Thursday, February 2, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

Crypto Focus: Unifi Protocol DAO is up over 200% today

by e-Naira Online News
June 8, 2022
in Crypto
Reading Time: 4 mins read
A A
0
Home Crypto
Share on FacebookShare on Twitter


The cryptocurrency space has spent the entire year struggling as many market experts say that the market is now in a bearish phase and could be worse than what was seen in the bear market of 2020 and 2018-2019 period. Many cryptocurrencies have fallen from regions seen as all-time highs over a year ago, to trade at price points not seen since the recovery from the COVID-19 pandemic.

The month of May and the beginning of June has been bearish for the cryptocurrency space with major cryptocurrencies falling below major critical support zones. The cryptocurrency market capitalization currently stands at $1.19 trillion, currently struggling to maintain its trillion-dollar status as Bitcoin ranges between $28,000 and $32,000.

Although the market has been struggling, UNFI, the native token of the Unifi Protocol DAO has been able to post over 200% gains in the last 24 hours. In fact, it hit a high of $39.25 for the first time since March 2021, but it quickly declined sharply to currently trade at $10.83.

Unifi Protocol DAO

Unifi Protocol DAO touts to be a revolutionary approach to decentralized finance (DeFi). The project was launched in 2020 and the network aims to bring modern technology to the financial world. The platform offers users the ability to develop DeFi solutions for their enterprise by employing the innate security and decentralization features of blockchain technology and the automation of smart contracts.

This project combines the power of several blockchains and relies on the foundation of Ethereum DApp and DeFi development. However, Unifi makes it its mission to introduce interoperability to the world of DeFi by allowing users access to multiple blockchains and an extremely versatile UNFI token.

The protocol aims to give traders access to simple, fast, and efficient cross-chain activity. Unifi claims to be a comprehensive DeFi solution for enterprises of all sizes. The platform also has a rigid rewards program, allowing investors and traders to gain staking value for holding UNFI token, the native token of the protocol.

In the official white paper, the founding team details an impressive development path for the project. Asides this, Unifi Protocol DAO has attracted investments from prominent names in the cryptocurrency sector, including Binance, HBTC and Chain Capital.

What you should know

  • The total supply of UNFI tokens is 10,000,000. Currently, there are about 4.3 million UNFI tokens in active circulation on the market as of the time of this writing.
  • Over half of the total UNFI token supply is dedicated to a Liquidity Providers and Ecosystem Development (LPED) fund.
  • Of the remaining tokens, 15% were distributed as rewards for the founding team and other vital developers. Another 12% were distributed among investors during a private sale.
  • More than 10% of UNFI tokens were set aside for Ecosystem Support, while another 6.5% were released during a Seed Sale for interested investors. Lastly, 5% of the total supply was dedicated to Pool Mining activities, designed to support public token allocation.
  • Unifi Protocol DAO is a combination of blockchains and smart contracts secured by a proof-of-stake (PoS) consensus mechanism. PoS relies on the fact that tokens can be staked to ensure the validity of nodes and secure the mining process. This means that nodes are selected based on their stake in the given token.
  • The rally in the token can be traced back to announcement that the protocol is set to launch a massive upgrade to their sustainable and decentralized finance (DeFi) ecosystem.
  • With roughly $11.5M locked in the Unifi Protocol ecosystem, Unifi stated in their infrastructure improvement proposal that much of that value is currently being under-utilized.
  • The upgrade will see major changes rolled out to Unifi Protocol’s rewards token, $UP. This over-collateralized algorithmic token has been fully backed by an increasing reserve of cryptocurrency coins on each blockchain it is on since originally conceived in 2018.
  • The new and improved UP will utilize the funds in this rising reserve to earn all UP holder’s passive returns by routing staking rewards into the backed value of the token, while boosting the efficiency of all associated Unifi products.
  • The pivotal upgrade was approved in a landmark DAO vote that took place across multiple blockchains with holders of $UNFI token, the native and also the governance token of the Unifi Protocol ecosystem.
  • Over 140,000 tokens participated, representing a value of $462,000. The Unifi Protocol multichain DAO referendum was unique in its ability to allow UNFI token holders on 6 different blockchains to participate, whereas typically voting occurs on only one or two blockchains.
  • Unifi’s blockchain since its launch, has since expanded to include more services such as trading (uTrade), staking (uStake) and recently the addition of a cross-chain bridging solution (uBridge).
  • There has been a spike in the volume of transaction of UNFI token. The volume has increased by 1,403% to $1.48 billion. Its market capitalization has also grown by 233.95% to currently stand at $47 million as of the time of this writing. Interestingly, the token traded its all-time low of $1.34, almost a month ago and because of interest in the token, the token has rallied significantly as 233% in the last seven days and 179% in the last 30 days.

Related



Source link

Tags: CryptoDAOFocusProtocolTodayUnifi
Previous Post

Internet provider Tizeti names Ikazoboh chairman, appoints board members

Next Post

Nigeria Records ₦1.2tr Trade Surplus – NBS

Related Posts

Crypto

Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process ‘Early,’ Says Powell  – Economics Bitcoin News

by e-Naira Online News
February 1, 2023
Crypto

Tesla’s SEC Filing Shows Bitcoin Fair Market Value of $191 Million – Featured Bitcoin News

by e-Naira Online News
February 1, 2023
Crypto

Panamanian Crypto Bill Might Get a Second Wind in the Highest Court of the Country – Regulation Bitcoin News

by e-Naira Online News
January 31, 2023
Crypto

Recruiting Agencies in Japan Are Turning to the Metaverse – Metaverse Bitcoin News

by e-Naira Online News
January 30, 2023
Crypto

Bitcoin posts its best January in ten years, gains 40% within one month

by e-Naira Online News
January 30, 2023
Next Post

Nigeria Records ₦1.2tr Trade Surplus - NBS

Inadequate housing architecture, ventilation linked to supply, demand gap - Sekoni

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

British American Tobacco earns alliance for Water Stew — Opinion — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Crypto Bank Custodia Denied Membership in US Federal Reserve System – Finance Bitcoin News

January 29, 2023

CAP full year PBT rises by 79% to N3.1bn

January 27, 2023

UNCTAD, Islamic Development Bank unite over sustainable investment — Business — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Guinness grows half year gross profit by 16%

January 27, 2023

Nigeria, others to meet over development in oil sector | The Guardian Nigeria News

January 27, 2023

Vitafoam Plc advocates special FX window for manufacturing sector

January 28, 2023

NIMASA plots CVFF disbursement strategy with banks — Business — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Two Stocks Trigger 0.05% Loss At Unlisted Stock Exchange

February 2, 2023

Tinubu distancing self from APC’s failure —Atiku’s aide

February 2, 2023

Why rail sector remains moribund, has no profit in 59 years | The Guardian Nigeria News

February 2, 2023

Nigerian universities and the noise of advancing ideas

February 2, 2023

Moody’s downgrades Nigerian banks’ rating

February 1, 2023

8 Black Financial Influencers You Ought to Follow

February 1, 2023

Despite deadline extension, crowds besiege banks amid scarcity of new notes

February 1, 2023

Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process ‘Early,’ Says Powell  – Economics Bitcoin News

February 1, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.