tldr;
- Emission rates have decreased by 67% — max supply of UNIC is down to approximately 550,000 from 1,000,000. Emission rates may decrease further over time.
This is effectively the same as burning 45% of all future supply. - Unicly v2 is on the horizon. A whole new approach to fractionalization + complete UI/UX overhaul is coming!
Looking back
Since our fair launch in April, we have seen millions of dollars worth of NFT get fractionalized, traded, and bought out through Unicly.
It has been amazing to see so many top quality NFTs go through the platform in such a short period of time. We have also built a strong community of people that care about the long term success of the protocol.
For example, we have teams of community developers who are currently building out new features through ecosystem faucet grants. We also have the community helping us shape the best way to balance UNIC rewards in order to incentivize users on Unicly.
Blockchain Capital, Animoca Brands, and Ascensive Assets purchased vested UNIC tokens. They will be long term supporters of the Unicly ecosystem and help govern and boost our ecosystem.
Most recently, the UNIC governance token was listed on top tier exchanges including Huobi and Kucoin. This has made it easier for people from all over the world to access the token, and increase liquidity across the board.
https://www.kucoin.com/news/en-unic-gets-listed-on-kucoin?utm_source=UNIC
Moving forward
- Unicly v2
We have been building out Unicly v2 together with the community developers. We are currently in testing phases, and will hopefully be able to roll v2 out by the end of the year.
v2 will introduce a whole new approach to fractionalization. Instead of forcing vaults to be unlocked all at once, individual NFTs will be able to get auctioned off at any time. Proceeds from the sales will be held by the vault, but fraction holders will be able to redeem their share of ETH by burning their fractions at any time via the “Rage Quit Clause”.
This approach will allows a lot more flexibility for fractional holders and vault creators, since NFTs won’t be locked up for such long periods of time. It also allows for more room for arbitrage between the market cap of NFT fractions vs. the NAV of the vault (plus the ETH from any NFT sales made by the vault) at any given time.
Furthermore, we will introduce proxy transactions (available via on-chain vote by fraction holders). This gives more flexibility for DAOs/guilds to manage their assets on Unicly, and allows fraction holders to claim airdrops with their NFTs (e.g. Meebits with Punks, BAKC and MAYC with BAYC, BOTTO, etc). - Complete UI/UX overhaul
With v2, we are working to simplify the UI several levels so that the platform feels more like an NFT marketplace than a complex DeFi protocol. - Changes to tokenomics
As shown in the docs, most of the UNIC emissions have been going to incentivizing liquidity providers for whitelisted collections.
While high farming rewards were necessary in order to attract users and fractionalization on Unicly early on, the rewards have been too high to sustain. Whitelisted fractions on Unicly are already very liquid, and there is actually no reason for some of the lower market cap collections to have so much liquidity. Therefore, we have slashed emission rates by 67%. This has decreased max supply of UNIC to 550,000 from 1,000,000. The new FDV will be reflected on Coingecko soon.
On the other hand, there are little incentives for the demand side — trading the fractions themselves. With Unicly v2, we will be allocating some % of supply to incentivize market makers and traders who push large volumes to help arbitrage and price the fractions better.
Finally, we will directly incentivize users that fractionalize on Unicly better by whitelisting top quality NFT contracts and rewarding those that fractonalize NFTs that are part of the whitelist. We will ask the community for their insight on which NFTs should be included in this whitelist.
