Meet $UNICORE — uvault.finance

UNICORE is a deflationary cryptocurrency with a limited supply. Inspired by CORE, it’s main design principle is that yield generated should not lead to inflation. Instead, the yield is derived from real activities that result in a positive reinforcement loop organically sustaining its ecosystem. Combined with an updated decentralized governance structure, refined tokenomics and other unique features explained below, we hope to set a new standard.
But before we delve into UNICORE, let’s briefly discuss CORE.

🎓 What is CORE?

CORE took the industry by storm as it solved the yield-inflation problem. Instead of printing tokens to reward liquidity providers (LPs) — which results in continuous inflation — LPs’ rewards are derived from real activities such as trading volume through transaction fees and yield from automated trading strategies. Farming, without inflation.

Besides its innovative way of rewarding LPs, another key aspect from CORE is that once liquidity is provided, it is locked and it can never be withdrawn again. This mechanism has two interesting properties. 1) It results in a price floor of the token and 2) The liquidity pool can be used as an on-chain oracle due to it’s large locked liquidity and transaction volume. This can, amongst others, be used for one-sided AMM strategies similar as Bancor 2.0 together with Chainlink are trying to accomplish. More about this in future posts.

Continues below ↓

👋 Introducing UNICORE

UNICORE improves upon CORE through a distinct set of changes. Its main goal is to better align the incentives of all stakeholders and create a more robust ecosystem, while staying faithful to the design principles of CORE and acknowledging their work.

The key features of UNICORE are as follows:

1. Fair Initial Liquidity Event with a hard cap of 500 ETH.
2. Wrapped Liquidity Pool Tokens (new concept)
3. Deflationary supply.
4. Improved Governance.
5. Overhauled, Improved code & Audited contracts.

🎪 A fair Initial Liquidity Event with a hard cap of 500 ETH

We agree with CORE that an Initial Liquidity Event is a fair way to launch a project. Investors become Liquidity Providers for the token, and get rewarded in future transaction fees. The fees are the same as the original CORE:
1% on both buying and selling. 93% goes to the LP holders, and 7% goes to the team for operations, marketing, design and so on. There are no premined tokens, presale tokens or initial team tokens to ‘dump’ on initial investors. The profitability of both initial investors and the team is directly linked to the succes of the project (volume). Adding to that, the individual limit is 25ETH, so no whales to dump either.
Please remember that once liquidity is provided (both in the Initial Liquidity Event and/or on Uniswap), this liquidity can never be withdrawn. This is what also gives it its price bottom.
However, the unique wrapped LP tokens can be traded on Uniswap(a first), or other services like Balancer if someone decides to provide liquidity for them thereon. This will be up to the community.

Learning from prior forks of CORE, we decided to limit the Initial Liquidity Event with a hard cap of 500 ETH. This will allow for sufficient liquidity on Uniswap, but also allow later investors to buy-in at a reasonable price and lock liquidity at a later point in time. This will result in more organic price discovery, which in turn leads to a more sustainable price.
ENCORE, the first fork, showed that a large amount invested in the Initial Iiquidity Event (8671 ETH) results directly in them losing value, as the pie is the same, but with every increase in liquidity, everyone’s share gets a little bit smaller. It also removes buy pressure from the coin itself, as there is no financial incentive for buying the token to add liquidity, post launch.

To ensure that all LP holders can stake their coins with no rush or risk of missing out on transaction fees at the start, there will be a 60 minute trade lock at launch. This was an issue with a few of the competitors.

The liquidity event will start October 18th, 7PM (GMT), 3PM (New York),
and last for three days, or until it’s filled. +1 hour tradelock.

🍌 Wrapped Liquidity Pool Tokens (new concept)

The base uni-V2 Liquidity Pool token has some limitations. Due to the order of operations in uniswap transactions, LP tokens get burned before the transfer is completed, allowing people to withdraw liquidity. For coins like CORE and its offspring, locking liquidity is obviously critical.
CORE itself reduced this bug by bringing the process of adding additional liquidity to their own site, using ‘swaps’. But while this system ‘does not allow more to be withdrawn than deposited’, it’s still not perfect.

The solution? Wrapped Liquidity Pool tokens (wUNIv2).
We created our wrapper and now control the code that the token gets deployed on. By separating it from the base UNI LP token, we take back control of our own liquidity, away from Uniswap’s limitations. This allows for a bug-free withdrawal lock, as well as the possibility for it to be traded directly on Uniswap as it’s own pair, instead of on other less liquid exchanges like Balancer. Due to this, liquidity is TRULY locked with the wrapper. Though still allowing non-farmers to add traditional unlocked-liquidity, if they’d want to for whatever reason. Another step towards decentralization.

An in depth article on this will be released shortly.

🔥 Deflationary supply

UNICORE will have a total max supply of only 1.000 tokens.
We decided to implement a token burn vote to ensure that non-LP holders can also receive benefits just by holding UNICORE tokens. This will in turn benefit the LP holders as well, as increased buying pressure will be good for the volume, and consequently their own fees.
On each deposit of liquidity, a specific % of the UNICORE tokens would be burned. The % itself will be determined by the UNICORE holders through on-chain governance, in the form of a vote.

Because of the token burn, UNICORE will be deflationary and, therefore, continuously reduce its total supply.
Read more about our improved governance model below.

🏰 Improved Governance

Simpler, more transparent in code and with a governance level to be activated for different functions. UNICORE brings a new and improved governance model to the table, pre-enabling decentralizing voting in the future.

Not even the original CORE has functioning governance live, and this is one of the many ways in which we try to differentiate ourselves. Token holders will be able to vote on changes such as transaction costs, burnfee, and other changes to the project, decentralizing decision-making for the future.

🏥 Overhauled, improved code & Audited smart contracts

We want to stress that this is not just some copy-paste cash grab that didnt even bother removing in-code comments…
The entire code has been overhauled and cleaned up to improve on CORE.
It will be on Github shortly for the interested coders

Without mentioning any specific projects, the past forks of CORE have each had their fair share of bugs and unexpected results. We find this a pitty considering this reflects badly on the CORE ecosystem. We’ve performed thorough testing to minimize any bugs to the code. In addition, we are working on being audited by a third party auditor to ensure that our smart contracts perform as intended. We hope it can be done before we launch on Uniswap.

📁 Token Metrics Summary

Ticker: UNICORE
Total supply: 1.000
Hardcap Initial Liquidity Event: 500 ETH
Initial Liquidity Event: 18 October 2020
UTC +08:00 (China) = 3AM (next day)
UTC +01:00 (London) = 8PM
UTC -05:00 (US Central Time) = 2PM
…and will last three days.
After the Initial Liquidity Event ends, liquidity will be transferred to Uniswap, where trading will go live after a 30 minute tradelock to ensure that everyone has the time to stake their LP tokens.

More updates and answers to your questions will be provided through Telegram, Twitter, and on our website. We look forward to meeting you!

Website: https://uvault.finance
💬 Telegram community: https://t.me/uvaultfinance
🔔 Telegram announcements: https://t.me/uvault_finance_ann
Twitter: https://twitter.com/uvault_finance
Discord community: https://discord.gg/NCYueeS

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