What to look forward to with Unifi’s uTrade V2

Better developer support, better rewards, and an easier to use interface!

Key points:

• Unifi Protocol is upgrading uTrade V1 to uTrade Version 2
• uTrade V2 will have phased rollout to Unifi blockchains, and a phased rollout of some features
• Not all enhanced features will be available on all chains
• To be eligible for V2’s enhanced features and rewards, liquidity providers will need to withdraw their liquidity from V1 and then deposit it into V2
• The first uTrade V2 blockchain is announced (read below).
• Stay tuned to Unifi’s social media for more on these V2 features: developer tools and support, standardized but flexible fee structure, and UNIFI liquidity provider rewards

In the beginning, there was V1.

Unifi Protocol was introduced in August 2020, followed shortly afterwards by the launch of uTrade V1 in September 2020. Unifi’s innovative ideas — not offered by other DeFi projects — were deployed across the 7 blockchain ecosystem. This includes the multi-chain UNIFI Global Governance Model, a liquidity farming token with a rising redeem value that can never go down, and no-stake farming rewards which reduce network costs. uTrade V1 was a showcase for the early version of these and other features — features which have now been refined and integrated as a core part of uTrade V2.

Developer and Community Feedback

From these pioneering efforts we collected invaluable feedback on how to improve the overall user experience. We heard which features the community requested the most often and have incorporated them to further improve uTrade V2.

A significant portion of community feedback came through UNIFI Referendums. The Unifi GGM, through both Community and Core Referendums, has enabled liquidity providers and UNIFI holders to directly influence the growth and development of Unifi Protocol. As additional services or platforms are added to the Unifi Protocol, UNIFI holders will continue to be a valued voice in the development of the entire Unifi Protocol.

uTrade V2 offers enhanced support and exciting new opportunities for DeFi developers.

Developers provided valuable feedback on items ranging from developer documentation and support, to standardizing contract calls, and making portions of Unifi Protocol open-source. These improvements and more will be a part of uTrade V2 allowing exciting new projects powered by Unifi’s ecosystem to emerge. These enhancements also provide the foundation for Unifi to open developer bounties, further incentivizing development on the Protocol.

Now uTrade V2 is in final testing!!

As Unifi Protocol’s uTrade V2 enters the final phases of testing we are extremely excited to share some details on the phased rollout and exciting new features.

uTrade V2 will rollout in phases across the various Unifi blockchains. Each version of uTrade V2 will be tailored to the strengths of that particular blockchain. All blockchains will ultimately receive updates to the user interfaces, while other chains will showcase advanced features that may only be available on selected chains. Join Unifi’s social media channels to keep up to date on the deployment of uTrade V2 across the Unifi ecosystem. This will ensure you can be among the first to take advantage of new features as they come online!

Where will the first phase of uTrade V2 launch?

The first blockchain to upgrade will be Binance Smart Chain.

uTrade on BSC will be the first place to interact with the V2 user interface. BSC will also likely be the first blockchain to see additional developer projects built onto Unifi Protocol, as some are already under construction.

uTrade V2 will include new smart contracts for all trading pairs. As a security measure, Unifi does not have the ability to remove liquidity provider funds from the smart contracts. This means there is no ability for Unifi to move liquidity from uTrade V1 contracts into uTrade V2 contracts automatically. In order to take advantage of V2’s enhancements, liquidity providers will need to withdraw their liquidity from the V1 contracts and deposit that liquidity into the new V2 contracts.

uTrade V2 was created with developers in mind.

Information still to come about uTrade V2

uTrade V2 was created with developers in mind. If you plan to create the next Compound, Aave, ACS, Beefy — or the projects that will replace them, Unifi Protocol’s uTrade V2 is built for you!

uTrade V2 will have a transparent and versatile fee structure. This will allow for more predictable costs to traders and project (token) creators, as well as increased rewards to liquidity providers. Unifi will become a great place to launch tokens and provide rewards worth tweeting about!

We can not wait to tell you how UNIFI liquidity providers in particular see even better rewards in V2. UNIFI has been called the one token to rule them all — V2 is taking one more large step towards that goal.

Unifi’s developers have been working extremely hard on this launch and we are grateful to our community for their patience. More on uTrade V2’s rollout will be coming out in the next few weeks. Things are really starting to heat up at Unifi, with some incredibly exciting partnerships and announcements coming up. We can’t wait to share these with the community!

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! dev@sesameseed.org

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