Unifi Sets the New DeFi Standard

The next generation of smart contracts, tokenization, yield farming, and governance.

Many DeFi platforms style themselves as a “Uniswap clone,” or use a food-themed title to showcase their similarity to other projects. This lack of creativity in the market has been a point of contention amongst critics of these fly-by-night operations.

Unifi is decidedly not a clone of Uniswap or any other decentralized automated market maker exchange.

This is one area where the Unifi Protocol stands out from among the rest. The Protocol consists of completely custom contracts that will be launched on multiple blockchains, starting with TRON, Ontology, Harmony, and Ethereum. Unifi is decidedly not a clone of Uniswap or any other decentralized automated market maker exchange. It features custom built smart contracts that solve many of the limitations of Uniswap clones. Unifi’s unique token economy captures real value with every transaction made on the protocol, completely verifiable on chain. To further build trust in Unifi’s suite of DeFi smart contracts, the full code was submitted to the well-respected, independent auditing firm, Slow Mist. The full report will be made public when available.

The Unifi Protocol was developed by the multi-chain staking community Sesameseed. Sesameseed has been operating nodes on multiple blockchains and rewarding it’s community of stakers daily with the multi-chain staking rewards token, SEED, since June 2018. Sesameseed’s values of transparency and community representation have allowed it to stand out as a trusted voice for education and innovation in the blockchain space. This trust and expertise can form the basis for a community of traders and liquidity miners to comfortably align itself with Unifi and participate in shared governance.

The Unifi community benefits from novel and unique incentives, such as depositing liquidity in return for earning UP tokens. UP tokens, in addition to providing blockchain-specific governance, earn a share of the fees from every trade in every pairing on that blockchain. As a result, UP has a redemption value which only ever increases, completely trustless and verifiable on-chain. UP tokens can also be used to enable exclusive access to the protocol’s global governance token, Unifi Token (UNIFI). Please refer to our whitepaper for a more in-depth explanation of the Unifi token economy.

Even if all trading were to cease on the entire protocol, UP tokens will maintain their redemption value and could be redeemed from the smart contract at any time.

Finally, another distinction between Unifi Protocol and “Uniswap clones” is security. While many unaudited DeFi platforms suffer from fatal hacks or exit scams, the minting process of UP tokens prevents the custom smart contracts from being a target and ensures the redemption value of the token. For each newly minted UP token, some of the input base tokens are allocated to raise the redemption value of all previously minted UP tokens. This removes any financial incentive to try attacking the minting process as it would cost more than it returned. Even if all trading were to cease on the entire protocol, UP tokens will maintain their redemption value and could be redeemed from the smart contract at any time.

Unifi is proud to take a different approach and bring innovation to the world of DeFi products. The Protocol was built with the idea that a well-incentivized community of traders and liquidity providers will create a much more profitable experience for all users of the platform, all of whom can participate in its governance.

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 build on the Unifi Protocol at https://gitcoin.co/issue/sesame-seed/Quest/1/100023698