Unifi Protocol’s uTrade V2 Launch on Ontology Opens the Door to New Innovations in DeFi Trading
Unifi will link Ontology and multiple blockchains to provide a suite of products that push the boundaries of DeFi
Our upgraded trading platform, uTrade V2, is coming to Ontology!
The first version of uTrade on Ontology was launched over a year ago when the blockchain was not EVM compatible. But now Ontology has announced a mainnet upgrade on February 28 to become EVM compatible, and we made sure uTrade would be ready for the big day!
[UPDATE: wONG — required for uTradeV2 — will not be made available by Ontology until March 7th.]
uTrade V2 is a critical component for our Unifi users to gain access to the full functionality of the Unifi Protocol ecosystem. This includes more feature-rich trading, UNIFI Super Pairs (described below), as well as the foundational infrastructure for future products and services we will be bringing to market.
Features of uTrade V2 on Ontology — What You Need to Know
The base token in which all trading fees will be collected will be ONG. Please note that ONG will have 18 decimal places. MetaMask and ONTO will be the supported wallets at launch.
Make sure to remove all liquidity and redeem all UPontd from v1 (ontology.unifiprotocol.com) by March 21, 2022. Beyond this date, the v1 link will redirect to the uTrade V2 front end.
After the deadline has passed, a UNIFI referendum may be held regarding any remaining balance of ONTd in the UPontd smart contract.
Make sure to remove all liquidity and redeem all UPontd from uTrade V1 by March 21, 2022. You will NOT be able to redeem UPontd on uTrade V2.
For now, only ONG and UPong will be immediately compatible (ORC-20) with uTradeV2 at launch. All other tokens from V1 may not be EVM-compatible and will not be recognized by V2 smart contracts. The Ontology Bridge will be the channel to transfer OEP-4 token to ORC-20 ones. For example, ONTd will eventually be supported (as wONT). For more information on the token economy of OntologyEVM — please stay up to date by following Ontology announcements. [We will attempt to keep this article as up-to-date as possible as more information is released by Ontology.]
UPong on uTradeV2 will be backed by ONG. You will NOT be able to redeem UPontd on uTrade V2!
Smart Contract Upgrades
The upgraded smart contracts for uTrade V2 showcase many new features, more in line with what users may be more familiar with from using other AMM platforms.
- Single side liquidity addition
- User added listings
- Token routing
- Developer-friendly, customizable smart contracts for launching new tokens and projects.
For an in-depth analysis of all of these features and more, check out our uTrade V2 Features article.
Unifi Protocol’s History of Innovation on Ontology
Our long-standing relationship with Ontology dates back as far as 2019. Our team (as Sesameseed) launched the very first decentralized exchange on the network that year, putting Ontology well ahead of the DeFi trend. We also operated a cross-chain bridge from 2019–2021, connecting Ontology, Tron, ICON, and Binance Smart Chain together. Our Unifi Protocol validator node has been consistently returning the best yield on Ontology network for the last 6 months consecutively (currently at 44% APR). A legacy of forward-thinking innovation is the foundation of Unifi Protocol, a growing company at the forefront of cutting-edge Web3 technology.
Through Ontology’s EVM, Ontology ensures frictionless compatibility with Ethereum. With the upcoming integration of uTrade V2 and all its functionality across multiple blockchains, Ontology will be able to further improve its DeFi capabilities.
Our products are currently live on 9 other blockchains, including Ethereum, Avalanche, Binance Smart Chain, BitTorrent, and others! A combination of Trading (uTrade) and Staking (uStake) on your chain of choice is only a click away! We’re constantly working behind the scenes to develop exciting new products which solve many of the problems faced by retail and institutional participants in the Web3 space. The launch of uTrade V2 on Ontology is an integral step towards bridging Ontology with multiple blockchains together into one large DeFi marketplace, governed by the community through the UNIFI token.
The entire multi-chain and multi-product Unifi ecosystem is governed by the UNIFI token. The UNIFI token also grants special access to features and rewards that are only available to UNIFI holders.
For all Unifi services such as trading and blockchain node staking, or even lending and cross-chain bridging, UNIFI is the governance token. UNIFI holders can create and vote on community referendums as well as respond to UNIFI core referendums on Protocol development, forming the early stages of a UNIFI DAO. UNIFI holders govern the Protocol and is how Unifi recognizes and listens to its community. The end goal is for Unifi Protocol to become a fully public and open-source DAO.
UNIFI Super Pairs are established on each uTrade V2 blockchain and are only accessible to UNIFI holders. This also means the UNIFI token will be bridged to each Unifi-supported blockchain. UNIFI Super Pairs farm liquidity rewards from the volume of the Super Pair, and a bonus percentage of fees collected from other pairs on that blockchain. Super Pairs can also receive bonus rewards from other Unifi actions or other revenue generated on that blockchain.
Staking UNIFI tokens provides access to some of the best staking rewards anywhere. Staking UNIFI has historically yielded as high as 39% APR, but is currently capped at 32% as a direct result of a recent referendum voted on by UNIFI holders. UNIFI staking also has the unique feature of a rising APR as more UNIFI are staked.
uTrade V2 is unique from other DeFi platforms
- Tokenized Liquidity Rewards — 100% Backed
UPong, our liquidity reward token is 100% backed by an ever-increasing amount of ONG tokens from trading fees on the platform. This is very different from other DeFi products which mint an unlimited supply of reward tokens with no inherent value. UP token opens the door for a truly decentralized finance ecosystem. Stay tuned for more details!
- Community Focus — 0% for the team, 100% for the liquidity providers
uTrade V2 has the unique characteristic of taking a 0% cut for the team. uStake, as well, offers 100% rewards back to its stakers whenever possible. For example, the Unifi Protocol node is offering 100% rewards on Ontology and IoTeX, and 95% on Harmony, the maximum allowable rate on that blockchain. Meaning, Unifi is community-focused, with the entirety of trading fees going to liquidity providers and almost all node rewards going to stakers. This results in very competitive rewards for liquidity providers and Unifi stakers on Ontology, which encourages growth and increased usage on the network. By making use of Unifi Protocol’s customizable and developer-friendly smart contracts, the growing list of projects and tokens on Ontology can integrate seamlessly with a flourishing DeFi marketplace.
The Ontology blockchain is a high speed, low cost public blockchain bringing decentralized identity and data solutions to Web3. Increasing privacy, transparency, and trust, the high speed, low cost, layer 2 blockchain is designed to give users and enterprises the flexibility to build blockchain-based solutions that suit their needs, while also ensuring regulatory compliance. Through Ontology’s Ethereum Virtual Machine (EVM), Ontology ensures frictionless compatibility with Ethereum, the first step in the creation of the Ontology Multi-Virtual Machine and further interoperability for the chain.
About Unifi Protocol
Unifi Protocol creates simple and innovative solutions for Web3 applications. Since 2018 the Unifi team has been bringing groundbreaking blockchain products to market, beginning as a volunteer team with a vision for a decentralized future. This legacy of forward-thinking innovation is the foundation of Unifi Protocol, now an established company at the forefront of Web3 technology.
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Stake UNIFI, earn rewards and be part of the Global Unifi Protocol DAO governance. https://gov.unifiprotocol.com/my-dashboard.
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