UNFI Binance Smart Chain Staking Event

Unifi Protocol
Nov 18, 2020 · 3 min read

Mine UNFI with UNFI — Earn more UNFI every 3 seconds

Image for post
Image for post

UNFI is the one DeFi Global Governance token that issues rewards through its unique Proof of Stake Global Governance Model. Staking UNFI is rewarding!

Unifi is partnering with Binance Smart Chain for a special UNFI staking and mining event. 25,000 UNFI will be mined by staking UNFI within the provide liquidty section of the uTrade app on BSC. There is a special interface to view information on this UNFI staking event.

During the event, staked UNFI will mine a share of the entire pool of 25,000 UNFI staking rewards for each block it is staked. The reward per block will be shared equally by the total number of UNFI staked during that block. On Binance Smart Chain, each block is ~3 seconds!

UNFI earned during this event will be claimable during the event, and can be restaked to compound the staking reward. UNFI staked during this special event will remain staked until the promotion ends. This event will end soon enough to allow participants to join the Proof of Stake Global Governance Model and continue to earn more UNFI through staking!

In order to participate in this event, UNFI tokens must be BEP20 tokens on the Binance Smart Chain.

UNFI tokens mined from Binance Launchpool or purchased on Binance Exchange will need to be withdrawn to a BSC address. To withdraw UNFI to Binance Smart Chain, go to the wallet tab of https://www.binance.com. Click the withdraw button. Select UNFI from the drop down menu as the token to be withdrawn. Enter the Binance Smart Chain blockchain address where you want to receive the UNFI. Be sure this address is associated with a Unifi supported wallet, such as Metamask or Mathwallet. Information on supported wallets can be found here.

Important: Be sure to select Binance Smart Chain BEP20 as the transfer network. Do NOT select Binance Chain BEP2. Then enter the amount of UNFI to withdraw and proceed.

UNFI claimed on Binance Smart Chain during the initial UP migration event can also be staked to mine even more UNFI!

At this point, the BEP20 UNFI tokens are in a BSC address in a wallet that is supported by Unifi. Follow these steps to stake UNFI and start mining more UNFI every block!

  1. Go to https://unifiprotocol.com
  2. Scroll down to the blockchain selection area and click the “Add liquidity” button next to Binance Smart Chain.
  3. After the uTrade app opens, ensure you are connected to the supported BSC wallet which contains the UNFI.
  4. Select the “Stake UNFI” option.
  5. Input the amount of UNFI to stake and click Submit. Staked UNFI will begin earning staking rewards every block, or approximately every 3 seconds!

This special staking event will start within hours of UNFI listing on Binance Exchange. It will end on or about January 1, 2021. The end of this event will be part of the launch of the UNFI Global Governance Model and precede the election of the first Community Council Representatives.

Unifi Protocol’s website can be found at https://www.unifiprotocol.com/. You can also connect to the Unifi community on Telegram, Twitter, or Medium. Developers — check out our bounty list to develop on the Unifi Protocol at https://gitcoin.co/issue/sesame-seed/Quest/1/100023698

Unifi Protocol

Unifi Protocol

Written by

Incentivizing community participation in DeFi economies across multiple blockchains | Earn $UP

unifiprotocol

Unifi Protocol incentivizes community participation in DeFi economies across multiple blockchains. Earn UP.

Unifi Protocol

Written by

Incentivizing community participation in DeFi economies across multiple blockchains | Earn $UP

unifiprotocol

Unifi Protocol incentivizes community participation in DeFi economies across multiple blockchains. Earn UP.

Medium is an open platform where 170 million readers come to find insightful and dynamic thinking. Here, expert and undiscovered voices alike dive into the heart of any topic and bring new ideas to the surface. Learn more

Follow the writers, publications, and topics that matter to you, and you’ll see them on your homepage and in your inbox. Explore

If you have a story to tell, knowledge to share, or a perspective to offer — welcome home. It’s easy and free to post your thinking on any topic. Write on Medium

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store