Unifi creates the first blended DeFi and blockchain staking ecosystem with the launch of uStake
Unifi acquires 6 operating nodes, converts $8.5M marketcap SEED token to UNIFI and UP, and gains $1M in project acceleration funds
Key points -
- Introducing — uStake ! Unifi’s blockchain staking platform.
- Unifi is the first DeFi protocol to create a blended ecosystem. Stakers, liquidity providers, lenders, and other platforms align behind common goals, and share a single tokenomics structure.
- Unifi has acquired the assets of multi-chain staking provider Sesameseed. Unifi will rebrand those nodes and operate 6 blockchain nodes. These nodes combined currently have approximately $13.1M in blockchain assets staked to them.
- Unifi’s nodes will feed directly into the Unifi token economy.
- Unifi’s token economy will absorb the $8.5M SEED token marketcap.
- Unifi gains approximately $1 Million in project accelerator funds to incentivize growth and development on Unifi Protocol.
- uStake enables additional nodes to be easily added to the Unifi Protocol, paving the way for upcoming new blockchain partnerships.
- This acquisition demonstrates Unifi’s solid position in the blockchain space, and paves the way for future acquisitions. Unifi is not dependent on market conditions to continue operations and expansion.
Unifi to offer blockchain node staking as a part of its DeFi services — introducing uStake
Unifi Protocol is proud to be the first DeFi platform to integrate blockchain node staking rewards into its ecosystem. Blockchain validation is a huge industry and projected to grow substantially larger as Ethereum and other cryptocurrencies adopt Proof of Stake as a security mechanism.
Unifi Protocol acquires the assets of multi-chain staking provider Sesameseed
The rapid development of uStake was made possible by Unifi acquiring the assets of multi-chain staking provider Sesameseed. Started in 2018, Sesameseed created one of the largest and longest lasting multi-chain cryptocurrency communities. With this acquisition, a majority of the Sesameseed team will now join the Unifi team. This provides Unifi with expertise in operating blockchain nodes, managing a multi-chain staking community, smart contract development, blockchain integration with social media, multi-chain wallet creation, cross-chain token swaps, project acceleration, and grants application and administration.
Introducing uStake
Effective July 16, 2021 Unifi will gain and operate blockchain nodes on IoTeX, Icon, Ontology, Harmony, Tron and Waves. These 6 nodes currently have a combined stake of approximately $13.1M staked to them by over 250,000 blockchain addresses. These nodes will be rebranded to reflect their operation by Unifi Protocol.
Unifi nodes will earn rewards in the form of native tokens on blockchains that support this. Currently these would include IoTeX, Icon, Ontology, Harmony, Tron and Waves. Current stakers to any Sesameseed node do NOT need to take any action to continue staking and earn native token rewards from the Unifi node. Stakers will claim their rewards through the respective blockchain’s native rewards systems.
Unifi anticipates generating approximately $3000 in blockchain assets per day from its new nodes. Initially these rewards will be rewarded to stakers in blockchain native tokens. As uStake is further developed, Unifi nodes will feed directly into the Unifi Protocol ecosystem with stakers able to claim their rewards as UP. UP is the Unifi Protocol’s utility token, and the gateway to the Unifi token economy. Each time new UP is minted, UP’s redeem value increases. The potential of this additional UP minting stream from node rewards would have a beneficial effect on the redeem value of UP on any chain offering this feature
Staking rewards claimed as UP unifies the interests of stakers with liquidity providers and other projects or services built on Unifi. It also shows the versatility of the Unifi token economy, and paves the way for other platforms to join the Protocol and mint UP.
Other benefits to Unifi and UNIFI holders
Unifi has also obtained the approximately $1 Million SEEDGerminator developer fund. This fund will be used by Unifi to create and accelerate future development on the Unifi Protocol.
Part of Unifi’s acquisition plan includes a special 4 phase event to convert the approximately $8.5M of blockchain assets stored in the SEED token’s redeem value into UNIFI and UP. The plan will include an UP mint rate and contribution to the UNIFI Super Pair. Once details are finalized, the plan will be submitted as a core referendum to the UNIFI GGM for final approval.
Overview of the 4 Phase SEED to UNIFI and UP Transition Plan
(All dates in Pacific Time.)
Phase 1: July 16, 2021 — July 31, 2021
Phase 1 will include the rebranding of Sesameseed nodes to Unifi nodes. uStake is launched. Unifi nodes will be set to provide 100% rewards to the staker. Staking rewards will be manually claimed using each blockchain’s specific native claims process.
Phase 2: Begins August 1, 2021
At the rate approved by UNIFI holders, SEED holders will be allowed to mint UP with the base tokens stored in the redeem value of SEED.
A SEED migration will be held where SEED holders can claim the UNIFI that was stored in SEED’s redeem value.
Phase 3: September 2021
The SEED to UNIFI and UP event ends.
Phase 4: Date TBA
UP is provided by Unifi as a blockchain staking reward. Phase 4 may start prior to the end of other phases.
Unifi Protocol is thriving
Unifi Protocol’s team is strong and working to ensure it has the systems and resources needed to stay adaptable in the ever-changing blockchain space. Unifi continues to look into the future towards other acquisition opportunities that may be present during an unstable market. Unifi is uniquely poised to be the leader in blended DeFi ecosystems where staking, DeFi, lending, and other blockchain services can all be aligned with common goals.
Background — Unifi Protocol DAO — (UNIFI)
Unifi Protocol DAO (UNIFI) is a Binance Launchpool Project that currently operates the AMM uTrade on 7 blockchains. uTrade currently operates on Ethereum, Binance Smart Chain, IoTeX, Ontology, Harmony, Icon, Tron. Unifi has announced the Protocol will expand to additional blockchains and introduce other DeFi products such as lending and PoS blockchain node staking.
If you are a SEED holder and have questions about the SEED to UNIFI and UP conversion
The most active social media channel for the Sesameseed community of SEED holders is Telegram. For further discussion on the Unifi acquisition and conversion from SEED to UP, please visit the Sesameseed community Telegram channel.
t.me/SesameseedOrg
If you have questions about Unifi Protocol, UNIFI, or UP?
Learn more about Unifi on our website or by reading the Unifi Medium. You can also join Unifi’s social media to ensure you have the latest information on the SEED to UNIFI and UP conversion as well as continued blockchain staking rewards. Unifi Telegram Unifi Twitter Unifi Reddit .
Unifi Protocol and uTrade can be found at https://www.unifiprotocol.com.
Connect with the Unifi community on Telegram, Twitter, Reddit or Medium.
Stake UNIFI, 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
Communications from Unifi are subject to Unifi’s standard terms and conditions, which can be found here.
