UNION AMA Recap
UNION is a technology platform that combines bundled protection and a liquid secondary market with a multi-token model.
This AMA allowed users to connect with John Liu, chief product officer, who answered the questions and listened to the feedback.
I’m John Liu. I hail from Wall Street “traditional-fi” with 9 years trading alternative products and derivatives and 10 years building products crossing the gamut of operations, risk, and trading for the industry.
For the last 3 years I have been “full-on” in blockchain, leading product organizations and strategy at public protocols like Fusion, and advising various digital asset startups. Most recently, I led efforts at WeDeFi, a crypto mass adoption company that had tremendous 100–200% MoM growth.
Question from the CryptoRank team
Can you shortly describe the UNION Protocol, the milestones you have achieved, and about your upcoming plans?
John: – UNION is the DeFi protection building block in the DeFi Lego stack.
Our decentralized technology platform combines bundled or “full stack” protection, a liquid secondary protection market, and a multi-token model to lower the risk of DeFi participants, without needing membership or KYC.
Decentralized protection for decentralized finance — that’s UNION. Important to note, we’re not an insurance product, but a technology platform that enables protection and efficiency in Defi.
Our milestones this year has been, outside of putting together this awesome team and closing a very successful private round, getting our compliance/regulatory approvals. This is a big competitive advantage for us, as we see regulators involved as the digital finance world gains more footing. Of course, on technology, we’ve been working on various MVPs, but we’ll share more in Q1 as our products start going live. Right now, our focus is to work thorugh the token sale.
Questions from Twitter
#1. UNN sale was delayed until tomorrow (November 24th) because additional security checks and an external audit were performed and some issues were found. What issues were those and how did you solve them?
John: – Auditor feedback is always important, both given their focus on looking for weaknesses and as an independent, fresh set of eyes. We patched edge cases such as replay attacks in case of forks, and general best practices for compatibility.
With the recent headlines in DeFi, our team decided to do additional edge case tests and improved areas in how our token handled vote delegation while locked, both during the voluntary lock mechanism (in return for additional yield) and in future implementations for voting. We get a lot of pushback, but the extra safety I think every1 can agree, is worth the delay.
#2. DeFi is one of the hottest topic in the blockchain space right now. Can UNN share your opinions on DeFi with us? Do you think that DeFi will disrupt the existing financial system? What is UNN approach towards the DeFi sector?
John: – Defi and cryptos in general are already opening more access to the masses. Look at how quickly TVL grew, and how much financial value was created in the last few months alone from lending protocols, flash loans, AMM. We clearly see this as a space with massive impact and not just “innovation for the sake of innovation.”
As far as disruption, Defi is certainly having an effect on TradFi. The traditional financial system is adopting digital currency technology and examining developments in DeFi.
Having said that, DeFi is still fraction compared to TradFi—Tradfi derivates are in the Trillions, ~$12 trillion by gross market value.
Do I think DeFi is going to replace TradFI? No. Can the two have positive effects on each other? Yes.
UNION’s approach to DeFi is to make it safer and more accessible to all—Defi has new ways of exchange, and will need new ways of protection.
#3. How do I know that I’m getting $UNN that is genuine & authentic, and not couterfeit, or if it has been tampered with during transit?
John: – This is a very good question. In general, crypto is a challenging space peppered with scams targeting the unaware. In parrticular, we have seen parallel TG spring up, fake sale announcements, fake tokens in Uniswap.