UNFI Migration #6
A fixed amount of UNFI available for each blockchain.
- Migration #6 will open on May 24th, 2021 and close on May 28, 2021.
- There will be 2000 UNFI available for this migration.
- The UP to UNFI ratio will be discovered based on a fixed amount of UNFI allocated to UP from each blockchain.
- Each UP to UNFI migration is unique. Potential migration participants should read and understand this entire document, all terms, conditions, and attachments before proceeding. Participating incorrectly or violating the terms and conditions can cause a loss of tokens.
Migration Series launched in response to UNFI referendum vote
In April, Unifi posted its first Core Referendum to be voted on by UNFI holders. The topic of the referendum was UP to UNFI migration. Migration is a critical part of the Unifi ecosystem as it allows liquidity providers on Unifi blockchains to participate in Unifi’s Global Governance Model (GGM).
With information gained in the Core Referendum, Unifi began a series of UP to UNFI migrations. Each migration in this series will test out different styles or processes of migration that have been suggested by the community. The style for migration #7 will be decided by the outcome of a UNFI Core Referendum vote — open for voting right now! Information gathered from this entire migration series will be used to refine the migration process, with the guidance of the GGM.
What is migration?
Migration is the process of sending UP tokens to the Unifi Protocol. Those UP tokens are then burned. Based on the details of that specific migration, participants are then allowed to claim an amount of UNFI tokens.
Unifi would like to remind the community that not all migrations will have the same process. Each migration is an individual event and participants should ensure they are aware of all details prior to participation. Unifi — as well as community members via Referendums — will be proposing and evaluating effective methods of migration that appeal to a diverse community. A variety of options for migrating UP to UNFI is a benefit to the Unifi ecosystem.
Why is migration needed?
UP is the blockchain-specific liquidity farming token earned as a reward for liquidity providers. UP earned can then be migrated to UNFI to give access to the UNFI Proof of Stake ecosystem. This includes UNFI holders having a meaningful voice in the GGM and earning UNFI staking rewards.
More on the differences between UP and UNFI can be found on Unifi’s Medium, or in this article on Tokens of the Unifi Ecosystem.
What are the steps to participate?
In the Migration dashboard, input how much UP is to be contributed into the migration process. Provide the Ethereum address where you will want to claim the UNFI. Participants will be able to claim their UNFI at https://gov.unifiprotocol.com using the ETH address they had submitted. The user must have an Ethereum wallet that is compatible with Unifi (such as MathWallet or MetaMask) that can access and transact with that address using the private key. Information on supported wallets can be found here.
Note: UNFI will need to be claimed using that address and will not be automatically distributed. ETH will be required to cover the Ethereum network cost of claiming the UNFI.
If a participant attempts to contribute UP after the event is closed, the UP will remain in their wallet. This may still trigger a transaction fee to be charged by the blockchain. Therefore participants are encouraged to participate early in the event.
UNFI will be claimable after the close of the event and the results are processed. Efforts are made to make UNFI claimable promptly, however no claim date is promised. An announcement will be made when the UNFI is claimable on Unifi’s social media outlets. All participants are encouraged to join Unifi’s social media to ensure they have the latest information on all migrations.
How will migration #6 work?
Starting on May 24, 2021, UP holders will go to https://unifiprotocol.com/ and select the blockchain on which their UP tokens reside. In the UP tab of the uTrade app, there will be an option for UP to UNFI Migration. Ensure the wallet address with the UP tokens is connected to uTrade.
The event will conclude on May 28, 2021. No exact open and close times for migration are being announced. Those that wish to participate are encouraged not to wait until the end of the given time period.
How is the ratio of UP to UNFI discovered?
The following data was used in the determination of UNFI allocated to each blockchain. The data is from Unifi.Report and was current on May 16, 2021. All numbers rounded. Blockchain allocations adjusted for ease of user token claiming.
The amount of UNFI allocated to each blockchain is in proportion to the redeem USDEV for each chain’s UP, compared to the overall redeem USDEV of UP tokens from all blockchains combined.
The following data shows the UP redeem USDEV per chain, the percentage of total combined UP Redeem USDEV for that blockchain, and the amount of UNFI allocated based on that percentage.
- BSC UPbnb - $847,038 - 33.68% - 673 UNFI allocated
- Tron UPtrx -$783,150 - 31.15% - 623 UNFI allocated
- Ontology UPontd - $426,250 - 16.95% - 339 UNFI allocated
- Ethereum UPeth - $237,539 - 9.44% - 189 UNFI allocated
- Harmony UPone - $156,930 - 6.24% - 125 UNFI allocated
- Icon UPicx - $57,235 - 2.3% - 49 UNFI allocated
- IoTeX UPiotx - $6118 - 0.24% - 2 UNFI allocated
- Total of all chains combined UP Redeem USDEV - $2,514,260
The amount of UNFI allocated to each blockchain will be split among those who migrate UP from that blockchain. The amount of UNFI claimable by each address will be in proportion to the percentage of the total of that blockchain’s UP migrated by that address.
We will only be looking at BSC in this example for simplicity. As shown above, BSC has 673 UNFI available for claim in this migration.
We will assume the total amount of UPbnb migrated from all BSC addresses in this example is 10 UPbnb. One of the migration participants migrates 3 UPbnb. 3 UPbnb are 30% of the total UPbnb contributed to migration. The participant that contributed 3 UPbnb could claim 30% of the UNFI allocated to BSC. 30% of 673 = 201.9 UNFI for the participant to claim.
User errors which could cause a loss of UP and/or UNFI:
1. UNFI for this event will be claimable as an ERC20 token on Ethereum. The participant must provide a valid Ethereum address where they can receive and interact with ERC20 tokens like UNFI. Providing a Binance Smart Chain address, or address from any other blockchain, could cause a loss of UP and/or UNFI. Unifi does not confirm or check addresses supplied. Invalid addresses (including those with an extra space in the address) will cause a loss of UP and/or UNFI.
2. Incorrectly inputting the Ethereum address to receive UNFI. Be careful for typos and missing/additional characters (including extra spaces).
3. The user must have the private key to the Ethereum address where the UNFI is claimable. DO NOT use an Ethereum address of an exchange wallet.
Terms and Conditions
The migration process is still a beta utility and no result is guaranteed. Migrations and their details or conditions can vary. All participants should be certain they have read and understand the entire announcement prior to participating. The UP migration process is not reversible. All UP deposited into the migration will be burned. There is no way to reverse the migration process and no refunds are possible for any reason. Unifi can not retrieve UNFI made claimable at an address where the user does not hold the private key. UNFI requested to be made claimable at an invalid Ethereum address will be forfeit. Unifi is not responsible for any loss associated with the UP migration process, regardless of cause. Migrating UP to UNFI is a voluntary action taken upon by the UP token holder, and the UP token holder assumes all associated risk of token loss.
The migration process is dynamic and governed by market forces. No ratio of UP to UNFI is suggested, implied, or guaranteed. The final ratio of UP to UNFI will be determined following the close of the migration period. UNFI will be available for claim after the migration process has closed.
Unifi Protocol and uTrade can be found at https://www.unifiprotocol.com.
Stake UNFI, earn rewards, and be part of the Global Unifi Protocol DAO governance. https://gov.unifiprotocol.com/my-dashboard.
Be a part of developing Unifi Protocol DAO’s UNFI’s Global Governance Model (GGM). Join the conversation on Unifi’s Reddit
Communications from Unifi are subject to Unifi’s standard terms and conditions, which can be found here.