Welcome to the first edition of our series, ‘DeFi Spotlight’. DeFi Spotlight takes a look at up-and-coming developers who, like Findora, take a professional and creative approach with their products and creations to revolutionize the world of finance using decentralized technology.
Unifi Protocol is the subject of today’s edition. We have a chat with Juliun Brabon, the co-founder of Unifi Protocol about his views on decentralized finance (DeFi) as well as what he is working on with his team right now, and his perspectives on the future of DeFi.
Hi there, great to chat with you in our DeFi Spotlight Series, what are some things that you look for when creating alliances and partnerships and why?
Unifi is focused on building a sustainable and scalable protocol. As we seek out partnerships, one of the key things we look at is how the prospective partner can contribute to that goal. Unifi is also community-driven, so we examine how we can interface with and support the existing partner’s community. Partnerships are a great way to make both projects stronger and provide opportunities to users through shared resources. Partnering with blockchains as Unifi does is even more unique. Being attached to only specific blockchains limits many other DeFi projects. As Unifi continues to diversify, it also unites all those ecosystems. This makes each blockchain stronger and solidifies Unifi as a dominant force in the overall DeFi landscape.
What are some things that you have learned in founding your company?
Blockchain and DeFi are still in their infancy. Innovation is key, and projects that sit still are already being overtaken and replaced. Unifi was developed by Sesameseed, which already has a 3-year long track record of innovation and community building. Unifi is not sitting still. It is still in a rapid expansion and growth phase, while at the same time building the innovative projects that will be unveiled later this year and into the future. We are constantly looking ahead, finding opportunities for innovation, and figuring out how to take our community with us as we progress.
Are you open to building on other blockchains besides Ethereum? What influences your decision to build on other blockchains?
Unifi Protocol is multi-chain and already live and operational on 5 other blockchains in addition to Ethereum, which are: Binance Smart Chain, Tron, ICON, Ontology, and Harmony. More blockchain partnerships have been announced, and Unifi will continue to expand and grow. Unifi will provide the opportunity to combine the unique advantages offered by all these blockchains. In this way, Unifi is trying to shake up the DeFi landscape and make it more accessible to everyone.
How would you describe DeFi to a newcomer?
Think of using money as a game. Right now, there is only one game and everyone is forced to play it. The rules to this game were made by people none of us have ever met. The rules make it so those people always win the game, no matter how well you play. That does not sound like a very fun game, does it? DeFi is the opportunity for you and your friends to create a fun game in the way you think the game should be played. You can decide the rules, you can have a fair chance to win, and no one can force you to when or how to play in the way they want you to play.
What is your prediction for DeFi in 2021?
As a result of DeFi, we will see long-lasting changes to how finance is managed in the space. The current market has already demonstrated the need to better distribute fees to the community (from lending, trading, etc). This core concept won’t ever go away, as it’s been a promise of the crypto industry – to take control of your finances and earn directly off of the assets under your control. The first wave of DeFi might be over but that is only because the next generation of innovators, like Unifi, are starting to gain. There is much innovation yet to be had in DeFi, and that is why Unifi built a protocol instead of a product. Being a protocol allows adaptability, provides room for innovation and allows us to tap into the ever-growing communities of developers who can help us keep Unifi an industry leader for years to come.
Do you believe that DeFi projects that have tokens do better than those that don’t?
A lot of that would depend on the sustainability of the tokenomics of each project. A big reason why we have seen the market react negatively to some other platforms is that the community inherently realized that the rewards were not sustainable over the long term. The real strength of any token is how it can accumulate actual value through its purported use case, and due diligence can expose tokens that do not do this successfully.
Finally, do you have any advice for people who are looking to start a DeFi company?
Remember the key reasons that DeFi and cryptocurrency exist. Many companies are focused on duplicating the world of fiat currency in this environment. It is likely they will be much less successful than those who understand DeFI is an opportunity to build something completely new and unique. DeFi is not about copying things that already exist, it is about finding new opportunities that have never existed before.
About Unifi Protocol
Unifi Protocol is a multi-chain digital asset staking community that started as a grassroots social media campaign in April 2018. Unifi’s vision for transparency and community representation has allowed it to stand out as a trusted voice for innovation and leadership in the blockchain space. Believers from the community became a core team, providing their broad range of skills to further that vision. Spanning multiple countries and speaking several languages, the worldwide team is a representation of the diverse community which has embraced Unifi.