Welcome to the UNIFI AMA with The Gem Hunters. We would like to kindly thank the team for sharing information on the new project with our community.
1) So Unifi Protocol might be a bit harder to grasp than many other projects. Could you please try to break it down for us so as our community can briefly understand the project?
Forsure the Unifi Protocol is a suite of non-custodial, interoperable, decentralized, and multi-chain smart contracts providing the building blocks for the next generation of Defi development.
Unifi promises to change the DeFi landscape with its advanced tokenomics model, Proof of Stake Governance, and a new type of “zero network fee” yield farming rewards token based on the trading fees generated by the uTrade platform.
That’s the general overview, we can get more into the specifics during this conversation.
2) Now can you please give us some info on the team behind Unifi and what their backgrounds are!?
I’m Steve Green, Project Manager with Sesameseed and Unifi. I found crypto while browsing reddit a few years back.
For some background, Sesameseed is a community organization that believes in fair and democratic governance as well as promoting blockchain development. So like everyone else on the team, I started off as a regular community member and my passion for solving problems with innovative blockchain technology just got me more and more involved. Which leads us to the Unifi Protocol we just developed, with the goal in mind to make DeFi more accessible to different blockchain communities and to provide the building blocks for next generation of Defi development. So if anyone wants to talk about reddit with me after, that's fine too 😂
3) Most projects are launching on Ethereum and offering their service on the Ethereum chain. You went down a different route with Unifi Protocol. Could you explain which chains you're running on and why did you decide to use them?
Well, to be clear, we are also launching on Ethereum, and I think you won’t have to wait very long for this to be announced. Our governance token, UNFI, is on Ethereum. We can talk more on that later.
Unifi Protocol is multi-chain, and already live and operational on 4 chains including Ontology, Harmony, and Binance Smart Chain. As I mentioned earlier, Unifi is trying to shake up the Defi landscape and make it more accessible to everyone. Obviously operating on chains where network fees are more affordable is one way of doing that. We even have a plan for doing that on Ethereum due to our special liquidity mining token, UP.
But just having a wide network of Unifi platforms across multiple blockchains better positions us for true interoperability and cross chain swaps.
4) Are there any projects you know of which are trying to achieve similar things? If so where do you see Unifi having an edge over them?
Oh, I think we are all aware that there are so many Defi platforms coming out, but most of them are just simple clones and ripoffs from more well known products like Uniswap. Literally just before this AMA started, you guys posted here about another scam.
That being said, Unifi is not a clone of Uniswap or any other decentralized automated market maker exchange. It features audited and custom built smart contracts that solve many of the limitations of Uniswap clones. Unifi’s unique token economy captures real value with every transaction made on the Protocol, completely verifiable on chain.
uTrade tokenizes liquidity provider rewards, all transparently governed by a smart contract.
The rewards token UP is blockchain specific and has a redemption value that can only go up when new UP are minted. The redeem value can never go down.
This means UP also has built in no-fee yield farming. Let that sink in. Pretty amazing.
UP on all blockchains can migrate to UNFI, allowing liquidity providers to participate in multi-chain governance.
Like mentioned earlier, uTrade is also unique in offering the multi-chain staking rewards token SEED as a loyalty reward to traders on some blockchains (UP on others). Incentivizing traders as well as LP is important to us.
5) You have multiple token - what are their different usecases and why do you have more than one?
Ah, this is a question we get a lot. I understand, people are wary of more tokens. But I assure you, we've kept it to just the minimum and the entire system works together.
Unifi at its core is the UNFI token, this is used to govern and determine the parameters of the Defi ecosystem on each of the related blockchains. It accomplishes this through a unique Proof of Stake ecosystem in which Council Representatives are elected, earn rewards, and vote on various parameters as a part of the DAO.
The community may elect a Community Representative by staking UNFI, and rewards throughout this cross chain governance system are delivered as more UNFI token.
The UP token is actually an independent token on each blockchain, this is what's governed by UNFI. It's minted in relation to the fees of each chain. In fact the fees accumulated in Unifi on any blockchain it operates on are deposited into a smart contract to mint UP at an increasing value over time. These fees are extracted by anyone that holds UP by simply redeeming it (burning).
The result of this system is such that the value of UP increases with every trade on every blockchain Unifi operates on, independent of each other, but dependent on the UNFI governance architecture.
If anyone wants to see the UP token in action, i urge them to visit our website (unifiprotocol.com) and see the current redeem values of UP on each blockchain. And remember that they all started at 1.... (I think Harmony is over 32, last I checked haha)
6) You just recently had your project featured on Binance Launchpool and your UNFI token was listed on Binance exchange as well. A big step and a big collaboration partner! How was that experience, and do you have plans for more listings in the future?
I have to say, it was an amazing experience. Seeing over $600M USD being staked on Launchpool to mine UNFI was surreal. And then watching the 24hr trading volume reach up to $84M when it was listed was unreal.
We’ve actually already been listed on several other exchanges, like HBTC, MXC, Jubi, Bibox. Of course, you can also trade for UNFI with BNB on uTrade at bsc.unifiprotocol.com. Obviously that’s where I would recommend haha.
You would earn a trading bonus there, and nowhere else.
I’m excited for UNFI’s future as we continue to roll out more expansion and new functionalities. I think that will draw a lot of attention from the major players and exchanges.
Our team got together and just kept watching the numbers go up and up and we thought it was a glitch on Binance or something haha
But peope really wanted to get their hands on UNFI.
Also, we were the first project to allow Eth staking. We actually pushed for that, because we wanted to showcase the power of staking rewrds on Ethereum, right on time for Eth 2.0, right? 🙂
7) Please give us some figures for the liquidity which users currently provide through Unifi Protocol
So Unifi.Report is this great website that was built by a community member as a result of a Developer Bounty that we put out. (Btw, there are still bounties available if you are a developer.) It’s now the main resource for finding out current liquidity and trading volume and historical data as well as token stats for UP on each blockchain. It has a ton of information, and the developer is constantly adding new features.
If I check right now, I see there’s nearly $1M USD in TVL (liquidity) on uTrade right now and of course, I already mentioned about UP stats. Those are really insane, and if eary liquidity miners held on to their UP, they are doing quite well right now in terms of their APY. Redeem value literally goes up after each trade. That's the floor value for UP.
8) How is the roadmap coming along and what are the next big steps to look out for?
Our roadmap is probably best seen in the litepaper available on our website unifiprotocol.com/litepaper There you will see that Unifi is in a rapid expansion phase and we’ve been hitting all our milestones. We have launched on 4 blockchains in 3 months, with two more blockchains currently under development. Ethereum will be launched very soon, with ICON coming not long after. Part of Unifi's main purpose is to unite all these communities and blockchains together by providing methods for cross chain trading.
The launch of our Global Governance Model with UNFI staking rewards is something everyone is excited about. To prepare for that, we have actually already allowed UNFI staking right now! You can stake your UNFI at unifiprotocol.com/staking and mine more UNFI every block. That’s every 3 seconds on Binance Smart Chain. Over 100K UNFI is currently being staked right now. Incredible
We would like to thank the UNIFI team for coming to TGH and sharing information on their project, we wish them luck in the future and will be following the teams progress.