What is uTrade?
uTrade is the AMM trading platform utilizing the Unifi Protocol for harnessing multi-chain swaps and liquidity farming to power UNFI, Unifi’s Global Governance Token. uTrade operates as a decentralized, unlimited liquidity market maker, where one token is exchanged for another, utilizing liquidity provided by incentivized liquidity providers. Liquidity providers share a portion of the revenue generated by the entire Unifi Protocol, and are not limited to a share of fees earned solely from a specific trading pair.
uTrade is already live on seven blockchains, including Harmony. Unifi is upgrading to uTrade V2 and will link multiple blockchains together with Harmony and other future blockchain additions into one large DeFi marketplace.
What is Unifi bringing to the table with the new and improved v2?
- Customizable smart contracts and flexible fee structures allow outside projects to build more efficient systems with special features other AMMs do not offer!
- All new developer-friendly smart contracts with industry standard contract calls
- New features such as single side liquidity and token routing provide access to larger liquidity pools, while still achieving the benefits of using Unifi
- All new user interface
What can Harmonauts look forward to on uTradeV2 on Harmony?
Harmonauts can look forward to the revolutionary 85–10–5–0 fee structure. The team takes 0% cut to mint LP rewards, so 100% of trading fee goes to LPs. redeem value of liquidity rewards token $UP goes UP and never down.
While there are now a variety of AMMs on Harmony, uTrade V2 has the unique characteristic of taking a 0% cut for the team. Meaning, it’s entirely community-focused and the entirety of trading fees goes to the community of users. Not only that, but uTrade also offers the most competitive LP rewards than any other platform on any other blockchain (~85% of the trading fee goes to liquidity providers in that pool, and the other 15% to LPs across the platform). This opportunity is something Harmony can be quite proud of partnering with and bringing to our community of ONE holders and DeFi enthusiasts.
Unifi Protocol team has been building on Harmony since their launch. Unifi is a grant recipient from Harmony. Not only have they delivered, but they are also continuing to adapt and innovate with V2.
uTrade’s tokenized liquidity rewards model greatly benefits all holders of ONE since the reward is 100% backed by an ever-increasing amount of ONE tokens from every trading fee on the platform. This essentially locks up more and more ONE in smart contracts and removes them off centralized exchanges and out of circulating supply.
For much more in depth explanation of new v2 features, please see Unifi’s published Medium article on the benefits and highlights of V2 (as compared to V1)
Additional Points:
- uTrade V2 will have phased rollout to Unifi blockchains, and a phased rollout of some features
- If you were using v1, to be eligible for V2’s enhanced features and rewards, liquidity providers will need to withdraw their liquidity from V1 and then deposit it into V2
- Stay tuned to Unifi’s social media for more on these V2 features: developer tools and support, standardized but flexible fee structure, and UNFI liquidity provider rewards
- Keep an eye on that $UNFI Super Pair as it accumulates a bonus 10% of rewards minted from other pools, ready to be shared with LPs when it opens
About Unifi Protocol
Unifi Protocol is a group of non-custodial, interoperable smart contracts providing the building blocks for the next generation of DeFi development. uTrade is the AMM trading platform utilizing the Unifi Protocol for harnessing multi-chain swaps and liquidity farming to power UNFI, Unifi’s Global Governance Token. More information is available at unifiprotocol.com
Please connect with Unifi Protocol via their website. You can also connect to the Unifi community on Telegram, Twitter, Reddit or Medium.
About Harmony
Build on ONE, run on all chains.
Harmony is your open platform for assets, collectibles, identity, governance. Be the ONE to bridge to all blockchains.
Harmony is an open and fast blockchain. Our mainnet runs Ethereum applications with 2-second transaction finality and 100 times lower fees. Harmony’s secure bridges offer cross-chain asset transfers with Ethereum, Binance and other chains.
