Polygon will be the 8th blockchain that is launching the multi-chain DeFi ecosystem of Unifi. The UNFI Global Governance Token, which is at the core of the DeFi, will guide Unifi’s growth on Polygon.
uTrade V2 Live On Polygon
As a group of non-custodial, interoperable, decentralized, and multi-chain smart contracts, the Unifi Protocol is setting the foundation for the next big thing in DeFi. With its upgraded AMM trading platform, uTrade V2 is already live on multiple other blockchains, the collaboration with Polygon will allow multi-chain linking to create a diverse DeFi marketplace that the Unifi community can govern.
The Unifi team announced the launch through a press release, saying,
“Integrating with Polygon will enable reduced gas fees, faster transactions, and a seamless experience for Unifi users. Unifi will also benefit from the thriving ecosystem being built on Polygon, making Polygon a perfect environment for attracting developers to build using Unifi Protocol smart contracts. uTrade’s unique fee structure makes it a more rewarding place to launch new tokens.”
The latest version of uTrade features new developments like single side liquidity addition, user-added listings, token routing, and developer-friendly, customizable smart contracts to launch new tokens and projects. Post-launch, uTrade on Polygon is expected to be compatible with Metamask, with the trading fees being collected in the MATIC token.
The Multi-Chain Race
Multi-chain protocols are a way to ensure more exposure and options for DeFi projects. However, with more and more DeFi players (e.g., Sushi) deciding to go multi-chain, it is worth questioning how they will adjust their operations to enable the sharing of a token ecosystem, especially since they were not designed to do so. Plus, many other platforms are still functioning on a centralized system while claiming to be multi-chain.
The tokenomics for the Unifi platform, on the other hand, has been designed for multi-chain operation. The entire platform is governed by the UNFI token, which also grants special access and rewards to UNFI holders. They can also create and vote on community referendums as well as contribute to protocol development.
UNFI To Show The Light On Polygon
Furthermore, UNFI holders can also access UNFI Super Pairs, which can generate bonus rewards from all actions on the Unifi platform. This tokenized liquidity rewards model can benefit all MATIC holders by locking up more and more MATIC in smart contracts and removing them from centralized exchanges or circulation.
Also, because of uTrade’s non-existent fee cut, 100% of the trading fees will go to liquidity providers on Polygon. This is bound to give rise to further growth of the network. Unifi’s customizable and developer-friendly smart contracts can also lead to seamless integration of the Polygon projects and tokens with a flourishing DeFi marketplace.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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