Sesameseed has been acquired by Unifi Protocol
Decisions and actions by SEED holders are required
Brief Synopsis
Important deadlines are coming soon and SEED holders MUST take action!
Sesameseed has been acquired by Unifi Protocol! The Sesameseed community will join the thriving Unifi community through a 4 phase SEED to UNFI and UP conversion process. Through this process, SEED holders will have access to the redeem value of SEED by becoming UNFI and UP holders. UNFI is the Global Governance Token of the entire multi-chain Unifi Protocol, while UP is Unifi’s utility token. SEED holders can learn more about UNFI and UP here. Further details on this conversion will be finalized and released after community discussion.
Key Points:
- This article contains VERY important information. SEED holders should read this entire document. A SEED holder’s failure to read this entire document and all coming announcements could lead to an undesired outcome, including a loss of tokens. SEED holders must take action and have choices to make. Each announcement contains important information to assist in making those choices. All dates are in Pacific Time.
- SEED holders will have the opportunity to receive the redeem value of SEED, including UNFI, through the SEED to UNFI and UP conversion process. SEED holders are being invited to join in the newest frontier in staking, blended ecosystems!
- All Sesameseed nodes will switch to Unifi nodes on July 16, 2021 and offer 100% native token rewards to be claimed by stakers where applicable. Unifi nodes will offer blockchain staking rewards in UP in the future.
- Join Unifi Protocol’s social media to ensure you have the latest information on continued blockchain staking rewards. Unifi Telegram Unifi Twitter Unifi Reddit
- No action is needed by native token stakers to continue earning staking rewards.
- As of July 16, 2021, SEED will no longer be rewarded to SEED holders or native token stakers on any blockchain.
- There will be a final SEED minting and distribution on or about July 16, 2021 for all outstanding staking rewards.
- SEED can be swapped to another blockchain or redeemed through the existing process in Sprout until July 31, 2021. SEED redeemed through Sprout will not receive UNFI or UP.
- SEED holders that do not want to be a part of the SEED to UNFI and UP conversion should redeem their SEED BEFORE July 31 2021 through the existing process in Sprout. After July 31, 2021, SEED will only have redemption value through the SEED to UNFI and UP conversion process.
- A critical step for converting SEED to UNFI and UP will involve a snapshot of all SEED tokens on all supported blockchains. The conversion process will rely heavily on which blockchain a holder’s SEED is on, and the address SEED is in at the time of the SEED snapshot.
- The SEED snapshot will take place on August 1, 2021. Sesameseed is not responsible for any loss of funds due to trading or moving SEED between addresses after July 31 2021.
- SEED must be in a blockchain address where you hold the private key at the time of the snapshot. SEED should not be provided as liquidity on any decentralized exchange, on deposit at a centralized exchange, or inside a smart contract at the time of the snapshot.
- DO NOT BUY SEED AFTER JULY 31 2021. Sesameseed may not honor SEED to UNFI and UP conversions from SEED traded or moved after the snapshot.
- There will be a Sesameseed community meeting on July 16, 2021 at 12:00PM Pacific Time hosted by Juliun Brabon to discuss the SEED to UNFI and UP conversion process.
- UP will be made claimable on the blockchain your SEED is on at the time of the snapshot on August 1, 2021. This may include the option to swap SEED to Unifi blockchains where SEED does not currently exist, such as Binance Smart Chain. SEED holders should watch for further information and make a decision about which blockchain to have their SEED on at the time of the snapshot. Note: SEED on BSC cannot be redeemed, or swapped to any blockchain. SEED on BSC is only eligible for the SEED to UP conversion process, and for migrating to UNFI.
- The best place to get support and ask questions is Sesameseed’s Telegram Channel https://t.me/SesameseedOrg
Important Dates:
July 16, 2021 — SEED nodes switch to Unifi nodes. Sesameseed Community AMA with Juliun at 12:00 PM Pacific Time. On or about this date will be the final minting and distribution of SEED to SEED holders and native token stakers.
July 31, 2021 — The deadline for redeeming SEED through Sprout. Also the deadline for swapping SEED between blockchains, or moving SEED tokens between blockchain addresses. Please ensure sufficient time for SEED swaps to be completed before August 1, 2021. Sesameseed is not responsible for any loss of funds due to trading or moving SEED between addresses after this date. After this date SEED will be redeemable only through the SEED to UNFI and UP conversion process.
August 1, 2021 — SEED Snapshot. DO NOT BUY OR MOVE SEED AFTER THE SEED SNAPSHOT.
More details and other important dates will be released in a later article.
Resuming the pioneering path forward for SEED holders
Sesameseed was born with a pioneering spirit. Dedicated community members rallied around the concept of the community having a voice in blockchain staking. Sesameseed’s systems and tokenomics proved to be quite adaptable. But the limits of an all volunteer team, systems reliant on other blockchain projects that no longer exist, and large corporations entering the blockchain staking market, proved to be challenges that were not easily overcome.
The Sesameseed community still possesses that pioneering spirit. The community has shown leadership in exploring new concepts, creating a path for others, and being a part of things that have never been done before. There is still excitement and innovation to be had in blockchain staking. Sesameseed wants to ensure its loyal community can be a part of this trailblazing future. However, Sesameseed has reached the growth limits of its current form and the SEED token. The exciting new frontier that is yet to be charted is in the world of blended ecosystems — where staking, DeFi, lending, and other services can all be aligned with common goals. And SEED holders are being given the opportunity to be leaders in this innovative space once again by claiming the redeem value of SEED as UNFI and UP.
Unifi’s unique origins created an opportunity that was quickly recognized by others. This resulted in the creation and funding of Unifi as an organization, and the creation of the Unifi Protocol team. That team has since expanded rapidly and Unifi has flourished. Unifi is now an established organization with major blockchain partners, a long runway, and the resources to adapt to a rapidly changing industry. Unifi is uniquely poised to be the leading pioneer in blended ecosystems and would like to invite SEED holders to be a part of this new journey.
Unifi Protocol just announced it is the first DeFi protocol to incorporate blockchain PoS node rewards. This unifies the interests of DeFi projects, stakers, and liquidity providers. A major step towards this revolutionary paradigm shift was acquiring Sesameseed. This puts the Sesameseed community as leaders in the forefront of an emerging intersection between PoS blockchain staking and DeFi.
The Unifi ecosystem provides the Sesameseed community with the long-awaited solution for a fast and effective scalable blockchain staking solution. Building on the values of Sesameseed, Unifi creates a community where success of the one is success of the many. Unifying the goals of stakers, liquidity providers, and projects makes for a larger, more diverse, and stronger community which benefits everyone.
Staking will continue uninterrupted to Unifi nodes
Effective July 16, 2021, all Sesameseed blockchain nodes will be rebranded as Unifi nodes.
Also as of July 16 2021, stakers to Unifi nodes will earn rewards in the form of native tokens on blockchains that support this. Currently these would include IoTeX, Icon, Ontology, Harmony, Tron and Waves. Current stakers to any Sesameseed node do NOT need to take any action to continue staking and earn native token rewards.
Where applicable, Unifi nodes will offer 100% rewards in the native token that has been designated for PoS rewards on that blockchain. These rewards will utilize the built-in mechanisms for claiming rewards provided by each particular blockchain. Stakers to Unifi nodes (converted from SEED nodes) will have to manually claim their staking rewards through each blockchain’s built-in systems. Some exceptions may be blockchains where node rewards are automatically distributed to stakers by the blockchain itself.
As Unifi progresses with further development of uStake, node rewards will begin to mint UP on their respective blockchains. Join Unifi’s social media — links are provided at the bottom of this article — to get up to date information on uStake.
SEED Rewards will end July 16, 2021
As of July 16 2021, SEED will no longer earn SEED rewards. The final SEED distribution will take place on or about July 16, 2021. This will account for all accumulated SEED rewards since the most recent distribution. After that, no more SEED will be earned or minted.
It is time for SEED to get an UPgrade to UNFI and UP!
The Sesameseed community can join the flourishing Unifi community by transitioning from SEED holders to UP and UNFI holders. Sesameseed is pleased to inform all SEED holders they have the opportunity to upgrade their SEED into UNFI and UP. UNFI is the Global Governance token of the Unifi Protocol multi-chain ecosystem. UP is the utility token of Unifi Protocol.
A critical step for converting SEED to UNFI and UP will involve a snapshot of all SEED tokens on all supported blockchains on August 1, 2021. The SEED snapshot will capture the number and address of all SEED tokens and all blockchains. The conversion process will rely heavily on which blockchain a holder’s SEED is on, and the address SEED is in at the time of the SEED snapshot. This snapshot will be a very important event in the SEED to UNFI and UP conversion process and will be the guide for the rest of the process.
After the snapshot, SEED holders will be able to migrate their SEED to UNFI. This will likely include sending their SEED tokens to an address to be burned, and receiving the UNFI tokens from the redeem value for each SEED. (Additional details to come in future announcements)
SEED Holders get access to the UNFI token’s exclusive features and rewards
The UNFI in SEED’s redeem value will be made claimable on Binance Smart Chain.
SEED holders who convert to UNFI and UP gain access to Unifi’s features and rewards that are exclusively reserved for UNFI holders. Most UNFI features are even more rewarding to early participants. So once SEED holders receive their UNFI, it is a great time to participate in UNFI’s exclusive features.
1. UNFI tokens provide access to some of the best staking rewards anywhere. As of this writing, UNFI staking has historically yielded about 36% APR.
2. UNFI is the Global Governance token for the entire multi-chain Unifi Protocol. UNFI holders can create and vote on community referendums as well as respond to UNFI core referendums on Protocol development. UNFI holders govern the Protocol and is how Unifi recognizes and listens to its community.
3. Unifi Super Pairs are only accessible to UNFI holders. UNFI Super Pairs farm liquidity provider rewards from the volume of the Super Pair, and a bonus percentage of UP minted by trading fees from all pools on that blockchain.
And SEED holders can get some UP too !
The native token redeem value of SEED will be converted into UP on the SEED holder’s blockchain of choice. SEED holders can choose which blockchain they want to receive UP on by swapping their SEED to that blockchain before the snapshot.
UP was designed with some of the same principles of SEED, but without any of its limitations. Each Unifi-supported blockchain has its own designated base token in which the fees are collected. UP is automatically minted by smart contract on multiple blockchains and backed by the base token fees generated by the Unifi Protocol on each chain. UP is claimable and redeemable as soon as it is earned. A portion of the fees are used to increase the redeem value every time new UP is minted, so UP has a redeem value that can never go down. That’s why it’s called “UP.”
UP can be redeemed through a permissionless smart contract at any time, or by using the uTrade platform.
SEED holders have to make choices and take action!
The SEED to UP conversion is OPTIONAL, but some type of action is required by ALL SEED holders. SEED holders who do not wish to UPgrade their SEED to UNFI and UP should redeem their SEED through the existing process on Sprout. This redeem feature will be supported through July 31, 2021.
Now is the time to prepare for the SEED snapshot
There will be a SEED snapshot taken of all SEED on all blockchains on August 1, 2021.
SEED MUST be in a blockchain address where you hold the private key at the time of the snapshot. SEED should not provided as liquidity on any decentralized exchange, on deposit at a centralized exchange, or inside a smart contract at the time of the snapshot. For any decentralized exchange, such as uTrade, liquidity providers should withdraw liquidity to their private wallet. For any centralized exchange, users should withdraw SEED off the exchange into their private wallet.
After the SEED snapshot, SEED will no longer be redeemable through Sprout. At that time, SEED will only have value through the SEED to UNFI and UP conversion process.
This may include the option to swap SEED to Unifi blockchains where SEED does not currently exist, such as Binance Smart Chain. It is imperative all SEED is swapped to an individual’s preferred blockchain or sent to preferred addresses before the snapshot. Furthermore, SEED holders who participate earlier in the process will benefit more than others who delay.
The SEED to UP conversion process will rely heavily on which blockchain your SEED is on and in which address your SEED is in at the time of the SEED snapshot. This may include the option to swap SEED to Unifi blockchains where SEED does not currently exist, such as Binance Smart Chain. It is critical that all SEED are swapped to an individual’s preferred blockchain and sent to user’s preferred addresses before the snapshot. Due to the tokenomics of UP, SEED holders who participate earlier in the conversion process will benefit more than SEED holders who delay. Additional details that will be helpful in decision making will be released in another article after the opportunity for community input.
How to join the Unifi Community and convert SEED to UNFI and UP
There will be a 4 Phase Transition Plan in which SEED holders will have the opportunity to convert the redeem value of SEED into UNFI and UP tokens.
Overview of the 4 Phase SEED to UNFI and UP Transition Plan
Phase 1: July 16, 2021 — July 31, 2021
Phase 1 begins with the switching of Sesameseed nodes to Unifi nodes, and the final minting and distribution of SEED rewards to SEED holders and native token stakers.
As of July 16, SEED will no longer earn rewards. Staking rewards earned by native token stakers must be manually claimed using each blockchain’s specific built-in claims process.
During this phase, all SEED holders should be watching for announcements and preparing for Phase 2, which begins with a SEED snapshot on August 1, 2021. The snapshot will record a precise accounting of every SEED token balance on every supported blockchain.
Do not buy SEED after the snapshot. Sesameseed is not responsible for any loss of funds due to trading or even moving SEED between addresses after July 31, 2021.
SEED redeems are available through the existing process on Sprout throughout the entirety of Phase 1. The deadline for SEED swaps and redeems is July 31, 2021. Please ensure sufficient time for SEED swaps to be completed before August 1, 2021. Last minute swaps may not be completed in time and those SEED will not be included in the snapshot, which will have serious consequences in Phase 2.
Phase 2: Begins August 1, 2021
Phase 2 begins with a SEED Snapshot on August 1, 2021.
SEED migration where UNFI becomes available. (More information to come in future announcements.)
Phase 3: September 2021
Sesameseed will cease to operate. SEED will no longer be supported and will no longer be redeemable.
Phase 4: Date TBA
UP is provided by Unifi as a blockchain staking reward for staking its nodes. Phase 4 may start prior to the end of other phases.
More details on Phases 2–4 will be released in another article after community feedback. Community feedback will be registered during the final Sesameseed Community Meetup on July 16, 2021.
The SEED to UNFI and UP conversion process will be discussed at an upcoming virtual Community Meetup to be hosted on Friday, July 16, 2021 by Sesameseed co-founder, Juliun Brabon.
Sesameseed strongly encourages all SEED holders to attend and input their opinion on how best to accomplish the SEED to UNFI and UP conversion. Those who can not make the meeting are welcome to provide feedback through any of Sesameseed’s social media. After this valuable community feedback has been registered, Sesameseed will release the details of the 4 Phase Transition Plan and how SEED holders can become UNFI and UP holders and join the Unifi community.
Key Terms and information:
SEED contract address on Binance Smart Chain — 0xA433A20A30670B56861Bab29bEE5c5F1C7AedF70
Redeem — Burning SEED token and receiving the native tokens backing each SEED in exchange. This action is performed exclusively through Sprout and once performed, precludes any further swaps, claims, or migrations to be made. This feature ends July 31, 2021.
Swap — Converting SEED on one blockchain to SEED on another in a 1:1 ratio, performed exclusively through Sprout. This feature ends July 31, 2021.
Migrate SEED — Only available after August 1, 2021 — Sending SEED token to an address to be burned, and receiving the UNFI tokens from the redeem value for each SEED. (Additional details to come in future announcements)
Claim — SEED holders will be able to claim UP tokens on the uTrade website from any blockchain address which had a balance of SEED at the time of the snapshot.
Questions about the SEED to UNFI and UP conversion?
The most active social media channel for the Sesameseed community of SEED holders is Telegram. For further discussion on the Unifi acquisition and conversion from SEED to UP, please visit the Sesameseed community Telegram channel.
Questions about Unifi Protocol, UNFI, or UP?
Learn more about Unifi on their website or by reading the Unifi Medium. You can also join Unifi’s social media to ensure you have the latest information on the SEED to UNFI and UP conversion as well as continued blockchain staking rewards. Unifi Telegram Unifi Twitter Unifi Reddit .
The information in this article may be updated, without notice, to reflect the most current information in this dynamic and evolving process. All information is subject to being superceded by future announcements. Join Unifi and Sesameseed’s social media to ensure you are up-to-date on the most current information.
