Unifi is Launching on Harmony
The Unifi Protocol will enrich the Harmony ecosystem and provide added utility to ONE
uTrade, the trading platform built using Unifi Protocol smart contracts, is coming to Harmony! The expected launch date is Saturday, October 17, 2020 at 13:00 UTC. As a result of a partnership between Sesameseed and Harmony, the Unifi Protocol is in part a product of a $25,000 development grant from Harmony. Having already successfully launched on TRON and Ontology, the Unifi roadmap includes launching on Harmony next, followed shortly by other blockchains, including Ethereum.
Unifi will connect the existing DeFi token economies on TRON, Ontology, and Ethereum to the emerging token market on Harmony, in conjunction with the Harmony ONE-ETH Bridge. This bridge allows users to send any ERC20 token to the Harmony blockchain, which may then be supported on uTrade. The launch of uTrade on Harmony will demonstrate the full capabilities of the network and further entice on-chain development. Harmony will be providing $10,000 of initial liquidity.
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 Harmony blockchain and provides value to all ONE holders.
- The Protocol smart contracts are available for all developers to utilize and build upon, providing more infrastructure to the Harmony 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 token 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 Harmony consequently removing more ONE off centralized exchanges.
- Introduces DeFi to the network, deepening the range of services available on Harmony through the ONE token.
The Harmony 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 ONE holders with little to no interest in DeFi can still benefit from the added utility to the native token.
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Developers — check out our bounty list to develop on the Unifi Protocol at https://gitcoin.co/issue/sesame-seed/Quest/1/100023698