Launchpool AMA Recap — Unifarm
Place: Launchpool Official Telegram Community
Date & Time: April 21st, 1PM UTC
Guests: Mohit Madan & Tarusha Mittal, Co-founders at Unifarm
Host: Roxana, Head of Community, Social, and Outreach, at Launchpool
Launchpool was excited to host Mohit and Tarusha from Unifarm for an interactive Ask Me Anything session with the Launchpool Community. The AMA comes in anticipation of Unifarm’s $100k Allocation Mining Event this week on the Launchpool launchpad.
The session lasted for 1hr, and consisted of questions from Launchpool Team and questions from the community “on the spot”.
Questions from the Launchpool Team
Roxana: Great to have you with us. Please tell us a bit about yourselves, about the project & team, and your involvement with the team.
Mohit: Hi everyone, I’m Mohit Madan, CEO and Co-Founder of @unifarm. Unifarm is an innovative farming solution that allows users to stake one token and get a bunch of other good project tokens as rewards. So far, 20 startups have launched pools on Unifarm such as Polygon, Reef, Frontier, Razor etc and we now have a TVL of over 9 million USD. We’re grateful to the LaunchPool and Alphabit team for helping us.
Tarusha: I am Tarusha, the cofounder of Unifarm. Unifarm is a group staking and farming protocol. We have a TVL of over $9million and have been associated with over 20 respected projects in this space. Mohit and I have been working together for more than a decade. Have known each other since school. I am an old crypto nerd — been in this space since 2013.
Roxana: What makes your project unique, and how do you plan to disrupt the space?
Mohit: Unifarm is a very community driven product. The ability to stake just one token and farm multiple tokens is our most salient feature. Apart from this:
- We’re completely decentralized
- We guarantee a minimum APY
- Users can unstake with a click
- There is no market exposure of tokens
- We’ve been audited twice already
- Most of the top DeFi projects are either already on Unifarm or are in the process of onboarding
Tarusha: Our project is unique because we bring together amazing projects and are consciously creating value for the end user, as well as the project. Users can stake any one token and farm many, projects are able to leverage the network of other projects and amplify their message. We are working on liquidity farming, indexing and many other features to ensure that the offering of Unifarm remains fresh.
Roxana: What’s the ideal end user profile you’re looking at/for? And would you say you’re prevalent in one particular market (geography wise), or more global?
Mohit: We do a thorough vetting of projects before adding them on Unifarm to make sure we’re able to maintain its integrity. We look at the product, the community and investors. We’re inclusive, we really do not care about the geography as long as the project vets out. That is why our platform is multi-lingual. So far we have seen most traffic from North America, Europe and parts of SE Asia!
Tarusha: We look at these factors: Promoters. Investors. Status of MVP. Volumes. Community.
Roxana: Would you say you’re blockchain agnostic, or do you work with specific blockchains? Asking because at Launchpool, we’re huge Ethereum fans, and have recently added BSC following the voice of our community.
Tarusha: We are totally agnostic. We are adding more layers to UniFarm.
Roxana: What made you choose Launchpool as your launchpad partner for the AME?
Mohit: As they say — fish where there is fish. We’re currently live on Ethereum and BSC (in fact BSC’s first farm went live just yesterday). We’re now working on adding Polygon and Heco, and in talks with several other leading chains such as Tezos, Polkadot etc. In the future we’d be able to offer cross chain farming as well. The high gas fee of Ethereum hurts everyone — stakers, projects and developers, hence other chain farms enable even smaller holders to create good value.
Both LaunchPool and Unifarm are very community driven products so it was an obvious match. We have worked with Saeed from Alphabit with our last startup and the team is very helpful and kind. Launching with $LPOOL also opens up avenue of future synergies such as getting the projects launched on $LPOOL on Unifarm.
Roxana: Let’s talk #Unifarm’s upcoming #AME on Launchpool. What is the total allocation you’ve set aside for the LP community? Are there any KYC / AML limitations or is the AME open to everyone? Please list any countries that are excluded from the allocation event due to regulatory reasons.
Mohit: That’s the beauty of launching a product on Launchpool. The team is so helpful that they take care of compliance and ensure maximum exposure of a project. Being community driven and inclusive we want to open this up for all jurisdictions, however we do understand the risks with compliance limits that. So participation from US and sanctioned countries have been limited.
Roxana: What is the total allocation you’ve set aside for our LPoolers?
Mohit: We love Launchpool and even more it’s community. We’re happy to offer $100,000 allocation for AME of Unifarm on Launchpool.
Roxana: What happens after the Allocation Mining Event? Walk us a bit through the tokenomics: total supply, initial circulating supply, initial market cap, initial vesting, total vesting period (from launch until when will the last token be vested for), etc
Mohit: Everyone who has been associated with the project has agreed that setting up a strict unlock schedule makes most sense. This way everyone’s skin is in the game. $UFARM will have a total supply of 1,000,000,000 $UFARM tokens. The tokens sold via Launchpool will have 100% unlock on April 26, 2 pm GMT. Here’s the unlock schedule and complete tokenomics:
https://docs.unifarm.co/unifarm-token/tokenomics-1
Roxana: Thank you for the details and the link. Moving on to a more social question… Where does your community live? Where can we find you (social, web).
Tarusha:
Official Community: @unifarm
Official Announcement Channel: @myunifarm
Twitter: @unifarm_
Roxana: Please share more on the development & product roadmap, milestones etc. What’s Completed? What’s In Progress? What’s Scheduled?
Mohit: Being a community driven product, I request users to reach out to us via above platforms for suggestions, feedback, and feature requests. We’re way ahead of our roadmap, we’re now live on ETH and BSC and will be soon expanding to other chains as well. There are 24 projects already in queue who want to join in on Unifarm. Here’s a detailed roadmap:
https://docs.unifarm.co/roadmap
Mohit: Next, the community can expect: Polygon Pool; Liquidity Farming Pools; On chain insurance. And lots of pools with high rewards and a minimum guaranteed APY!
Roxana: Any strategic partners (aside from LP) that you can share? and who is helping with the Audit? You mentioned 2 audits so far.
Mohit: Unifarm has been able to bring together projects from across the spectrum and we have not only build our synergies with those projects but also synergies between the projects. For example Polygon has launched twice on Unifarm and now we’d be launching a pool on Polygon chain itself. $OM was part of our third cohort and got sold out in minutes and we’re now participating in ZendIt as well. Razor was part of cohort 3 and 4 and we’re now working on adding their superb tech for oracles within the Unifarm contracts. Startups helping each other out and growing the ecosystem is what the game is all about :)
Roxana: How will the funds be used? How was the project funded until the AME?
Mohit: We have recently raised capital from some of the best funds and operators out there including AU21 capital, Spark Capital, Okex Dream Fund, MXC Labs, Lotus Capital etc.:
https://www.coinspeaker.com/unifarm-token-farming-pools/
The funds would be used for building the product, human resources, audits among other things.
Roxana: What is the expected cap at TGE? How do you expect your token to gain value over time, any mechanisms to support the DeFi component (staking, burning, earning, spending, others)?
Mohit: Thank you, while VCs are important, community is even more important and Launchpool is enabling us to reach out to a larger community with the AME. The initial mCap would be around 1 million USD. $UFARM token is backed by solid unit economics. Here’s the complete detail on buy back and how Unifarm economy works:
https://docs.unifarm.co/unifarm-token/tokenomics
Mohit: Here are some use cases for $UFARM token as well, which makes it a must have token to create value:
“On the Spot” Community Questions
Sam asks: Many of your staking pools are already full, so no participation is possible. What will you be doing to expand this offering so more users can take advantage of the generous APY?
Mohit: Hey Sam, Thank you for that question. The fact the pools are full, is a good problem to solve. We’re working on adding more projects and creating more pools. Our target is to hit 100 pools this year, so far we have only done 5. Many of the projects have also repeated and are part of multiple pools.
Владимир asks: How many projects do you plan to connect in the next 2–3 years? And what top tokens will be in the pools in the future? According to your plans, of course.
Mohit: We currently support 20 projects and there are 24 more projects in the pipeline. We intend to hit a target of 100 pools this year. These projects would be from different niches such as DeFi, NFT, Synthetics, community tokens etc. The beauty of Unifarm platform is that you can stake one token and get so many other tokens for free. Thereby expanding your portfolio and hedging your bets without any market exposure.
AL asks: There are so many opportunities to farm out there. What will be Unifarm’s point of difference?
Tarusha: Several. The end user can stake any one token and farm multiple tokens. One place / platform to farm many tokens. Non custodial. No lock in.
Mohit: The ability to stake one token and farm a bunch of good project tokens, with a guaranteed APY is the reason why most of our farms sell out so soon. Here’s a complete competitive overview on how and why is Unifarm different:
https://docs.unifarm.co/competitive-analysis
ZpV asks: Are you planning to include some sort of NFT farming within the Unifarm ecosystem?
Mohit: We’re already testing this feature. You can expect it to be live in a few weeks.
Владимир asks: And what about top coins? Can you name a few? Any upcoming?
Tarusha: We have had Matic, Paid, Om, Razor, Hapi, Royale, TVK, and many others in our cohorts.
Mohit: We already have Polygon, Reef, Frontier, OpenDeFi, Playcent, Razor etc. Details of more pools and participating projects would be released as the pools launch. It’s not a secret but since we can only include 3–6 projects in a pool it would be difficult to say which would be in which. Just a sneakpeak — LPOOL would be seen on Unifarm soon.
Mohit: Launchpool is our second IDO, we did first with Duckstarter which saw massive over subscription with over 2000 users whitelisted and only a few getting in. We got sold out there within minutes. We expect the trend to community — given the strong community backing of Launchpool.
Olle asks: How high is the APY for staking?
Mohit: The APY for each pool is different. Max APY can go as high as 250–350%!! We also guarantee a minimum APY to ensure value creation for all stakers. We typically announce pools and projects 7 days before they launch. You can join Unifarm and follow MyUnifarm to keep yourself updated of the latest launches and feature offerings
Reinhard Van Astrea asks: Do the token holders have the 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 default governance token. As we move to a SaaS model any and all protocol level changes would have to be approved by the community itself.
Владимир asks: Do you plan some partnership with AtomicHub?
Tarusha: Very soon.
Roxana: That’s a WRAP! for our #UNIFARM $UFARM #AMA today. Many thanks to the team, Mohit Madan and Tarusha Mittal for their participation and patience. Thank you’s are in order for the community of Lpoolers who have asked some great questions.
About Unifarm
UniFarm ($UFARM) is one of a kind staking solution where the best projects in DeFi space come together to provide value to investors. UniFarm allows you to stake one token but earn multiple high-value tokens, so in addition to a great APY, your returns are automatically diversified as well. Powered by OroPocket.
Website — Twitter — Telegram — Whitepaper
About Launchpool
Launchpool ($LPOOL) leverages communities, knowledge, expertise, contacts and capital to provide crypto projects with the best possible start to life, maximising their chances for success in this fast moving & dynamic space.
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