Unifi Protocol Launches on ICON
The Unifi Protocol will enrich the ICON ecosystem and provide added utility to its native token
The Unifi Protocol is a recipient of a development grant from ICON Foundation in recognition of the value it will bring to the blockchain as the first DeFi platform on ICON. Having already successfully launched on 5 other blockchains including Binance Smart Chain and Ethereum, the Unifi roadmap includes launching on ICON next, with more blockchains in development.
Unifi will connect the existing DeFi token economies on Ethereum, Binance Smart Chain, Ontology, Harmony and Tron to the growing token market on ICON. The launch of uTrade on ICON will demonstrate the full capabilities of the network and further entice on-chain development.
ICONists have a great opportunity to participate in the exciting Unifi token economy, which includes UP, a sustainable liquidity rewards token, and UNFI, the multi-chain governance token with staking rewards.
At launch, uTrade on ICON will be compatible with the ICONex browser extension. The base token in which all trading fees will be collected is ICX. This means UP on ICON (UPicx) will be redeemable for ICX, and that redeem amount will increase after every trade!
Note: In order to deposit liquidity on uTrade ICON, it must be done in TWO steps. This is because two tokens cannot be transferred at the same time within a smart contract on the ICON blockchain. For more information on how to deposit liquidity on uTrade ICON, please see here.
The following pairs are available at launch: UP/ICX and SEED/ICX.
For all relevant contract addresses, please visit the community-built analytics resource, Unifi.Report. Information is also available in the Help Center.
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 ICON blockchain and provides value to all ICX holders.
- The Protocol smart contracts are available for all developers to utilize and build upon, providing more infrastructure to the ICON 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 ICX 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 ICON, consequently removing more ICX off centralized exchanges.
- Introduces DeFi to the network, deepening the range of services available on ICON through the ICX token.
The ICON 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 overall staking environment rather than detract. This means even ICX holders with little to no interest in DeFi can still benefit from the added utility to the native token.