The crypto industry, in general, is shaken after the collapse of FTX. What is your opinion on this and what are the key characteristics that an organization must have to absorb such significant volatility to minimize its losses?
The Luna Crash followed by the FTX incident has created a lot of confusion in the crypto space. This is a situation where a too-big-to-fail empire collapsed overnight. There are many failures, if we study the incident very closely. First of all, a protocol should not use their token (created by them) as collateral for any loan.

Second, user funds are always user funds. Never use those funds for any purpose, no matter how low the risk rate.

For any organization, it is very important to maintain sufficient liquidity in the hot and cold wallets. If a user is interacting with a platform, it means that he is trusting the platform and playing with these funds is playing with the user’s trust. So making things transparent would be a very necessary activity for any organization. To absorb significant losses or volatility that spill over from unforeseen market circumstances, the creation of a parallel fund (SAFU Fund) from income to mitigate contingencies can help.

UniFarm is a collaborative wealth creation platform, which partners with projects in the DeFi space. In the wake of the fallout from Terra and FTX, what’s your take on the DeFi space now? Do you think it will affect your performance?
In the DeFi space, Web3 startups that do not have a solid foundation are still getting funded on the bull run and making a profit. In the bear market, we’ve learned from players like FTX and Terra that if the startup’s foundation isn’t strong, they become big players because of their strategies, and then suddenly fall off because their foundation isn’t strong.

Now the correction in the market will drive out the new companies that are not healthy for the ecosystem. We don’t think this will affect us because we have a very strong foundation and we are completely decentralized. Our vendors and organization do not have many ties to FTX. The actual user of the Defi space is very friendly to the ecosystem and the value that UniFarm is adding to the ecosystem.

Staking as a business has lost its charm amid the sharp decline in the cryptocurrency market. How do you see this space now, in terms of opportunities and threats for you? Also, do you think that’s the worst thing in this space?
Staking as a business has lost its charm only among retail users who were basically lured by the bull market and entered the crypto ecosystem after seeing high returns and staking rewards. If the user deeply understands the cryptocurrency market and participates as a business, he will continue to invest in the cryptocurrency market.

We have users who are betting regularly. I strongly believe that gambling as a business will never lose its charm because banks always offer interest on the amount of savings and every Indian has an account with banks just because they earn interest on their saved money.

Similarly, in Web3, users get rewards (what we call interest in Web 2). In this space, we must create opportunities and threats that will automatically end with the market correction. I hope this is the worst moment, but there are many projects that do not have a solid foundation and I think that the industry has not yet seen the worst moment in the near future.

Web 3.0 has been in the spotlight along with the metaverse. Several reports have come out lately projecting significant growth. How do you see these spaces taking shape in the coming months, in the next one or two years? What opportunities does this hold for UniFarm as a player?
Blockchain as a technology is still in its early stages and these cycles are badly needed to kill off projects that are springing up without any proper use case. The next few months are going to be a roller coaster for both builders and investors. This will be a good opportunity for builders. However, the industry is here to stay and therefore the projects with the right use case.

We at UniFarm are always open to innovation and expansion into more dimensions. Our journey so far is to make the path to passive income easier for our users and we have tightened our seatbelts to launch Dapps (decentralized applications) to improve the user experience on web3. Let’s build together, WAGMI (we’re all going to make it)

What are your plans for the near future? Are you looking to postpone your upcoming releases or are all plans falling apart according to the timeline? What are your revenue projections for 2023?

Answer In the coming weeks, we will be launching Dapps, a decentralized app store for web3 applications for seamless adoption. The underlying technology behind Dapps is at the protocol level to build the decentralized app store.

Dapps will have 5 layers: communication, interoperability, identity, commerce, and open source and programmable.

With the launch of Dapps we are launching the first layer which is communication – the ability to send notifications which is not possible in Web 3 as all you have is a wallet address. Without compromising privacy or decentralization.

The second layer would be interoperability and it will be even more amazing because it will make the experience seamless for the end user. So that’s what it goes for applications. With our five layers and five phases, we’re going to have an invisible experience and we’re going to create an invisible Web 3 for the end user. We have not experienced any delays to our timeline and do not expect any delays as such.

Cryptocurrency investors have been losing hope, along with money, in recent months. Do you think crypto winters will continue in the near future?
It has been a very bad year for cryptocurrency investors so far. The global market capitalization of these digital assets has dipped below $1 trillion and prices of almost all coins have fallen more than 50% from their all-time highs, with no immediate recovery in sight amid the bear market in grade.

While the Terra (LUNA) debacle last month marked the first major assault on crypto investor aspirations, trouble brewing at big crypto lenders, exchanges and companies threatens a much bigger collapse around the turn of the day. the corner.