Unifi Protocol DAO Review : DeFi-tokens UNFI at

Unifi Protocol DAO

The Unifi Protocol DAO is an automated market maker DeFi protocol, the main purpose of which is to create a “bridge” between the existing decentralized finance economy on the Ethereum blockchain and the emerging defi markets on other blockchains.

UNFI token can be obtained by providing liquidity to the protocol, and used for staking or delegation with the possibility of generating income.

Bitcoinminershashrate.com editors have prepared an overview of the Unifi Protocol DAO. On November 14, 2020, UNFI began to be distributed among users of the Binance Launchpool who invested cryptocurrency in the BUSD, ETH or BNB pools. Listing on Binance is scheduled for November 19, 2020. The following pairs will be available for trading: UNFI / BTC, UNFI / BNB, UNFI / BUSD, UNFI / USDT.

Introducing @unifiprotocol DAO на #Binance Launchpool!
Earn $UNFIby placing $ BNB, $ BUSD and $ ETH! 💥

🔸Unifi Protocol is a cross-chain solution for DeFi based on a smart contract.

More details: https://t.co/zmY0DloVoo pic.twitter.com/eJuLZ0AtjP

– BinanceRussian (@BinanceRussian) November 13, 2020

The content of the article

General information

How Unify and Utrade work

How Unify and Utrade work
How Unify and Utrade work

The Unifi protocol connects the world of DeFi projects running on different blockchains using the SEED Bridge. The SEED token plays the role of a utility token as it has the ability to have equal value across all supported blockchains. Thanks to this, Unifi provides users with the ability to perform cross-chain swaps in a completely decentralized and non-custodial manner.

The protocol includes an incentivized liquidity pool, a loyalty reward token, a commission allocation management token, a cross-chain exchange platform, and a lending platform.

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What is uTrade

uTrade Is a marketplace based on the Unifi protocol. It is an automated decentralized market maker, with the help of which one token is exchanged for another using liquidity that suppliers provide for certain incentives.

There is a distinctive feature that distinguishes uTrade from similar modern platforms. Liquidity providers here receive a fraction of the revenue generated by the protocol in total, not just a fraction of the commissions received from a particular trading pair. Even after the withdrawal of liquidity, providers continue to receive income from commissions as long as they hold the tokens.

In terms of benefits for traders, some of the commissions are returned to them in the form of SEED. uTrade offers a trading discount that is automatically applied to multiple blockchains at once and helps you earn more rewards.

What is uTrade

Thus, thanks to the SEED Bridge, uTrade allows you to conveniently trade tokens from different chains without custodial intervention.

UP Token

UP Token Is the core of the UniFi system. It is created and distributed in direct proportion to fees and other income received by the protocol.

UP has no maximum emission. To make the tokenomics model sustainable, it is planned to use a smart-contract-driven minting process, a gradual increase in the cost of redemption, the use of secondary markets, combustion mechanisms, etc.

This model of income distribution among protocol users creates an incentive to earn and retain the token. UP tokenomics may differ slightly depending on the specific blockchain to ensure a sustainable market. Holders of UP tokens will be able to exchange them between blockchains at the rate set by the uTrade open market.

What is uLend

uLend – a lending platform based on smart contracts. To obtain a loan, you do not need to check your credit history or other procedures that traditional banks do. The borrower can create a loan application anonymously, which can be used as a substitute for a credit rating.

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uLend allows UP token holders to retain the ability to generate income from the Unifi protocol, even using UP as collateral. Using the SEED Bridge, a user can take a secured loan on one blockchain and use the funds received on another. The Unifi protocol will also further allow uLend to create credit products to extract value from other secured tokens.

UNFI token and its receipt at Binance Launchpool

UNFI token and its receipt at Binance Launchpool

Unifi Token (UNFI) – a token that gives the holder a number of trading and arbitrage opportunities and the right to participate in the management of protocols. UniFi links all multi-chain protocol platforms into a single global governance token. The goal is to create a community of liquidity providers and traders who will not face the problem of decreasing rewards as the number of platform users grows.

  classification of UNFI tokens

There is a classification of UNFI tokens:

  • Class 4. The lowest status. Such tokens can be moved from one blockchain address to another, but their holders do not have the right to create proposals for improving the protocol or vote for them, do not have the right to receive staking rewards, and cannot delegate authority to representatives.
  • Class 3. Represents the transition period between 4 and 2 when tokens start to be used for a bet.
  • Class 2. Allow to vote, but not to propose changes. You can delegate your rights and make money on staking.
  • Class 1. Full range of possibilities. Tokens reach class 1 after being class 2 for a while and benefiting the community.
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The user can update the status of their UNFIs by performing bidding and delegating actions.

Since November 14, UNFI is available on the Binance Launchpool, and five days after that, the asset will be added to the listing. Supported pools:

  • BNB: 280 thousand UNFI (70%)
  • ETH: 80 thousand UNFI (20%)
  • BUSD: 40 thousand UNFI (10%)

Binance Launchpool UNFI Token Distribution Schedule:

farming UNFI to Binance
UNFI token distribution schedule on Binance

After listing, trading in UNFI / BUSD, UNFI / BNB, UNFI / BTC, UNFI / USDT pairs will open.

General UNFI distribution diagram:

distribution of UNFI tokens to Binance

Farming

pool Unifi Token (UNFI)

To start farming go to Launchpad section on the Binance exchange and select a pool:

farming Unifi Token (UNFI) on Binans

Then click Stake and specify the amount:

Advantages and disadvantages

Pros:

  • Farming tokens at Binance Launchpool.
  • Cross-chain trading protocol.
  • Decentralized lending platform.
  • Extensive opportunities for active users to earn money.
  • Renowned companies among investors.

Minuses

  • Many features are under development.

Conclusion

In the field of decentralized finance, new projects worthy of attention regularly appear, and the Unifi Protocol DAO is one of them. Support from the Binance cryptocurrency exchange confirms that the project really has prospects. It can become a convenient tool for earning, exchanging and managing your assets within several blockchains at once.


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