Place/Date: Singapore - February 26th, 2021 at 9:07 pm UTC · 5 min read
Contact: Ryan Dennis, Head of Marketing, Source: Unifi Protocol
Unifi Protocol announces the launch of Unifi Farms. The most revolutionary part of Unifi Farms is there is no staking of the liquidity token required. The public beta launch of Unifi Farms V1 will take place on not one, not two, but six different blockchains at once.
Unifi is proud to announce the upcoming public beta launch of Unifi Farms V1 on Binance Smart Chain!
Unifi Protocol is not a clone of other DeFi projects, which has led to some very unique innovations. Unifi Farms will continue this tradition of shattering expectations and introducing features on Unifi Farms not being offered anywhere else in DeFi!
Unifi Farms will have several advantages over old-fashioned DeFi farms. The one that will likely be the most revolutionary with Unifi Farms is there is no staking of the liquidity token required! Welcome to the world of true auto-farming on Unifi, where we refer to it as No-Stake Farming.
Why is farming without staking so revolutionary?
Savings! Everyone agrees the high network fees on Ethereum have a large impact on the farming rewards earned by liquidity providers. Even on low cost networks such as Binance Smart Chain, the network fee is a cost that reduces the benefit of farming.
To participate in most farms, the user pays at least five network fees. First – provide liquidity, second – stake the liquidity token in the farm, third – claim the reward, fourth unstake the liquidity token, fifth – exchange the liquidity token back into the original liquidity.
Unifi Farms only requires two network fees. First – Provide Liquidity, Second – exchange the liquidity token back into liquidity. You may choose to claim Unifi Farm rewards at any time, as often as you like, which does cost an extra network fee. But that is optional with Unifi. You may choose to let the rewards grow until you remove the liquidity, which will automatically claim your rewards with no extra network cost!
Security! We believe that hacks are a prevalent and unfortunate trend in the DeFi space. They demoralize potential users from participating in different projects and create anxiety for almost everyone involves. The largest risk of staking your liquidity tokens is that those tokens leave your wallet and go to the DeFi platform’s contract. This puts digital assets at high risk. Unifi Farms does not require you stake your liquidity provider tokens at all. Which means they stay in the best possible place – your wallet! Unifi Farms does not take liquidity tokens, never has control over your liquidity tokens, may not transfer or lose them, or even have them stolen. Because you keep them securely in your wallet the entire time. Who do you trust the most with your liquidity tokens, the farming platform, or yourself?
Convenience! There are no extra steps required to have your liquidity earn more rewards through farming! Depositing liquidity on Unifi already earns you a share of the trading fees in that pair. Now with Unifi Farms, earn even more with no additional staking action needed. Your liquidity automatically qualifies for available farming rewards. All you have to do is claim.
It is that simple. Provide liquidity, earn farming rewards. No staking of LP tokens required.
Let’s break it down even more:
Deposit liquidity and automatically earn rewards on top of rewards. This suggests zero transaction fees to start farming – there is no need to stake or unstake any tokens to start earning rewards. Security is a huge differentiator for Unifi Farms. Unifi Protocol never takes possession of your LP (Liquidity Provided) token at any time. They stay in your wallet the whole time, which means you may claim your UP or withdraw your liquidity at any time. Unifi Farms is non-custodial.
The initial public beta launch of Unifi Farms is a promotional event that will commence in the very, very near future and run for 2 weeks only. At this time, there is no commitment from Unifi for farming rewards beyond this promotional event, although it is possible future support will be announced.
In order to participate in this opportunity, it is recommended to deposit liquidity now so that when the promotion begins, you will automatically begin earning farming rewards. It’s probable that the highest yield farming rewards will be earned by early liquidity providers. See below for how to participate.
Make sure to follow Unifi Protocol social media channels for announcements regarding the beta launch of Unifi Farms.
Unifi Protocol is a group of non-custodial, interoperable smart contracts linking multiple blockchains together into one large DeFi marketplace. uTrade is the working proof-of concept trading platform for harnessing multi-chain swaps and liquidity mining to power UNFI, Unifi’s Global Governance Token. Unifi Protocol also features cross-chain swaps, sustainable utility, a strong rewards infrastructure. The tokenomics of Unifi Protocol balances an increasingly popular multi-chain liquidity farming platform.