoption we're working on building a mobile app - scheduled to be launched at the end of this quarter
Q What's the focus of the UFARM now? Build and develop products, win customers and users or partnerships? Are there any plans to burn or block unsold $ UFARM tokens? control flexibility, cost and security???
Mohit: We do have regular buy backs as part of our breathable economy. https://docs.unifarm.co/unifarm-token/tokenomics
Q What is your strategy for building a strong community? Do you agree that the power of the community will lead your project to develop globally? What services do you provide to the community?
Mohit: When projects come together for a cohort - with it comes together their communities, and that's the reason why farms get filled in minutes!
Q Did you raise funds so far? If so, how did you handle them? Are you planning to do any f Plasm re raises???
Mohit: We have raised ~$2mil in funding already from top tier investors, funds and operators
Q Once the product is developed, one of the main challenges seems to be adoption. What are some of the plans to stimulate adoption and build out the ecosystem around UFARM?
Mohit: We already have over $8.5Million locked in TVL.
The AMA session was very Insightful and interesting, Mohit thanked Razor Telegram community for been active during the AMA session. Reward of $200 was distributed to some active members.
To learn more about RAZOR NETWORK
Website: Http://Razor.network/
Telegram: https://t.me/Razornetwork
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