The Unifi Protocol will enrich the Ontology ecosystem and provide added utility to its native tokens
uTrade, the trading platform built using Unifi Protocol smart contracts, is coming to Ontology. Having already successfully launched on TRON, the Unifi roadmap includes launching on Ontology next, followed shortly by Harmony and Ethereum. Unifi will provide a bridge to connect the existing economy of Ethereum-based DeFi products to the growing DeFi markets on Ontology and other blockchains. Ontology has shown it can be a premier destination for inclusive DeFi products and services with the recent introduction of Wing Finance on the network, creating more dynamic on chain activity with low fees for ONT and ETH assets.
As previously outlined, 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 Ontology blockchain and provides value to all ONT holders.
- The Protocol smart contracts are available for all developers to utilize and build upon, providing more infrastructure to the Ontology 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 native tokens in order to mine UP, the liquidity rewards token of the Protocol.
- uTrade users are rewarded with a trading bonus in the form of SEED, the multi-chain and daily compounding staking rewards token distributed by Sesameseed, developer of the Unifi Protocol. This attracts increased staking on Ontology, consequently removing more ONT off centralized exchanges.
- Introduces mainstream financial instruments such as collateralized lending and a pegged token economy to the network, deepening the range of services available on the Ontology blockchain.
The Ontology blockchain community will see its entire ecosystem enriched from the Unifi Protocol providing the building blocks for the next generation of DeFi development. Unlike other incentivized platforms, the Unifi Protocol is designed in such a way to compliment the staking environment rather than detract. This means even ONT and ONG holders with little to no interest in DeFi can still rejoice from the added utility to the native tokens.