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Unifi Protocol Acquires Multi-Chain Staking Provider to Blend DeFi and Blockchain Staking

Crypto 2021/07/15 21:14 by PR DESK
Unifi Protocol Acquires Multi-Chain Staking Provider to Blend DeFi and Blockchain Staking

Unifi Protocol is now the first DeFi platform whose ecosystem offers both DeFi and blockchain staking rewards. The platform has acquired the assets of the Sesameseed multi-chain staking provider. Unifi’s existing seven-chain DeFi ecosystem will, therefore, join with existing nodes on six blockchains.

The nodes, namely: Icon, Harmony, Waves, Tron, Ontology, and IoTeX will be operated by Unifi. Currently, these nodes have a combined stake of about $13.1M, staked by more than 250,000 blockchain addresses.

So far, Sesameseed has been generating roughly $3000 daily from its nodes. These proceeds will now be channeled directly into the Unifi Protocol ecosystem. Moreover, most of this daily reward will be noted by Unifi as total value locked (TVL). Unifi’s network will also mint the UP rewards token, bringing together the interests of stakers, liquidity providers, and projects developed on the blockchain.

Also taken into Unifi’s economy is the $8.5 million market cap of Sesameseed’s multi-chain token, known as the SEED token. This will make up part of the value for Unifi’s token, UNFI, which is the network’s global governance token. Furthermore, over 275,000 holders of the SEED token on four blockchains will qualify to claim UNFI tokens.

More into the list of Unifi’s acquisitions is the SEEDGerminator developer fund of about $1 million. Unifi will utilize this investment to accelerate and smoothen future evolutionary aspects of the Unifi Protocol.

Of note, blockchain validation is one of the biggest crypto industries. The sector is projected to grow substantially as Ethereum and other cryptocurrencies adopt the Proof of Stake algorithm.

Founded in 2018, Sesameseed’s community grew exponentially, making it one of the biggest and longest-running multi-chain crypto communities. As of now, Sesameseed has a social media audience totaling 16,000+ active members.

On the other hand, most of Sesameseed’s team will join the Unifi team. They will provide their expertise in blockchain node operation and management of a multi-chain staking community. Other areas are smart contract development, multi-chain wallet creation, and blockchain and social media integration. Finally, Sesameseed’s team will add value in cross-chain token swaps, grants application and administration, and project acceleration.

Notably, Unifi Protocol DAO is a Binance Launchpool Project currently operating the AMM uTrade on seven blockchains. These are Ethereum, Binance Smart Chain, Ontology, IoTeX, Harmony, Tron, and Icon.

In the future, Unifi expects to incorporate additional blockchains and other DeFi products like lending and PoS blockchain node staking. Unifi’s DeFi footprint is growing especially since recently when ACryptoS yield farming optimizer of $1.1B monthly volume added uTrade support to its platform.

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