Published in


Unifi Protocol Initial UP Migration Event

You won’t want to miss this!

Why the rush to migration?

Unifi has partnered with Binance Smart Chain to conduct UNFI staking promotions on Binance Smart Chain. Users will be able to use UNFI to earn more UNFI or possibly other tokens. Detailed information regarding this staking event will be released separately. In order to ensure Unifi liquidity providers can participate in UNFI staking promotions on BSC, Unifi would like to announce the initial UP to UNFI migration event!

The UP to UNFI migration process is an essential component of the UNFI-powered Global Governance Model (GGM). Access to UNFI gives liquidity providers on all Unifi blockchains a voice and opportunity to participate in the GGM.

UP and UNFI Use Cases

UP is the blockchain-specific liquidity mining token of the Unifi Protocol. Every UP token has a redeem value backed by the base token of the particular blockchain on which it resides. For example, UPbnb on Binance can be redeemed for BNB, while UPone on Harmony is redeemable for ONE tokens. UP is only minted when fees are earned by the Protocol.

UNFI is the Global Governance Token. Under the UNFI PoS ecosystem, candidates for the Unifi Council of Representatives will campaign for election as a Council Representative. Council Representatives will have the ability to propose or vote on changes to the Unifi DAO while earning Governance Rewards. UNFI token holders can earn Staking Rewards for staking their UNFI tokens, and may earn even more rewards from their chosen CR after delegating their staked UNFI.

Appreciation for Liquidity Providers

This initial UP to UNFI migration will be two separate one-day long events to allow UP holders access to UNFI tokens and participate in the BSC staking promotions.

The initial migration event may not be the permanent process for future UP migrations. Details regarding future UP to UNFI migration events as a component of the GGM will be released at a later date.

Initial UP to UNFI Migration

This promotional migration event is subject to change. Participants in the UP to UNFI migration event should confirm their information is current prior to participation. Please read all terms and conditions prior to participation. This document may be revised prior to the start of the event if details change.

There will be two separate single day migration events. The first event will happen within 7 days of this announcement. This announcement may be the only advance notice given prior to the start of the migration. UP token holders are well-advised to pay close attention to all Unifi social channels for any announcements related to this initial migration event. A list of Unifi social channels can be found at the bottom of this document.

The total combined amount of UNFI available for this initial two-day UP to UNFI migration is 100,000 UNFI. 60,000 UNFI will be available for the first day-long migration period, and 40,000 UNFI will be available for the second day-long migration period.

How will it work?

The first day-long migration will allow UP holders to deposit their UP into the migration process for a 24 hour period.

UP holders will go to https://unifiprotocol.com/ and select the blockchain on which their UP tokens reside by clicking the appropriate “Add Liquidity” button. 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. Click “I Agree” if you have read the full terms and conditions outlined in this article for the migration event. In the Migration dashboard, input how much UP is to be contributed into the migration process. Provide the Binance Smart Chain address where you will want to claim the UNFI. You must hold the private key to that address.

At the end of the event, participants will be able to claim their UNFI at https://unifiprotocol.com/migrate-bsc/ using the BSC address they submitted. The user must have a Unifi compatible BSC wallet (such as MathWallet or MetaMask) that can access and transact with that address. Information on supported wallets can be found here.

Important notes:

Do not input an exchange wallet address as the address to receive UNFI.

UNFI will need to be claimed and will not be automatically distributed.

BNB will be required to cover the network cost of claiming the UNFI.

All UP contributed to the migration will be burned (not redeemed) at the end of the event.

How is the ratio of UP to UNFI discovered?

1. UP tokens on each blockchain will be assigned a USD value equivalent (USDEV) based on the market price of UP on that blockchain. USDEV is calculated by multiplying the market price of UP on that blockchain in base tokens by the USD market price of that base token on Binance.

2. Each UP contributed to the migration process creates a claimable amount of UNFI that is in direct proportion to its percentage of total USDEV participating in the migration process by UP tokens on all Unifi blockchains combined.

Let’s look at an example:

We need to make some assumptions for the sake of this example. We will only be looking at two blockchains to keep the math managable. 100,000 UNFI tokens are available tothe migration process in this example.

UPbnb is trading on uTrade for 10 BNB, and BNB is valued at $30 USD. Then each UPbnb would be assigned a USDEV of $300. The total amount of UPbnb contributed to the migration was 10, making the total USDEV on BSC $3000.

UPont is trading on uTrade for 2 ONTd, and ONTd is valued at $1. Then each UPont would be assigned a USDEV of $2. The total amount of UPont contributed to the migration was 500, making the total USDEV on Ontology $1000.

The total USDEV contributed to the event from all blockchains was $4000. $3000 from BSC, and $1000 from Ontology. In other words, 75% of the total USDEV was from BSC migration, and 25% was from Ontology migration.

As a reminder, the amount of UNFI available for this example UP to UNFI migration is 100,000 UNFI. 75% (75,000 UNFI) will go to participants on BSC, and 25% (25,000 UNFI) will go to participants on Ontology.

If someone contributed 2 UPbnb ($600 USDEV) to the migration process on BSC, that was 20% the total 10 UPbnb that participated (2/10). So they would receive 20% of the 75,000 UNFI for BSC, which is 15,000 UNFI.

If someone contributed 300 UPont ($600 USDEV) to the migration process on Ontology, that was 60% of the total 500 that participated (300/500). So they would receive 60% of the 25,000 UNFI for Ontology, which is 15,000 UNFI.

Notice how the user on BSC contributed $600 USDEV and the user on Ontology contributed $600 USDEV, so they each received the same amount of UNFI. But due to market prices of the base tokens, it only required 2 UPbnb while it required 300 UPont for the same result. It is important to realize the final outcome will depend on how much UP is contributed in total on each blockchain. It will not be possible to determine these ratios until the conclusion of the migration process.

User errors which could cause a loss:

1. UNFI is available as a BEP20 token. The participant must provide a Binance Smart Chain (BSC) address that can accept BEP20 tokens. Providing an Etherum address, or a Binance Chain address instead of a Binance Smart Chain address could cause a loss of UP and UNFI.

2. Incorrectly inputting the Binance Smart Chain address to receive UNFI. Be careful for typos and missing/additional characters.

3. The user must have the private key to the Binance Smart Chain address where the UNFI is claimable.

4. Using an exchange address instead of a UnifiProtocol compatible wallet.

Terms and Conditions

This first migration process is a beta test and any result is not guaranteed. 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 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.

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.

Users will be required to have BNB in the BSC address where they receive the UNFI in order to pay the network fee associated with claiming their UNFI.

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



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

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