Since 2018, the Unifi Protocol has been establishing the groundwork for a fully sustainable blockchain economy. Here’s why the UNFI protocol DAO jumped over 1000%?
The Unifi Protocol DAO is preparing to deploy a major upgrade to their DeFi (decentralized finance) ecosystem. Unifi’s blockchain solutions were initially released in 2020, and since then, they have grown to include more services including trading (uTrade), staking (uStake), and, most recently, a cross-chain bridging solution (uBridge). Unifi said in its infrastructure enhancement proposal that much of the value locked in the Unifi Protocol ecosystem is now underused, with around $11.5 million locked in.
Major improvements to Unifi Protocol’s rewards token, $UP, will be implemented as part of the upgrade. Since its inception in 2018, this over-collateralized algorithmic token has been completely backed by a growing reserve of cryptocurrency coins on each blockchain it has operated on. The new and improved UP will use the cash in this growing reserve to provide passive returns to all UP holders by channeling staking rewards into the token’s backed value, while also improving the efficiency of all linked Unifi products.
The crucial upgrade was adopted in a historic DAO vote involving holders of the $UNFI token, the Unifi Protocol ecosystem’s governance token, that took place across numerous blockchains. Over 140,000 tokens were used, with a total worth of $462,000. The Unifi Protocol multichain DAO referendum was unique in that it allowed UNFI token holders on six separate blockchains to vote, when most DAO referendums only allow voting on one or two blockchains.
What happens next should be exciting for all crypto enthusiasts, as Unifi Protocol plans to use the enhanced UP token to achieve its stated objective of creating a sustainable and decentralized future. UNFI holders will be tasked with controlling the entire value that will build inside the ecosystem on 13 separate blockchains, since Unifi Protocol has set up its activities in the manner of a decentralized autonomous corporation.
About Unifi Protocol
Since 2018, the Unifi Protocol has been establishing the groundwork for a fully sustainable blockchain economy. They started as an all-volunteer team with a dream for a decentralized future, and they are still bringing revolutionary blockchain applications to market. Unifi Protocol has grown into a well-established corporation at the forefront of Web3 technology because to its history of foresight.
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