On the 11th of May, Unreal Finance went live on Genesis Shards, where the CEO, Ishan Garg provided insight on the entirety of the project Unreal Finance, and also answered questions and queries. This AMA session was anchored by Ash, one of the group admins.
In order to ensure clarity to the readers, this article is divided into three segments, the first segment provides details to the questions asked by the moderator (Ash) of this session, while the second and third segment gives account of the questions asked by Twitter community and Telegram community members.
SEGMENT 1
Ash — Today we have Ishan Garg from Unreal Finance to introduce the project & take questions from the group. Good to have you for the AMA, Ishan Garg.
Ishan Garg — Hi everyone. Thank you Ash.
Ash— Okay, Lets go straight to the questions
Ishan Garg — Yes.
Ash — Could you introduce yourself to the community?
Ishan Garg — Sure. Hey everyone. I am Ishan founder of Unreal Finance. Have been in the crypto space for the past few years. Prior to Unreal Finance I was Head of BD for OKEx India.
Ash — Please introduce your project to the group. What is the problem that Unreal is trying to solve and what is unique about your approach?
Ishan Garg — Unreal Finance is a futures yield platform that allows anyone to tokenize the future yield of an underlying protocol.
These synthetics whose value is directly derived from the interest rate of the underlying protocols opens up new avenues for the base lending space.
For example; traders now can speculate the interest rate in a more capital efficient way or users can lock in the interest rate and get interest rate upfront.
Ash — Could you throw some light on the ecosystem & features of the platform.
Ishan Garg — Unreal ecosystem is like a second layer on top of the base lending protocol. This allows entirely new applications to be created using the current generation lending protocols.
For example: locking the interest rate, getting interest rate upfront, speculating and trading on the yields, and interest hedge to protect against sudden drops. And this is what Unreal Finance will allow the DeFi community to do.
Ash — How big is the market you are trying to tap? Can you throw some light on the competition in the space.
Ishan Garg — That’s a really great question. Currently something like Unreal does not exist in the market. There are competitors that are close to what we are trying to do such as Alchemix, and since we are a second layer on top of the base lending layer the total addressable market size is the entire defi lending industry (around $43 billion).
In traditional markets, interest rate swaps (whose model we are trying to replicate in the Defi world) is around $14.2 trillion!
So the market potential is pretty huge.
Ash — What is the utility of UGT tokens? Can you share some details on the tokenomics.
Ishan Garg — UGT token is native token of Unreal ecosystem. The current utilities include fee reduction, and governance. As we move forward in the ecosystem, and launch new products described above we would be expanding the utility of UGT tokens. UGT will be playing a central role in the entire Unreal ecosystem. As for the tokenomics people can refer to the research report for more details.
Ash — How do you aim to increase the adoption of your platform? Please throw some light on the marketing efforts for the project.
Ishan Garg — That’s a good question.
Partnerships and integrations are going to be heart of Unreal Finance. We will be partnering and integrating with multiple lending protocols so that their community can supercharge their lending experience.
Apart from that what we are doing is something new and exciting, and our first step in terms of marketing is to educate the people regarding the advantages for Unreal Finance.
Ash — Great! Thanks for the insights into the project
I hope the GS community has more clarity now on what Unreal is trying to build & achieve in the space.
SEGMENT 2
Twitter Community Q1 — One of the major challenges militating against DeFi mass adoption is barrier to entry. Most DeFi solutions are only accessible to those with high level of understanding of blockchain technology. Could you tell us UGT approach to addressing this issue.
Ishan Garg — And I agree Defi is a bit difficult for someone from the traditional finance. for eg: let’s take the case of lending protocols — while we in Defi have accepted daily fluctuations in the interest rate, someone from the traditional finance finds it weird.
And this is what we at Unreal want to solve. While we cannot say we are going to make it easier for people to understand Defi, what we can say is that we are building financial tools which will allow smart people to build services on top of these tools which would lead to Defi mass adoption.
For example, using Unreal Finance a service can be built which locks in the interest rate. So a neo bank can take a person’s fiat and promise them fixed higher returns by using Defi + Unreal Finance.
Twitter Community Q2 — Community support is by far one of the biggest factors for the success of a project. What has UNREAL planned for enhancing the user experience?
Ishan Garg — I agree completely with this community is important and Unreal’s community will play a major role in this. Our first step is to educate our community on what and how Unreal will work and how Unreal can be used to enhance their Defi experience, for that we have a lot of resources in works to enhance this experience.
Twitter Community Q3 — What are the ways that UNREAL generates profits/revenue to maintain the project and what is your revenue model ? How can you make it a win-win for both investors and your project?
Ishan Garg — Unreal charges a small withdrawal fee when the synthetic tokens are converted to their actual underlying yield. And this fee is greatly reduced through out the use of UGT.
SEGMENT 3
Ishan Garg— I see quite a few questions regarding security and scalability, so let me answer that first
Community Question 1— What security features will be implemented in Unreal Finance to prevent hacking due to errors in smart contracts. Are they audit?
Ishan Garg — Security is very important for us and we are taking the following steps to ensure that we follow the best practices ;
- Regular professional audits —
- Community audits
- Active bug bounty program
- Ensuring no single dependency
As for scalability we are leaning towards L2 (Polygon) at the moment
Community Question 2 — I wanted to follow your project for the long term. Where I can get all the latest news about your project? Do you have Twitter
Ishan Garg- You can join our Telegram Community
Community Question 3 — What is Unreal Finance roadmap for this year 2021? Are there any new partnerships and interesting upcoming use-cases?
Ishan Garg — Yes we have a couple of exciting partnerships which we will be announcing shortly — do stay tuned
Community Question 4 — Is unfortunate that some projects remain half way because their developers abandon the concept because they cannot achieve the desired capitalization in the long term; how do you plan to make this project sustainable for its development?
Ishan Garg— We have a revenue model in place so that we do not just rely on raised funds. Our goal from the start is to make the protocol self sustainable.
Community Question 5 — Who is UGT ‘s biggest rival? In the future, does UGT have a plan to beat your rival or cooperate with them? I think that will be a huge step forward for UGT.
Ishan Garg— Currently I would say our biggest is Alchemix, but the differentiating factor is that we are focused on building an ecosystem, that means developers can build on top of Unreal Finance in the future can’t say that for our competitors.
Community Question 6 — Who is your typical partner? What is the benefit of cooperation for both?
Ishan Garg — Our typical partners are farms and other lending protocols.
Community Question 7 — How important is the community to you? and how can we collaborate or help you for the development of the project?
Ishan Garg — Very. Sure, definitely would love to hear your inputs.
Thank you everyone. I think that’s all from my side, thanks Ash for the opportunity.
For more Information and Resources, visit:
Unreal Finance Website: https://unreal.finance/
Unreal Finance Twitter: https://twitter.com/UnrealFinance
Unreal Finance Medium: https://unrealfinance.medium.com/
Unreal Finance Reddit: https://www.reddit.com/r/unrealfinance/
Unreal Finance Telegram: https://t.me/unrealfinance