unifiprotocol
Published in

unifiprotocol

Unifi Farms is now live on 6 Blockchains

Provide liquidity, claim rewards. No additional staking needed!

No stake farming — 2 transactions are better than 5

Key points:

  • Unifi Farms is now live on all 6 Unifi Protocol Blockchains
  • Unifi Farms is the first to introduce no-stake farming! Less fees, no extra work, just claim your rewards!
  • Unifi Farms is non-custodial. No stake farming means your liquidity tokens stay in your wallet, under your control, at all times. Even while you earn farming rewards!
  • Unifi Farms will offer bonus rewards to qualified liquidity providers
  • UNFI/BNB on Binance Smart Chain is eligible for bonus rewards during the launch event!
  • Unifi Farms is open for farming now! It’s likely the best bonus farming rewards will be earned by early liquidity providers, so join with those who are already enjoying farming rewards. You won’t want to miss this!

Liquidity providers on uTrade are now earning farming rewards, with no staking required!

Unifi Farms is the debut of the only no-stake farming platform in DeFi. Provide liquidity, then claim your farm rewards. No additional staking of any tokens is necessary to start earning Unifi Farms rewards. No stake farming provides 3 benefits you won’t find anywhere else.

Why is farming without staking so revolutionary?

Network Fees

When it comes to network fees, 2 is better than 5.

Everyone agrees the high network fees on Ethereum have a large impact on the farming rewards earned by liquidity providers. Even on low cost networks such as Binance Smart Chain, the network fee is a cost that reduces the benefit of farming.

To participate in most farms, the user pays at least 5 network fees. First — provide liquidity, second — stake the liquidity token in the farm, third — claim the reward, fourth — unstake the liquidity token, fifth — exchange the liquidity token back into the original liquidity.

Unifi Farms only requires 2 network fees. First — Provide Liquidity, Second — exchange the liquidity token back into liquidity. You can choose to claim Unifi Farm rewards at any time, as often as you like, which does cost an extra network fee. But that is optional with Unifi. You can choose to let the rewards grow until you remove the liquidity, which will automatically claim your rewards with no extra network cost!

Keep more of your farming rewards. Unifi Farms only requires 2 network fees to farm, compared to 5 network fees for other farms.

Security

Are you tired of hearing about all the hacks of DeFi projects? Farms which require staking pose significant security risks once those liquidity tokens leave your wallet. Unifi Farms can not transfer or lose your liquidity token, or even have them stolen in a hack, because your liquidity tokens never leave the security of your wallet.

Convenience

There are no extra steps required to have your liquidity earn even more rewards through farming! Depositing liquidity on Unifi already earns you a share of the trading fees in that pair. With Unifi Farms, that same liquidity will automatically earn even more rewards with no additional staking action needed. This also saves you from transaction fees for staking or unstaking! Saving a network fee is always great on any blockchain, just imagine how much you can save on a blockchain like Ethereum? Your liquidity automatically qualifies for its associated farming rewards. All you have to do is claim it!

It is that simple. Provide liquidity, earn bonus farming rewards. No staking of LP tokens required.

Let’s break it down even more:

  • Deposit liquidity and automatically earn rewards on top of rewards.
  • ZERO transaction fees to start farming — there is no need to stake or unstake any tokens to start earning rewards
  • Security — Unifi Farms never takes possession of your LP tokens. They stay in your wallet the whole time, which means you can claim your UP or withdraw your liquidity at any time. Unifi Farms is non-custodial.

Unifi Farms — Embracing the Multi-Chain Unifi Protocol World

Unifi Protocol has launched Unifi Farms within each version of uTrade. Unifi Farms is now live on all 6 Unifi blockchains. Now Binance Smart Chain, Ethereum, Ontology, Icon, Harmony, and Tron can enjoy all the benefits of no-stake farming.

Unifi Farms will offer two types of rewards

UP rewards — UP rewards will be automatically farmed by every liquidity provider. UP is rewarded to liquidity providers based on the volume of trading in the pair where the liquidity was provided. Once earned, UP’s redeem value continues to go UP based on the total amount of trading fees of all pairs on that blockchain.

Bonus Rewards — Bonus rewards are additional farming rewards provided to liquidity providers. Bonus rewards can have a wide variety of rewards structures, and will be visible on the Unifi Farm page.

Both types of rewards are earned with no-staking of liquidity tokens required. Both rewards can be claimed in one action, by pressing the claim button on Unifi Farms.

The Unifi Farms Launch Promotional Bonus Rewards Event — Binance Smart Chain

One uPair will be participating in this Unifi Farm launch event at the outset. More uPairs may be announced shortly afterwards.

  1. uPair — UNFI/BNB

Farm reward — UP

Bonus reward to be farmed — UNFI

Duration: 14 days

Rewards Rate — Variable depending on the amount of participating liquidity

Deposit liquidity into the UNFI/BNB pair. All uUNFI holders on BSC automatically earn a share of the UNFI farming rewards. This reward is claimable each block, or it can be left to grow through the event. Rewards for liquidity providers will be variable depending on the amount of liquidity in the UNFI/BNB pair each block.

2. Other uPairs may be selected at any time and on any Unifi-supported blockchain as eligible for bonus farming rewards.

Deposit liquidity now in uPairs across the uTrade platform and you won’t miss out on the opportunity to farm any bonus rewards. Liquidity providers automatically qualify! Which uPair will be next?!

Important information on claiming bonus rewards from Unifi Farms

Unifi Farms is a beta version product and requires some special consideration from the user. Bonus farming rewards must be claimed in a specific way. If rewards are not claimed properly, the bonus reward will be redistributed to the rest of the liquidity providers in the farm.

Different types of transactions can cause the loss of unclaimed bonus farming rewards The best practice to prevent this is for the user to always claim Unifi Farms rewards before any other transaction associated with that address is initiated. Once farming rewards have been claimed, then conduct other transactions.

The following actions can result in the loss of any unclaimed Unifi Farms reward:

  • Transfer of the farmed pair uL token (liquidity provider token). For this promotional event, that would be uUNFI on BSC.
  • Removing liquidity from the farmed pair.
  • Adding more liquidity to the farmed pair.
  • Claiming UP from the farmed pair directly from the smart contract.
  • Redeeming UP for its redemption value in BNB

Bonus farming rewards must be claimed within 48 hours after the end of the event. Failure to claim bonus rewards in a timely manner could result in the bonus reward no longer being available to claim.

Other important information to note

The displayed farming reward is an approximation which can not be finalized until the user pushes the claim button. At the time the claim is executed, an exact reward is calculated and distributed to the user. Since the displayed rewards is an approximation, it can vary slightly over time.

Unifi Farms is a bonus reward offered to qualified liquidity providers. Any bonus reward from farming is not guaranteed, and failure to earn or claim the rewards for any reason will not be the responsibility of Unifi.

FAQ

Q: I deposited liquidity — why does it show 0 claimable rewards?

A: Several independent factors may result in this scenario:

  • Deposited liquidity to the wrong uPair (not eligible for bonus rewards). For this promotion, make sure you are holding uUNFI on Binance Smart Chain in the wallet with which you wish to claim rewards.
  • Small amounts of liquidity can take time to accrue farming rewards with each passing block
  • Not logged into your wallet and/or connected to the wrong network. Ensure your wallet with the uUNFI is connected to Binance Smart Chain.

Q: I pressed Claim but I didn’t get my rewards?

A: Ensure you have enough BNB in your wallet to cover the transaction fee for claiming rewards.

Q: I used to have claimable farming rewards, but they are now gone. What happened?

A: Conducting certain transactions prior to claiming your farming rewards can lead to a lost farming reward. This can include adding or withdrawing liquidity, as well as redeeming UP. Please read this entire article for important information on how to properly claim farming rewards.

Unifi Protocol’s website can be found at https://www.unifiprotocol.com/. You can also connect to the Unifi community on Telegram, Twitter, Reddit or Medium.

Developers — check out our bounty list to develop on the Unifi Protocol at https://gitcoin.co/issue/sesame-seed/Quest/1/100023698

All communications from Unifi are subject to Unifi’s standard terms and conditions, which can be found here.

*This article was edited to include the footer section.

--

--

--

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

Recommended from Medium

Can You Trust Crypto Credit Cards?

Wow ! What a great platform!

Forbes Revealed Richest Crypto Billionaires of 2022

Forbes Revealed Richest Crypto Billionaires of 2022

NANO Price Prediction

Next cryptocurrency to explode in 2022

Synchrony, Crypto in Sync.

The main mistakes first-time investors make

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
Unifi Protocol

Unifi Protocol

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

More from Medium

A Short Story About FUD

About Total Crypto Market Capitalization Duet Protocol’s new dTMC asset.

#YearnNFT Explains the Complete Theory of #YFNFT Token Burn

How To Add Binance Smart Chain To MetaMask