Everything You Need to Know about UncleMine’s First IMO
New Financing Supported by Real Computing Assets — IMO
With the development of the blockchain industry, we already have many ways to raise funds trustlessly. These financing actions provide start-up capital and initial users for new projects and provide investors with opportunities to participate in early-stage investment in projects.
The existing fundraising methods are all based on the understanding of the project and the expectation of the future development of the project. Only the existing proof of work can be used as a reference, no real assets can be used as an endorsement.
As a new type of decentralized fundraising method, IMO provides a method that has never been seen before for projects and investors.
In IMO, fundraisers need to stake their own computing power assets as a premise for financing, and investors get the right to receive the future income of a specific mining asset. The mining assets, whether it is physical computing power or virtual computing power on the chain, are verifiable after verification by UncleMine Oracle and cannot be forged, and the relevant proofs are continuously stored on the chain, which can be verified by anyone at any time. This ensures that investors can invest in mining assets without trust, participate in the investment in the underlying facilities of the blockchain, and obtain stable income.
Introducing UncleMine’s first IMO
UncleMine will launch the first IMO of Filecoin Storage Power on April 14, 2022, 9:00 UTC. IMO’s Mining Asset token UMF represents the future income of 5PiB Storage Power in the Filecoin network in the following 360 days.
The mining asset of this IMO is provided by the Filecoin node f01136165.
Current Filecoin storage power selling on the market has no liquidity. Investors can only keep their miner running for the whole life cycle of the storage power to complete their investment, which can be as long as 2 years. Moreover, the current price of Filecoin storage power units on the market is much higher than UMF, making UMF extremely cost-effective. In addition to being cost-effective, UMF also has a liquidity pool on the chain, giving investors more flexibility in their choices.
In addition, the UncleMine platform will use 20% of the mining revenue to buy back UMF at any time, forming a deflationary economic model, so the value of UMF will gradually increase over time.
Filecoin has huge potential as a decentralized storage foundation for Web3. At present, Filecoin’s entire network storage power has exceeded 15EiB, making it the decentralized network with the highest storage space.
What is UMF
UMF is the fungible token sold on UncleMine’s first IMO.
The total supply of UMF is 100,000. The token’s value and staking rewards are backed by the 5PiB Filecoin mining node’s future income.
UMF can be traded on decentralized exchanges, such as Raydium. UMF holders can stake UMF or UMF-UM LP tokens on UncleMine to receive corresponding mining yields in the form of staking rewards, which consist of stablecoin and other reward tokens.
How to Participate
The total amount of UMF tokens is 100,000, and the price per token will change according to the price of FIL. Investors can participate in IMO on the official UncleMine platform: https://beta.unclemine.com/.
1. Get UMF
- Get UMF on UncleMine official website: https://beta.unclemine.com. The price on UncleMine official website is the initial price of UMF token.
- Get UMF on Penguin, bond $PAI to get UMF at a lower price: https://app.png.fi/bond
- Get UMF on Raydium with UM: https://raydium.io/swap
2. Mining for Revenue
The future revenue of UMF is guaranteed by the mining revenue of f01136165 nodes.
Holders of UMF tokens can obtain daily mining income in two ways:
- Stake UMF on the UncleMine UMF staking pool;
- Provide liquidity for UMF-UM trading pool on Raydium, and stake the corresponding LP token into UncleMine’s IMO LP staking pool.
Since there is no widely accepted wrapped FIL token in the Solana network, we will convert the mining revenue into USDC and investors can claim their yield every day. The specific distribution ratio is as follows:
75% of the daily revenue will be distributed to the UMF and UMF-UM stakers;
20% of the daily revenue will be used to buy back UMF from the secondary market, and the corresponding tokens will be destroyed;
5% of the daily revenue will be used as the maintenance fee for the node provider;
Investors can stake their UMF tokens into UMF or UMF-UM staking pools, and receive their yield every day.
UM Reward Bonus Activity
In addition to the revenue from mining, UncleMine also provides a one-month UM reward bonus for users who participate in this IMO and staking.
The total amount of UM rewards will be 200,000UM, and UMF staking pool and lp mining pool will receive 50,000 and 150,000UM respectively.
UncleMine is the first fundraising, DeFi & DAO platform backed by verifiable mining assets. UncleMine introduces physical and virtual mining assets into the on-chain ecosystem by zero-knowledge-based VMA Oracle, enabling the infrastructure resources to circulate in the Defi world.
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