Advertisement

Unifi Protocol Attracts Over $1M USD within hours of launch

Unifi Protocol Attracts Over $1M USD within hours of launch

Unifi Protocol surpassed all expectations with the first of its multi-chain DeFi platforms, uTrade.  This first version was launched on TRON, with Harmony, Ontology, and Ethereum versions of uTrade launching over the next few weeks.

Within hours of launch, Unifi’s liquidity mining token UP started trading at 100 TRX per token and quickly rose to trade at a record high of over 200 TRX per token. This set off a frenzy of DeFi liquidity miners taking advantage of this early mining opportunity.  Much of the UP mined was immediately placed into the UP liquidity pool to earn even more UP.  

uTrade had over $1million USD worth of digital assets locked inside the initial pairings of SEED, USDT, TRX, and UP.  According to Unifi’s twitter, their current Twitter poll asking the community about which tokens to add next had over 1000 responses in less than 24 hours.    

It seems many people are responding to Unifi’s security of operating via smart contract.  The unique minting process of UP raises the value of all UP whenever a new UP is minted.  Since UP is minted every trade, this causes some interesting price movement.  UP minting costs rose 20% within hours of launch due to the trading volume on uTrade. In the Unifi Community Telegram room a Sesameseed admin stated, “With every trade - mining UP slows down just a little more. Today is going to be a better day to mine than tomorrow.”  

“UP’s minting process is unique”, stated Juliun Brabon CEO of Sesameseed, the developers of Unifi.  “Each time UP is minted it increases the value of all other UP.  This allowed us to open up much of the protocol to be built on by other developers which will all benefit Unifi’s community.”  Brabon went on to explain that as community based tokenization experts, Sesameseed was able to take an innovative approach to a crowded DeFi landscape.  “We have operated nodes on multiple blockchains for years and already have a multi-chain rewards token.  Unifi is able to build right onto that existing development and expand to more blockchains very quickly.”

A_talking_duck posted on Unifi’s twitter, “Volume is great, LP rewards right now are nuts and plenty of arbitrage opportunities.”  Rapid trading at the outset led to speculation on several social media channels that trading bots were already at work.  

While the blockchain specific UP token was up wildly in initial trading, talk began to turn to the unveiling of Unifi’s global governance token UNFI.  UNFI is described on Unifi’s medium as “The global governance token for the entire multi-chain protocol and the public face of the Unifi Protocol to be listed on major exchanges. Opens up arbitrage pathways exclusive to users of the protocol.”  According to Unifi’s white paper, UP can be migrated into UNFI.  Early liquidity mining and earning UP may yet prove to be the best opportunity to get into UNFI early.   

Those looking to take advantage of early mining can find Unifi at https://www.unifiprotocol.com/

You can share this post!

Advertisement