This article summarizes the recent accomplishments made by the community, and dives into what is next for the Unicly protocol.
Recap
Over the last few weeks, the Unicly community really came together to power the fair launch of UNIC.
The following is a brief summary of events and accomplishments:
- Partnerships: The Unicly community partnered with Upshot to appraise the whitelisted collections. Thank you to everyone that participated! We also partnered with Polygon, who will help us get Unicly on Polygon in the near future.
- UNIC Launch: We started liquidity mining on May 18th (less than 2 weeks ago). Time flies!
- New Tools: Viewblock built a data and price charts tool for Unicly (dex.viewblock.io/unicly).
- All-time-high liquidity: Unicly reached $55M TVL, the highest out of any NFT fractionalization protocol.
- Integrations: DeFi Llama and Coingecko integrated Unicly’s TVL data. Coinmarketcap listed UNIC. vfat.tools integrated the UNIC farm.
- Governance: The Unicly community had its first governance vote with the UNIC token. The proposal was to increase the UNIC-ETH pool reward weighting from 2.11% to 5%, and it passed with overwhelming support.
- Stats: UNIC liquidity exceeded $4M! The APR for most liquidity mining pools remains between 500–1000%.
- Traction and Growth: Unicly had the highest user growth in May among ALL Ethereum DApps at +226%, according to DappRadar.
- New uToken Collections: There are a number of new uTokens that are being created (or have already been created) since the launch of UNIC. These include uAPE, uFEWO, uSUB, uSPACE, and more. We expect there to be a lot more uTokens coming each month!
What’s next?
Our goals are as follows:
- Attract new uToken collections continuously.
This brings Unicly a steady stream of users from each uToken’s own NFT community. It also increases TVL and volume of the protocol, which benefits UNIC, helping the whole ecosystem.
We want Unicly to become the most liquid marketplace for NFTs long term, and we want there to be a uToken for every major NFT line. - Make strategic partnerships with more DeFi and NFT projects.
Through fractionalization, Unicly bridges the gap between the world of DeFi and NFTs. There are a lot of features waiting to be built, and Unicly can be a part of a major movement between the two worlds. This could include lending, for example, using uTokens as collateral.
Partnerships also help Unicly tap into more communities, and grow the protocol’s reach over time. - Fractionalized Financial NFTs
As we can see with Uniswap v3’s LP NFTs, NFTs are now being used as financial instruments instead of just for art and collectibles. Unicly aims to fractionalize all types of NFT assets. While growing TVL exponentially with just art-based NFTs is difficult, doing so with fractionalized financial NFTs could grow the platform massively.
Another interesting application could be to create secondary collections or uToken indices by wrapping existing uTokens into NFTs and then re-fractionalizing them in a collection. - Layer 2 Integration
Several community members want Unicly to be on layer 2 solutions so that they can use the protocol with minimal fees and better user experience. We are working on building a layer 2 integration that doesn’t take away from Unicly on Ethereum, but shares and increases the overall value of the protocol globally. - More utility for UNIC
This is something that we need to discuss and figure out as a community. We definitely want there to be more utility for the UNIC token being added.
The Roadmap
Based on the goals above, here is what the roadmap for the rest of 2021 with Unicly looks like:
Q2 2021
- Fractionalized Financial NFTs
- Point farming
- More uToken collections & partnerships!
Q3 2021
- Lending & borrowing via uTokens
- Layer 2 integration (Polygon, BSC)
- More uToken collections & partnerships!
Q4 2021
- Unicly v2 — full upgrade to the protocol
- More uToken collections & partnerships!
What is point farming?
“Point farming” was an idea presented by 0xb1 recently, and I believe it’s a great way to create an alternative farm that can incentivize all pools (including non-whitelisted) to farm rewards.
In a nutshell, it would allow users to liquidity mine “points” for each uToken pool. The uToken’s creator(s) would be able to add NFTs, or tokens, as rewards, and configure the number of points needed to redeem these rewards. Users would then be able to redeem rewards for their pools once they have accumulated enough points.
This incentivizes more liquidity for pools that have not been whitelisted by the community for UNIC liquidity mining. As more and more quality uTokens get created, it will get very competitive to get whitelisted as a new uToken. UNIC will get more scarce, but point farming will provide alternative ways to keep incentives aligned, and benefit the protocol overall.
There will be a more detailed write-up for this feature soon.
How will lending & borrowing with uTokens work?
Some of our community members are working on building a solution in partnership with another DeFi protocol. We’ll be announcing the plans with the whole community as soon as it’s available.
