The alt-chain DeFi world continues to be on fire, posting rapid growth as the newly launched platforms take on their Ethereum based rivals. A recent explosion of activity led to skyrocketing use rates with some platforms that are only weeks old being listed with established ETH based names like Curve and Aave.
At just over a week old, Unifi Protocol was one of the big winners this week. Their week vaulted them to #10 on DappRadar. This put them right in between the Ethereum giants Curve, Aave, and 1inch. This was likely due to Unifi’s skyrocketing APY statistics and a 600% gain in base value for their DeFi mining token, UP. UP is backed by the fees generated by Unifi, but in trading the value of UP has been volatile, at times exceeding the collateralized value by several times over.
Unifi posted some unbelievable APYs over the last week, into the hundreds of thousands in percent. The returns were so high, it led to doubt among liquidity miners on how that could be possible there was so much money to be made. Social media posts were skeptical of these advertised gains, so a community member built the site https://www.mydefiyield.com to support these claims. When asked about this, Juliun Brabon, CEO of Sesameseed who developed Unifi stated, “Unifi is protocol, not a platform. It is a series of smart contracts, all working together to create a complete DeFi landscape. That makes it unique. One of the great things is people do not have to take our word for it. The collateral behind UP is transparent on chain, our APY’s are available to be calculated by anyone from on-chain data, Unifi is a completely custom built and different project than others in the DeFi space.”
“The collateral behind UP is transparent on chain, our APY’s are available to be calculated by anyone from on-chain data, Unifi is a completely custom built and different project than others in the DeFi space.”
Unifi has had a large marketing push in China, hosting events with MXC exchange, one of the top exchanges in the Asian market. UP was listed on MXC this week as well as on the Jubi exchange.
Unifi has also been posting hints on social media of co-operation with Ontology’s Wing DeFi project, which is currently listed on Binance Launchpool. Wing promises to bring flash lending to Ontology, and when matched with Unifi could quickly bring Ontology into being a major player in the DeFi world as well. Unifi has already announced expansion plans to Ontology, Harmony, and Ethereum which could explain some of these connections.
Mentioned in this article -
Unifi Protocol - https://unifiprotocol.com/
Wing - https://wing.finance/
Binance Launchpool - https://launchpad.binance.com/en/lottery/b4ba8c5d25ae41aab7a2de0457082651