UniFarm proved to be not just a good but a big start of the month.

5 of the best and most trusted projects came together, joining their hands to be the part of this massive success of the project – UniFarm.

For those who somehow missed out on this major event, here’s a quick glance for you.

UniFarm: One Farm to Rule Them All

UniFarm is a place to stake your holdings and get the maximum APY. We brought together the best projects in line from the ecosystem to create a farming solution like no other.

In UniFarm, you stake one token but get to farm MANY with Upto 250% APY!

The platform is aimed at giving investors a reliable way where they can stake their holdings and earn a handsome yield in return.

The Benefits of Staking on UniFarm

  • The UniFarm Pool will last for 90 days.
  • Total reward Pool Size is $50K, with $10K per project.
  • Per project tokens worth $100K can be staked.
  • Users can stake any one or more of their holdings from the above tokens.
  • Users can un-stake anytime. However, un-staking will reset their clock back to zero.
  • Users will get a minimum APY of 40% and a maximum APY of 250% depending on how long they stay staked.

Projects in UniFarm

UniFarm was a mutual success that involved 5 of the best projects contributing to one place. It was a collective effort that echoed all over the internet and ultimately came to be a promising result.

The 5 of the most trusted projects include –

  • Matic network
  • Reef Finance
  • Centaur
  • Frontier
  • OpenDeFi

We really had a wonderful time having them to be part of UniFarm Cohort 1. We went on to ask a few questions to these founders to delve deeper into their different perspective on the space.

In this article, we are going to get a big view of the DeFi landscape from the founders of these 5 really amazing teams including Frontier co-founder Palash Jain, Centaur co-founder James Hong, Matic Network Marketing Lead Arun Philips, and Reef Finance co-founder Denko Mancheski.

So, without taking more time, let’s get into it.

*Questions with Founders*

Q1. 2020 proved to be the year of decentralized finance. Despite the fears of COVID-19, DeFi dominated the conversation for a greater part of the year. According to the Total Volume Locked indicator, DeFi demonstrated about 2000% growth since January Last year. So What comes next? What trends can be seen in 2021 in terms of DeFi?

Palash Jain, Co-Founder, Frontier:

2020 has been like “Price Discovery” for DeFi. Launch of $COMP and the yield farming brought in the wave of Liquidity Mining/Yield farming and lots of other projects followed the same. This helped protocols to get bigger TVL in a short amount of time and also get the exposure. Strong incentive plays. 2021 is going to be about exploring what we can do new in DeFi and not replicating Traditional finance.

I strongly believe L2s, NFTs, Option protocols, and User faced products are going to be big in 2021.

James Hong, Co-Founder, Centaur:

This year, we’re seeing an increase in institutional adoption of cryptocurrencies and a growth in DeFi solutions focus on financial instruments, notably a rise in decentralised insurance, derivatives and aggregators. These platforms are strong indicators of maturity in the DeFi space, as traditional players begin to see the value of blockchain technology and cryptographic assets, while cryptocurrency enthusiasts gain access to solutions in line with their ethos of decentralisation. The upcoming market trends tie in very well with our goal at Centaur as a bridge between DeFi and CeFi.

Arun Philips, Marketing Lead, Matic Network:

What’s most important for DeFi protocols is composability, and I believe that since L2 is 100% EVM compatible, this composability is carried onto L2.

The next important consideration for DeFi protocols is gas fees: harvesting, staking, opening and closing vaults – functions in DeFi contracts are extremely gas-intensive.

We’ve already seen users pushing for L2 versions in popular Ethereum DeFi protocols, and we’re confident that 2021 will be the year of a high influx of DeFi protocols onto L2.

Q2. Farming quickly gained rapid popularity recently, and a number of people made good earnings through it. However, there were some who found it a bit difficult to step in. So can we expect to witness more automated yield farming solutions to make it simpler for entry-level players?

Palash Jain, Co-Founder, Frontier:

Farming is expensive. If you look into protocols/AMMs offering farming on Ethereum, it is almost impossible for small purses to take part. Interaction with SC ( Smart Contracts) sometime takes 100s of dollar gas fees. The way to remove the barrier is to have 1) Stable APY over the farming period, 2) Have a farming solution which helps users to get multiple asset yield or have vault like strategy 3) use of Chi tokens default by protocols.

James Hong, Co-Founder, Centaur:

As the industry continues to mature, it is likely that an increased emphasis on good design principles focusing on user interface and the user experience will truly begin to shine. Aggregators and automated farming platforms are experiencing rapid growth due to the influx of new users, and I personally feel that this is a step in the right direction for the industry. However, it is always important to strike a balance between simplicity and decentralisation, as some key functions such as the requirements for approval prior to staking remain core to DeFi solutions.

Arun Philips, Marketing Lead, Matic Network:

Yes, users with small positions cannot afford 100$ fees to stake and unstake.

How Aavegotchi postponed their Ethereum launch for Matic is a good example of how Dapps can build for their users and save loads in fees.

  • Gas-less integrations with Biconomy
  • Low-fee/auto compounding and harvesting
  • Gamified Interfaces

These are some ways we can attract more entry-level users.

Q3. According to you, what improvements can be made in existing DeFi Farming solutions to boost adoption? What more would you like to see in the Farming solutions of the future?

Palash Jain, Co-Founder, Frontier:

  1. Stable APY over the farming period
  2. Max cap per address to stake
  3. Have a farming solution which helps users to get multiple asset yield or have a vault-like strategy
  4. Use of Chi tokens default by protocols
  5. Move to L2s or other chains where projects can launch dApp as fast as possible.

James Hong, Co-Founder, Centaur:

As I think the UniFarm initiative is a major milestone for the industry, where projects collaborate and harness the strengths of each of their networks and communities, while creating value for all parties involved. There’s definitely room for improvements here, and I believe UniFarm will continue to scale with time and evolve through each iteration.

Arun Philips, Marketing Lead, Matic Network:

  1. Discovery of new projects that are not scams and rug pulls.
  2. Ease of use, auto harvesting and compounding etc.
  3. Fiat on-ramp and off-ramps to Layer 2’s like Matic, ensuring almost zero gas fee from Fiat to Staked Position.
Q4. How was your experience taking part in UniFarm Cohort 1, and how was your community’s response?

Palash Jain, Co-Founder, Frontier:

First of all, big thanks to OpenDeFi Team for building UniFarm, the idea is unique in itself. The first time when OpenDeFi team shared about UniFarm, I was like “wow, this is good”. Frontier was one of the projects along with other notable projects such as Matic Network, OpenDeFi, Reef Finance, and Centaur.

Frontier community was excited when we announced that $FRONT is going to be part of the UniFarm Staking pool. When the farm went like, the $FRONT pool was filled within a few hours, which directly shows the participation from the community. In short, Community is happy and have shown active participation in UniFarm.

James Hong, Co-Founder, Centaur:

It was truly an honor for us to be part of something ground-breaking.

Arun Philips, Marketing Lead, Matic Network:

We saw an incredible response from our community! The concept of farming five tokens by staking one token is first of its kind, and our community is super excited for the upcoming cohorts.

Q5. Which direction do you think Yield Farming is headed in the coming years?

Palash Jain, Co-Founder, Frontier:

Yield farming in its current shape needs lots of improvements. It has shown how easy it is to bootstrap community and grow TVL in short amount of time with strong incentives play but this also makes it more of a whale game rather being retail friendly. As more projects understand the pain points, projects will be moving to L2s or other chains where there is Liquidity, Better developer tooling, easy to migrate dApp from one chain to other chain (say EVM compatible chains), and network effects such as BSC, and Polkadot.

James Hong, Co-Founder, Centaur:

There would likely be an increase in joint-staking programs as projects start to realize the value of collaborative staking campaigns. Platforms like UniFarm can also be deployed on other protocols in order to optimise the rewards, increase accessibility for non-ERC20 tokens and mitigate the impact of gas fees.

Arun Philips, Marketing Lead, Matic Network:

Non-whale friendly farming! Low gas fees, auto compounding and harvesting are some of the features Yield Farming is already moving to.

Composability will be a big factor in successful DeFi protocols, and we also expect a strong DeFi + NFT collaboration.

Conclusion

Well, it was nice having these brands onboard in this unique initiative of the year. The key people themselves have a bright vision for this DeFi landscape, and they did add tremendous value to the ecosystem.

Another UniFarm cohort is around the corner. So stay tuned lest you should miss anything!


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