By
Temitope Olatunji
April 18th, 2024
Binance has highlighted that its users can stake their Ethereum, BNB, and BUSD in different pools of choice to earn new Unifi tokens.
Cryptocurrency exchange Binance has today announced that it has introduced Unifi Protocol DAO (UNFI) on its Binance LaunchPool as its eighth project.
According to Unifi Protocol’s white paper, the project is dubbed as ‘a group of non-custodial, interoperable, decentralized, and multi-chain smart contracts providing the building blocks for the next generation of DeFi development.’
Unifi on Binance LaunchPool
Binance has highlighted that its users can stake their ETH, BNB, and BUSD tokens in different pools of choice to earn new Unifi tokens. The farming process for Unifi tokens is expected to run for the next 30 days.
The farming idea is proving not only to be sustainable but also a better way of introducing new crypto projects into the market and generating healthy market liquidity. With the Unifi tokens farming expected to begin on 2020/11/14 0:00 AM (UTC), interested Binance users can prepare to earn free Unifi tokens in the next 30 days.
Binance expects to list Unifi tokens into the innovation zone 2020/11/19 6:00 AM (UTC), whereby it will open trading with UNFI/BNB, UNFI/USDT, UNFI/BTC and UNFI/BUSD trading pairs.
Notably, Unifi Protocol DAO developers set the maximum Unifi supply at 10 million. However, Binance LaunchPool has been rewarded with 400,000 Unifi tokens to distribute to its users.
This will account to approximately 4% of the total Unifi supply.
The 4% of the Unifi total supply will be distributed through three pools: Stake BNB, Stake Eth, and Stake BUSD. Whereby the BNB pool has been allocated 70% of the 400k Unifi tokens, the Ethereum pool has been allocated 20% of the 400k Unifi tokens, and the BUSD pool has been allocated 10% of the 400k Unifi tokens.
Set Rules to Earn Unifi Tokens
Binance has clarified that snapshots of user balances and total pool balances will be taken each hour to calculate user rewards. Besides, it will be updated after every hour. The cryptocurrency exchange also noted that its users can accumulate their hourly rewards and claim it to their spot account at any time.
However, users can only stake their coins in one pool at a given time but can divide accordingly into different farming pools. With prior Binance LaunchPool projects conducted successfully, Unifi anticipates catching investors’ attention through the Binance incentive. Notably, Unifi provides a connecting bridge to the existing ecosystem of Ethereum-based DeFi products to growing DeFi markets on other blockchains.
This is a promising unventured field that promises a bright future for the Unifi project. Owing to the fact that DeFi is a booming economy that cannot be ignored in the development of the crypto market.