What is Unifi Protocol DAO (UNFI)?
Unifi Protocol DAO is a decentralized autonomous organization built for Unifi protocol and operates through its native governance token UNFI. Unfi Protocol is a building block for decentralized finance services and products that employs a group of non-custodial and interoperable multi-chain smart contracts. The aim of the protocol is to create a bridge to connect the economy of DeFi applications to modern-day decentralized finance on other blockchains.
Unifi Protocol’s primary product- uTrade, is a non-custodial decentralized multi-chain Automated Market Maker and token exchange which operates by making use of the Unifi smart contracts. UNFI token is a global governance token for the entire Unifi protocol ecosystem that can be staked to earn rewards of trading fees and participate in governance.
|Founder||Sesameseed community and Juliun Brabon|
|Blockchain Protocol DAO||Ethereum blockchain|
|Market Cap||$187.14 million|
|Token Type||Utility and Governance|
|Circulating Supply||573.49 million|
|Consensus Method||Proof of Stake (PoS)|
Who are the Founders of Unifi Protocol DAO?
Unifi Protocol was founded by an online staking community- Sesameseed and Juliun Brabon, back in 2018. The team aimed to build a sustained and predictable economy on blockchain to provide a solution to business and modern financial services. Julian has wide experience working in managerial and operational services; he has previously worked at Sesameseed, Jarrow Industries, Vit-Best Nutrition, etc.
How does Unifi Protocol DAO (UNFI) work?
Unifi ecosystem’s uTrade is a proof-of-concept trading platform. It is based on the Automated Market Maker, aka the AMM model that enables cross-chain swaps. Similar to any other AMM, it prices assets algorithmically according to demand and supply in liquidity pools using smart contracts.
An interesting fact is that the liquidity providers of the Unifi protocol are rewarded with a trading fee generated as a whole rather than cutting it down to a share. Another leading feature of uTrade is daily communing that automatically increases staking returns by offering exposure to multiple blockchains.
What makes UNFI Unique Use Cases?
Taking a scroll as to how UNFI works, certain features make the token stand out. Some of the examples are as mentioned below;
- Users are required to obtain UNFI token to participate in UNFI super pairs on supported blockchains that rewards them with a portion of the trading fee from that blockchain’s trading pairs.
- Unifi protocol supports DeFi products on multiple chains. They are,
- Binance Smart Chain
- UNFI token holders can earn rewards by staking in the protocol and participating in its Global Governance Model.
Unifi Protocol DAO (UNFI) Price Analysis
- UNFI price today is trading at $7.76, with a 24-hour trading volume of $67.93 million. In the last 24 hours, The UNFI price has risen 9.95%, and its market cap is $44.29 million as of September 01, 2023.
- UNFI price has been oscillating in a consolidated range of $2.99-$3.75 for the past few months before the recent breakout, which saw a surge of over 100%.
- The current market sentiment of UNFI seems bullish, and if the price rises above $8.95, it might touch a new high soon.
|UNFI Price Today||$7.76|
|Price Change (Yearly)||2.90%|
|Market Rank (as per CMC)||370|
|Market Cap||$44.29 million|
|Fully Diluted Market Cap||$78.50 million|
How to Buy UNFI Tokens in India?
To buy UNFI Token in India, just follow the below-mentioned steps:
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