The team has reason to celebrate following the successful launch of uTrade V2 AMM on Binance Smart Chain.
Unifi Sees Success and Prepares for More
Unifi’s V2 has provided BSC users with decentralized swaps and they prepare for an Ethereum launch. After launching on Binance Smart Chain (BSC), the team revealed via Twitter that the launch was highly successful. On June 1st, Unifi announced via their Medium the details of their uTrade V2.
According to their project website, Unifi is a “group of non-custodial, interoperable smart contracts linking multiple blockchains together into one large DeFi marketplace”.
Having successfully launched on Binance Smart Chain, the team revealed on June 15th via their Twitter that they plan to release their V2 on Ethereum next. The protocol has already optimized the V2 for Uniswap integration.
What is uTrade?
uTrade is the trading platform of Unifi Protocol. It provides liquidity for cross-chain swaps thanks to the participation of incentivized liquidity providers. With V2 of uTrade, Unifi have ensured that their smart contracts are more easily integrated with Uniswap. This opens Unifi to potential integrations with Aave, Compound, ACS, and other projects.
Unifi Project Components
The project is supported by $UNFI, the native token of the ecosystem. UNFI incorporates Proof of Stake consensus into its DAO governance model. Candidates for the Unifi Council of Representatives can campaign to join the Community Council and gain the ability to propose or vote on changes to the Unifi Decentralized Autonomous Organization (DAO).
As described in the Unifi Medium post from June 1st, the main features of the Automated Market Maker (AMM) are:
Customizable fee structure per project
Customizable LP reward mint rate
Emphasis on sustainability
LP rewards token 100% backed by fees paid to the Protocol
Cross-chain compatibility
Other features — Watch Unifi’s developer documentation for additional opportunities and information
Concluding Thoughts
Unifi has set itself a mission to unify and unite blockchains through decentralized finance. The multi-chain smart contracts which power Unifi mean it is non-custodial, interoperable and decentralized. A smooth operating multi-chain token swap could be a game changer for the DeFi landscape. With the launch of uTrade V2 Unifi could have discovered the right ingredients for success.
Source : bsc.news
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