BSCDaily hosts Unbound #Defi #Unbound  #BSCDaily #BSC

BSCDaily – Admin: Hello and welcome everyone to the AMA with Unbound

Q1: Now to start the AMA, team Unbound Finance please have a quick introduction to the community. What is Unbound Finance?

Meethlaksh | Unbound: Unbound Finance is a decentralized, non-custodial platform that is building a derivative layer over the existing AMMs and aggregates these AMMs with a view to increasing the overall capital efficiency of the Defi space. Liquidity providers can compound their earnings by leveraging their LP tokens to mint UND (decentralized, cross-chain, stablecoin soft pegged to the US dollar) and uETH.

We are live on testnet on Ethereum, Binance Smart Chain, Polygon and Harmony and very soon, we will be live on Fantom, Klaytn, OKEX Chain, KCC, HECO, Solana, etc.

We will be the first decentralised cross-chain stable coin backed by LPTs which users can borrow without paying any interest and without the fear of getting liquidated.

Q2: Please walk us through briefly about the core features of Unbound Finance.

Meethlaksh | Unbound: 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. For example, if a user has $10,000 locked in the $USDT-$USDC pool on Uniswap, that user can lock up their LPTs on Unbound and mint stable coins ($UND) worth $8,000 on BSC to trade on PancakeSwap while the users liquidity is still on Uniswap thereby enjoying the benefits of fee on Uniswap and having enough liquidity to trade on PancakeSwap. This way Unbound will be able to move liquidity from AMMs across different chains to PancakeSwap and vice versa without physically removing liquidity. Similarly, we support different AMMs across Ethereum, Polygon, BSC, Harmony and many other are in the process like OKEx chain, Klaytn, HECO Chain, Solana, etc.

Debt-Free Borrowing

The protocol charges no interest on loans taken out by the liquidity providers. To redeem their loan, they simply repay the amount of UND or uETH they borrowed to retrieve their collateral (i.e. their LP tokens).

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.

The 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.

Q3: What differentiate your project from other Cross-chain Aggregator on the market? What are your selling points?

Meethlaksh | Unbound: Firstly, we aren’t a swap. We are an aggregator layer on top of other existing swaps(DEXs). So more AMMs that we get in the space, the better for us as it provides more Liquidity for Unbound Finance and makes this whole space more capital efficient. So any swap is not a competition for us but rather beneficial for us as well as for them. In terms of competition, you can visit the last part of the article published by CoinMarketCap when they did a deep dive tech analysis on Unbound.

Q4: Your platform has 2 native tokens: $UNB $UND, please walk us through their functionalities and roles in your ecosystem.

Meethlaksh | Unbound:

Token Distribution

$UND is our first synthetic asset which is a decentralised cross-chain stable coin. We will be having our next synthetic asset as $uETH which will be a synthetic asset minted by locking LPTs which have ETH on one side.

$UNB will be 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. 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.

We will be launching $UNB pools with all our partners and users adding liquidity to $UNB pools will be rewarded.

Q5: Where can we buy your tokens?

Meethlaksh | Unbound: We have several IDO platforms like Polkastarter, DAO Maker, KSM Starter, Trustpad invested with us. We also have several centralized exchanges invested with us. We are actively in conversation with some top-tier centralized exchanges for an IEO and as soon as we finalize our launchpad platform we will announce the details. We are targeting the month of October to go live.

Q6: Do your platform get audited?

Meethlaksh | Unbound: 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.

1. Our first security audit and threat modeling 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.

2. 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 adding a block limit lock mechanism and implementing a new oracle structured.

    As per the block limit mechanism, any interaction with our smart contract will lead to locking up the SC for 3–5 blocks with respect to the address used. This will disable minting and unlocking to be performed in the same block, eventually mitigating any flash loan attack scenarios. The block limit can be changed or removed as per requirements.

    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.

3. 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.

Once we implement the learnings from the Sandbox Mainnet Launch, we have planned to include yet a few smart contract audits and launch a bug bounty program.

Q7: Let’s talk a little bit about your roadmap. What can we expect about the launch phases and the goals for each of them?

Meethlaksh | Unbound: Our Ethereum, Binance Smart Chain, Polygon and Harmony Testnets are live and we will be going live with the mainnet in the coming few weeks on all these chains along with integrations with other chains. You can review our detailed roadmap here :

Q8: Where can we find out more about Unbound on social media?

Meethlaksh | Unbound: You can join us on all our socials to be the first ones to receive the major updates including our pre-sales and IDO/IEO dates.


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BSCDaily – Admin: It was a pleasure having you 🔥🔥🔥

Thank you so much for spending time with our community & all the very best for Unbound 🚀