Apr 5, 2022
Don’t wrap! Bridge your Crypto Funds with Ease using Unifi Protocol’s Cross-Chain uBridge
From multi-chain to cross-chain, a new era utilizing the power of UNFI
Fun fact —
Our CEO, Juliun Brabon, wanted to name our cross-chain bridge “Palantír” after the Seeing-stones of Tolkien lore, which could communicate with each other across all the realms.
We said “uhhh…No.”
For more information on Tolkien stuff, we recommend a trip to New Zealand. But if you want to learn more about uBridge, Unifi Protocol’s uniquely simple, multi-chain bridging solution debuting with UNFI support, keep reading!
What You Need to Know:
- uBridge has been audited and has launched on nearly all Unifi-supported (EVM compatible) blockchains at the same time. Note: Tron blockchain will be made available in the near future.
- For now, you can only bridge UNFI to and from any supported blockchains. More tokens may be supported in the future.
- Send your UNFI on the origin chain, and receive the same amount of UNFI in your wallet on the destination chain.
- This bridge does not use wrapped tokens. You will receive native UNFI on whichever chain you’ve selected to bridge. As a result, bridging UNFI will not increase the total circulating supply.
- Bridge to any address on any supported blockchain!
- More information on UNFI Super Pair Rewards will be released at a later date.
Fees:
Fees are used to cover the gas costs for receiving the bridged asset directly into your wallet on the destination chain. Fees are paid in the native token of the origin chain, and are typically nominal (~$1) unless bridging to Ethereum.
- If you are bridging from Ethereum to another chain, there is no fee! We cover your gas costs on the destination chain.
- The fee will be displayed before you submit the transaction.
How Does it Work?
uBridge is deployed on each blockchain. When a transaction is initiated on the origin chain, this event triggers uBridge on the destination chain to cryptographically verify its authenticity and then complete the transaction. All of this is happening automatically under the hood in one convenient platform, so all you need to do is visit ubridge.unifiprotocol.com to start bridging!
Bridge from chain to chain to your heart’s content — you will always receive native UNFI on the blockchain of your choice.
The bridging of UNFI across blockchains does NOT use wrapped tokens. This is unique in the world of crypto bridges. As an example of a wrapped token, Bitcoin is bridged to Ethereum as wrapped Bitcoin (WBTC). uBridge sends authentic UNFI straight to your wallet on the destination blockchain, as a native token — not wrapped. The problem with wrapped tokens is their limited utility, since bridging from chain to chain just adds more and more layers of wrapping. You never end up with a native token this way, and this severely limits your opportunities on any blockchain. If you wanted to get back the native version of the token, you’d have to unwrap each layer, blockchain by blockchain, in precisely the correct order in reverse. What a waste of time and fees! uBridge removes all those obstacles by always offering unwrapped UNFI. Bridge from chain to chain to your heart’s content — you will always receive native UNFI on the blockchain of your choice. You’re welcome.
Liquidity
During a swap, the UNFI gets deposited as liquidity on the origin chain, and an equal amount of UNFI is withdrawn from the liquidity pool on the destination chain. There must be enough liquidity on the destination chain to complete the transaction. The circulating supply of UNFI remains the same. Liquidity for uBridge is currently being funded by Unifi Protocol. Stay tuned for when uBridge LP rewards come online!
uBridge Ushers in the Next Frontier for Unifi Protocol
Unifi Protocol is currently operating products and services on 11 blockchains, with more being continuously added. Trade on uTrade or stake for the best yield on uStake. uBridge is the next piece in the puzzle that officially transitions Unifi Protocol from being multi-chain to a cross-chain ecosystem, with UNFI as its governance token.
uBridge is critical infrastructure to the Unifi Protocol ecosystem and any future developments, so continual upgrades and improvements will be deployed.
Please note at this time, centralized exchanges are only accepting UNFI deposits on Ethereum and/or BNB Smart Chain. Always verify before sending your tokens.
UNFI Super Pairs
UNFI token holders get exclusive access to UNFI Super Pairs. On each uTrade V2 blockchain, there will be a UNFI Super Pair. UNFI Super Pairs earn UP rewards from the volume of the Super Pair, and a bonus percentage of all UP minted by trading fees from all pools on that blockchain (Super Pair Rewards).
UP from Super Pair Rewards have been accumulating from all trading fees on uTrade V2 blockchains and stored until UNFI is available on those chains. With the launch of uBridge comes the ability to bridge UNFI to these blockchains to deposit as liquidity into Super Pairs. The Unifi team will provide another update soon with information about the bonus Super Pair Rewards. For now, they will continue to accumulate.
About Unifi Protocol
Unifi Protocol creates innovative and straightforward solutions for Web3 applications. Since 2018 the Unifi team has been bringing groundbreaking blockchain products to market, beginning as a volunteer team with a vision for a decentralized future. This legacy of forward-thinking innovation is the foundation of Unifi Protocol, now an established company at the forefront of Web3 technology.
Website | Twitter | Telegram | Reddit | YouTube | Governance
Stake UNFI, earn rewards and be part of the Global Unifi Protocol DAO governance. https://gov.unifiprotocol.com/my-dashboard.
For additional information on forming partnerships, developing on the Unifi Protocol, or using Unifi Protocol to support your project’s goals, email us! contact@unifiprotocol.com
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