Dubai, UAE - The introduction of the first-ever single native Layer 1 coin (ULX) earlier this year marked the start of what might be the next revolution on the crypto scene. While the majority of crypto projects aim for creativity and thus achieve only marginal gains in certain niche areas, such as ( NFT Marketplace, lending, borrowing ), Ultron’s team focuses on creating a whole ecosystem. Standing on the shoulders of giants, they have successfully implemented a number of the already established solutions on their own Layer 1 blockchain, meaning Ultron is rushing towards building a complete crypto ecosystem. Earlier this week they hit another milestone on their roadmap when launching their own myriad of DeFi applications, offering Ultron’s users a way to participate in a growing DeFi environment.
ULX coin as a backbone of fast, secure and rewarding DeFi applications
If 2017 was the year of ICOs, the year 2021 definitively belonged to DeFi. According to Defi Llama, the sector grew from a $14 billion total value locked (TVL) at the start of the year to a whopping $181 billion by the end of the year. If previously money was primarily being made by speculating which asset will grow in value, today users with the help of DeFi can earn profit by either lending, staking or borrowing their assets. Users also have an option of using decentralized exchanges to swap their tokens, instead of relying on centralized exchanges, such as Binance. Since there is no one central "market maker”, new solutions for making the exchange possible had to be found. With smart contracts as one of the main pillars of blockchain technologies and the flexibility they provide, it did not take long to come up with a solution such as liquidity pools
According to Ultron’s whitepaper, the team follows a strong vision of becoming the most complete ecosystem of services and dApps, rather than being a network of competing projects where each operates with independent operating tokens as a substitute for a standalone system. To achieve the fulfillment of the ecosystem, they developed the first-ever single native Layer 1 coin (ULX) that will be used across the whole network of dApps, offering fast transaction speed with minimal fees, while also meeting the highest security standards.
The announcement of a successful launch of UltronSwap—the system of DeFi applications—was accepted with great enthusiasm from the crypto community, for it provides fast, secure and scalable transactions by harnessing the Ultron network. Their present DeFi ecosystem currently offers the option of swapping different tokens, providing liquidity to earn appealing APR, farming, and staking of the wrapped ULX (wULX). wULX is an ERC20 token that represents ULX rewards paid out in native Ultron dApps. It mirrors the price of its underlying asset (ULX), and is fungible across all dApps, regardless of the underlying reward schema.
The aforementioned yield farming that UltronSwap offers is an effective way to earn wULX rewards. Since they can be swapped for any other coin or token, such as USDT, wULX rewards serve as an attractive way for users to earn passive rewards. On the other hand, the liquidity provided through farming requires users to stake two tokens first, meaning that the user needs to add liquidity to get LP Tokens, and then start staking them in a Farm, in order to earn rewards and unlock ULX DeFi potential. One more thing to keep in mind is the fact that the ecosystem likewise protects itself from inflation by using a significant percentage of the ULX profits via buy-backs.
At the moment the ULX coins can be acquired and swapped only on the UltronSwap, however, the team announced they are already working on listing the ULX on major coin price websites, and making it tradable via cross-chain bridges to the biggest EVM-compatible blockchain networks.
About Ultron Foundation
Ultron Foundation is an emerging blockchain project that aims to offer scalability, security, and faster transaction throughputs, without compromising one for another. By adopting cutting-edge technologies and developing its native token, ULX, the team is on the fast track to becoming one of the new leaders in crypto space. Ultron Foundation is building a wholesome ecosystem that will roll out new dApps rapidly, following the roadmap available on their official website listed below.
Social Links
Whitepaper: https://ultron.foundation/about
Twitter: https://twitter.com/ultron_found
Instagram: https://www.instagram.com/ultron.foundation
GitHub: https://github.com/orgs/UltronFoundationDev/repositories
Media Contact
Company Name: Ultron Foundation
Company Website: https://ultron.foundation/
Company Email: [email protected]
Disclaimer: This is a sponsored press release and is for informational purposes only. It does not reflect the views of Crypto Daily, nor is it intended to be used as legal, tax, investment, or financial advice.
Investment DisclaimerDOGEN Gears Up for Growth as XRP Transfers $44M in Tokens Amid Analyst Optimism
BTC Boom Timing: 5 Undervalued Coins Primed for Triple-Digit Gains