What is Unifi Protocol DAO (UNFI)?
UNFI is the governance token of the Unifi Protocol DAO, which is a multi-chain DeFi protocol that aims to build a sustainable blockchain economy. Its end goal is to develop a Stablechain, which would be governed by a stablecoin.
Check out the live UNFI price on the Unifi Protocol DAO price chart featured above.
The protocol is made up of a collection of multi-chain DeFi products, including:
- uBridge. It's a cross-chain bridge that allows users to swap their assets across different chains. Though it’s unique because it doesn’t wrap tokens before swapping them. uBridge users only need to utilize UNFI tokens to connect with other chains.
- uTradeV2. It's an AMM-based trading platform built on the Ontology blockchain. It's the second iteration of uTrade, released in February 2022.
- DARBi. It provides users with decentralized arbitrage trading strategies. Besides, DARBi's liquidity pools provide users with complete control over their arbitrage positions.
- uStake. It's a staking mechanism of Unifi that rewards users with UP tokens. UP tokens are backed by native tokens of the supported chains. They are minted by taking 5% of the trading fees of that specific chain. Thus, UP is a fully collateralized asset that gets more valuable every time it's minted.
Besides, it’s worth mentioning that the Unfi Protocol utilizes the Proof-of-Stake (PoS) consensus mechanism. Thus, in essence, it has a network of validators who validate and create new blocks. In order to become a validator, a user has to stake UNFI tokens.
Use Cases of UNFI Tokens
UNFI is an Ethereum-based multi-chain governance token of the Unifi Protocol. It provides UNFI holders with voting rights considering the future development of the project. Besides, since it’s a multi-chain token, users can hold UNFI on different chains, including Ethereum, Fantom, Harmony, Polygon, BNB Chain, and Avalanche.
Moreover, as mentioned before, UNFI tokens can be staked on the uStake platform. By staking UNFI tokens, users are able to earn rewards and become block validators on the PoS consensus mechanism.
Additionally, UNFI tokens provide access to UNFI Super Pairs, which are used for the farming of UP tokens. Besides, UNFI holders get a portion of fees acquired through the minting of UP.
Care to see the current, or the previous, UNFI price? Take a look at the aforementioned Unifi Protocol DAO price chart.
Who Founded Unifi Protocol DAO?
The Unifi Protocol DAO crypto project was developed by Sesameseed, which is a staking and reward-sharing blockchain community.
The founder of Sesameseed and Unifi Protocol is Juliun Brabon. He has a degree in English. In the past, he worked at such companies as Ignite World Wide, Jarrow Industries, DrVita.com, and Vit-Best.
Unifi’s lead developer is Daniel Blanco. Before joining the Unifi Protocol DAO team, he worked as a software engineer at such companies as Transparent CDN, Meteologica S.A., Seedtag, and PagoFX.
Another key member of the core team is Kerk Wei Yang. He is responsible for smart contract development. Prior to joining the Unifi Protocol DAO in 2020, he worked in the data administration field.
Tokenomics of UNFI
The maximum supply of UNFI tokens is 10 million. The tokens were distributed through Ethereum-based staking initiatives, as well as through the Binance Launchpool. More than half of the UNFI token supply was dedicated to incentivizing liquidity provision and ecosystem development.
Don’t forget to check the Unifi Protocol DAO price chart. It’s beneficial to do that in order to determine the main trends in the UNFI price changes. This will help you to make more informed purchasing decisions.
