Unique One Network
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Unique One Network

Governance Proposal to Amend Tokenomics: Unique.One, UniqueOne.Photo, and Unique.Fans

UPDATE: This proposal was passed by community vote.

The Unique.One project and its additional marketplaces, UniqueOne.Photo and Unique.Fans, were created to be governed by a DAO — Decentralised Autonomous Organisation.

As stated in the initial ratification of the Unique One DAO, through DAO governance, new parameters could be adopted should the DAO elect to introduce other services or developments for the overall benefit and increased value of the Unique One Project and its communities in due course.

Introducing Unique One Network NFT Galaxy

Since the launch of its flagship NFT Marketplace, Unique.One, Unique One Network has been preparing for the multichain interoperable future as a significant NFT platform presence in the inevitable Substrate Ecosphere.

As mentioned in our recent announcement, Unique One will be building a Substrate-based application-specific blockchain, aka appchain, on the Octopus Network to join the multichain interoperable Substrate space and afford more opportunity and value for our platforms and communities.

The Octopus Network is a multichain interoperable cryptonetwork built on NEAR protocol, a sharded layer1 blockchain with unlimited scalability and a vast and growing DeFi ecosystem. As a decentralized appchain in the Octopus Network, we’ll share interoperability with NEAR protocol and Ethereum via the Rainbow Bridge and be able to connect with any IBC enabled blockchains directly using the IBC Substrate pallet.

NEAR runs in concert with Ethereum, Polkadot, Cosmos, and more — with crosschain interoperability far exceeding that offered by current Unique One marketplaces. Being a part of the NEAR ecosystem allows for the free flow of assets and communication between networks to bring more revenue and value to the Unique One Network Community.

Unique One Network NFT Galaxy will have its own native token — $UNET. $UNET is an NEP 141 standard token for the NEAR ecosystem. Being a part of the NEAR ecosystem offers the Unique One Community DeFi opportunities far exceeding those solely existing on Ethereum.

About Unique One Platform Rewards

As previously mentioned in our introductory article, $RARE, $FOTO, and $FANS are ERC20 tokens designed for Ethereum. Unique One Platform rewards were initially designed to mitigate gas fees for on-chain transactions and incentivise platform activity.

Platform rewards consist of Creation Mining, Transaction Mining, and Volume Mining. Platform rewards in the form of $RARE, $FOTO, and $FANS ERC20 tokens are currently distributed to users’ profiles on Unique.One, UniqueOne.Photo, and Unique.Fans respectively and must be claimed via smart contract requiring Ethereum gas for each claiming transaction.

As the congestion of Ethereum has become prolific, many users have discovered that it costs more in Ethereum to claim their $RARE, $FOTO, and $FANS Platform rewards than the value of those rewards. This has become an issue that we have been seeking to resolve for some time now.

Transitioning to $UNET and the NEAR ecosystem offers the community more valuable opportunities across chains and protocols without high gas hindrances, allowing the community to evolve with current technological solutions.

Transitioning to $UNET

Unique One wants to reward our community by offering an extraordinary swap ratio to transition from $RARE, $FOTO, and $FANS to $UNET at rates far more generous than any offered other investors.

In order to do this, we must be able to pause all ERC20 token platform rewards to quantify the total circulating supply and market cap at a given date to ensure $RARE, $FOTO, and $FANS holders will be incentivised with the chance to acquire $UNET at these rates.

As platform rewards are an embedded part of Unique.One, UniqueOne.Photo, and Unique.Fans tokenomics which were ratified by their respective DAOs, they can only be altered with a Governance vote by $RARE, $FOTO, and $FANS holders to amend their respective platform tokenomics.

Therefore, to be able to offer $RARE, $FOTO, and $FANS holders the opportunity to swap their ERC20 tokens to NEP141 $UNET tokens at advantageous rates, this Governance Proposal suggests that Unique.One, UniqueOne.Photo, and Unique.Fans Tokenomics be amended to cease all Platform rewards effective January 1, 2022.

Closing

We hope the proposed Tokenomics will benefit the Unique One Network communities with increased opportunity for more scalability, opportunity, and value across all platforms.

Before these proposals can be adopted, they must be ratified by the below respective communities .

$RARE holders can exercise their DAO rights to ratify the amendment of Unique.One Tokenomics by voting on the $RARE proposal here.

$FOTO holders can exercise their DAO rights to ratify the amendment of UniqueOne.Photo Tokenomics by voting on the $FOTO proposal here.

$FANS holders can exercise their DAO rights to ratify the amendment of Unique.Fans Tokenomics by voting on the $FANS proposal here.

Voting begins December 14, 2021 Noon UTC and is open for 3 days until December 17, 2021 Noon UTC.

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