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B.inance Launchpool, a new project designed to bring the experience of decentralized finance (DeFi) to users of the cryptocurrency exchange, has introduced a project, called Unifi Protocol DAO (distributed autonomous organization), which is “a DeFi solution based on multi- working chain. “
As explained by the Binance team, the Unifi DAO protocol is a set of non-custodial, interoperable, decentralized, and multi-chain smart contracts that offer the building blocks or foundation for the “next generation” of DeFi development. The Unifi protocol was designed to offer DeFi functional blocks to app developers. These blocks allow software programmers to link multiple blockchain networks together into one large DeFi marketplace.
As noted by Binance:
“The UNFI token is a platform-native utility token that incorporates development team tokenomics and representative blockchain governance experience gained across operational nodes across multiple major blockchains. The … rewarding global governance model Proof of UNFI’s Stake drives the formation of entire communities that have an incentive to argue that UNFI is as successful as possible. “
The Unifi Protocol is a “complete” token economy designed to ensure that DeFi development and innovation requirements are addressed. The UNFI token “combines the potential of all Unifi blockchain token ecosystems behind the single global governance token to represent the entire protocol,” Binance explained.
As noted by the digital currency exchange, users will have the option to stake their Binance Coin (BNB), Binance USD (BUSD) or Ethereum tokens while participating in Launchpool. These tokens can be wagered in different pools to farm UNFI tokens, starting November 14, 2020 “at 0:00 AM (UTC)”.
Binance will then proceed to list the UNFI token in the innovation zone on November 19, 2020 “at 6:00 AM (UTC)” and will begin to support trading for UNFI / BTC, UNFI / BNB, UNFI / BUSD and UNFI / USDT trading couples.
Juliun Brabon, CEO of the Unifi Protocol, said:
“UTrade on Binance Smart Chain is the latest addition to Unifi’s multi-chain collection of DeFi smart contracts. We are excited to expand our unique, fully on-chain solution to trustless trading, liquidity mining and proof of stake governance. ”
Brabon added that UNFI serves as the “top of the ecosystem” global governance token for the Unifi protocol on Ontology, Harmony, Tron, Icon, Ethereum and BSC. The UNFI token was developed to “represent the contributions of our growing cross-chain community,” Brabon noted. He also said his organization is looking forward to “previewing the best UNFI staking awards at the Launchpool event.”
Binance CEO and founder Changpeng Zhao noted:
“We are delighted to support Unifi protocol advances through Launchpool. It’s also great to welcome more multi-chain projects on Binance Smart Chain. “
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