Mar 9, 2021
IoTeX Joins the Unifi Protocol Multi-Chain Community as Blockchain #7
The Unifi Protocol will enrich the IoTeX ecosystem and provide added utility to its native token
Following up on the recent partnership announcement with IoTeX, Unifi is excited to update the community that uTrade, the trading platform built using Unifi Protocol smart contracts, will be live on IoTeX on or about Wednesday, March 10, 2021! Make sure to join Unifi Protocol’s social media channels to ensure you see the notifications on this launch.
Unifi Protocol received a development grant from IoTeX in recognition of the value the Protocol will bring to the blockchain. Having already successfully launched on 6 other blockchains, Unifi will be launching on IoTeX next, with more blockchains in development.
Unifi will connect the existing DeFi token economies on Ethereum, Binance Smart Chain, ICON, Ontology, Tron, and Harmony to the growing token market on IoTeX. The launch of uTrade on IoTeX will demonstrate the full capabilities of the network and further entice on-chain development.
IoTeXers have a great opportunity to participate in the exciting Unifi token economy, which includes UP, a sustainable liquidity farming token, and UNFI, the multi-chain governance token with staking rewards.
uTrade IoTeX
At launch, uTrade on IoTeX will be compatible with the ioPay desktop and mobile wallet. The native token in which all trading fees will be collected is IOTX. This means UP on IoTeX (UPiotx) will be redeemable on-chain for IOTX, and that redeem amount will increase after every trade!
Please visit unifiprotocol.com to see the current redeem value of UP on each blockchain. They all started at a value of 1, but that value increases after every trade on their respective platform.
UPiotx’s redemption value will go ‘UP’ with every trade in every pair on uTrade IoTeX. The effect of UP’s rising redemption value over time on other Unifi blockchains can be seen at Unifi.Report. Information is also available in the Help Center.
Benefits All IOTX Holders
Unifi believes a community of properly incentivized traders and liquidity providers will create a much more rewarding experience for all users of uTrade. But the benefits of the Unifi Protocol extend beyond the trading platform and its users, out to the blockchain itself.
Let’s briefly outline the various ways the Unifi Protocol enhances the IoTeX blockchain and provides value to all IOTX holders.
- The Protocol smart contracts are available for all developers to utilize and build upon, providing more infrastructure to the IoTeX developer community. Development is vital for a blockchain to thrive.
- Increased on-chain transactions, which reinforces the health and security of the network.
- Incentivized liquidity providers lock up an increasing amount of the circulating supply of IOTX in order to mine UP, the revolutionary no-stake liquidity farming token of the Protocol.
- uTrade users are rewarded with a trading bonus in the form of UPiotx after each trade. The longer UP is held, the higher its redeem value becomes, which makes the token a valuable trading rebate.
- Strengthens DeFi on the network, deepening the range of services available on IoTeX through the IOTX token.
The IoTeX blockchain community will see its entire ecosystem enriched from the Unifi Protocol providing the building blocks for the next generation of DeFi development. All IOTX holders can still benefit from the added utility the Unifi Protocol brings to the native token.
