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About Unifi Protocol DAO (UNFI)
Unifi Protocol DAO is a platform created around a set of interoperable, multi-chain smart contracts. The project is seeking to provide DeFi developers with a robust set of tools to build projects with cross-chain compatibility in mind. The protocol’s smart contracts power token swaps and an array of DeFi products.
“Unifi Protocol is designed to provide developers with functional DeFi building blocks linking multiple blockchains together into one large DeFi marketplace,” DappRadar said.
UNFI is the governance token for Unifi Protocol DAO. Holders have exclusive voting rights and can propose referendums. There are four voting tiers. UNFI Class 1 holders have the most voting sway out of four classes (with Class 4 holders having the least sway); Class 1 holders are eligible to earn staking rewards.
“A stablecoin as our gas token removes transaction volatility and speculation,” the platform says. “We are creating the next class of blockchain, built on the principle of economic sustainability.”
Unifi's custom trading platform is called uTrade and powered by an Automated Market Maker (AMM), according to Messari.
A group of smart contracts called uPairs drive the execution of multi-token trades, enabling users to trade and provide liquidity with an unlimited combination of tokens, researchers explained. Liquidity providers are properly incentivized by sharing a portion of the platform's revenue generated through trading fees.
The Seed Bridge, originally a SesameSeed product, is a trustless cross-chain bridge that permits the transfer of tokens between Unifi partner blockchains, Messari said.
When was UNFI created and how much was it worth?
UNFI was launched in November of 2020 through an Initial Exchange Offering (IEO) on Binance Launchpool.
Around that time, UNFI was changing hands for about $4, according to CoinGecko.
How is the price of UNFI determined?
Total supply of UNFI tokens is 10 million, of which about 6 million are in circulation.
At launch in November of 2020, there were 400,000 UNFI tokens available to mine for a period of 30 days. Of the total supply, 51% of UNFI tokens were allocated to liquidity provider pools while the team received 15% of total supply. Also, 18.5% was sold in seed and private sale rounds while 10.5% was earmarked for ecosystem support. Optimism surrounding cross-chain interoperability and general crypto sentiment will drive UNFI value.
Why does UNFI have value?
UNFI value is in part due to its key role in the project’s mission to remain as decentralized and multi-chain as possible. UNFI is available on many blockchains as a native asset with governance rights, according to the project. “In support of this token economy, the DAO currently supports the liquidity of the token on these blockchains,” said the project.
Apart from its primary use (for governance), UNFI can also be used for yield farming and token arbitrage, Messari said. UNFI holders can earn rewards on any Unifi-partnered blockchain of their choice. Because Unifi exists on multiple blockchains, researchers note, there may be arbitrage opportunities. “UNFI and UP holders can take advantage of these opportunities in unique and creative ways as they arise,” Messari said.
Is UNFI secure?
According to Messari, the project underwent a security audit in September 2020. "After auditing the smart contract codes of the protocol, auditors found zero critical-risk, one high-risk, one medium-risk and four low-risk issues," Messari said.
All these issues were fixed, the researchers added.
What are the main benefits of UNFI?
- The protocol opens up a world of multi-chain access allowing for DeFi tokens to trade seamlessly across ecosystems.
- UNFI holders can earn rewards on any Unifi-partnered blockchain of their choice.
- UNFI value stems from its role as the "fast and secure protocol bridging the DeFi economy," says the project's white paper.
- Liquidity providers benefit from lower network fee costs. And they earn rewards. “Automatic yield farming requires no claiming or staking, and includes automatic distribution of future fee earnings, which means users keep more of their earned rewards, the project said.
- Tokenized rewards backed by native blockchain tokens power the liquidity mining and trading ecosystem, sustainably. “One of the key things about Unifi is that it is built to be a sustainable system," CEO Brabon has said of the platform’s tokenized rewards structure.
What do critics say about UNFI?
UNFI price predictions looking out two years are predominantly negative, per SwapSpace.
Additionally, cross-chain bridge technology in general has suffered reputational black eyes, this owing to a series of exploits occurring over the past year, as of September of 2022.
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