What Is Unifi Protocol DAO (UNFI)?
Unifi Protocol DAO is a revolutionary approach to decentralized finance (DeFi). Launched in 2020, the network aims to bring modern technology to the financial world. By employing the innate security and decentralization features of blockchain technology, and the automation of smart contracts, Unifi Protocol DAO offers users the ability to develop DeFi solutions for their enterprise.
This project combines the power of several blockchains and relies on the foundation of Ethereum DApp and DeFi development. However, Unifi makes it its mission to introduce interoperability to the world of DeFi by allowing users access to multiple blockchains and an extremely versatile UNFI token.
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Who Are the Founders of Unifi Protocol DAO?
The Unifi Protocol DAO was founded and created by an online staking community called Sesameseed. Juliun Brabon is co-founder and CEO of Sesameseed and plays an invaluable role in creating Unifi Protocol DAO. He graduated with an English degree from the University of Buffalo and started a career in operations management. Later he became the president of several companies, including Jarrow Industries and Dr. Vita. In May 2018, he co-founded Sesameseed and started working on Unifi Protocol DAO.
Kerk Wei Yang is another integral part of the Sesameseed team, responsible for developing the smart contract capabilities of Unifi Protocol DAO. He graduated from Nanyang Technological University in Singapore and started working in data administration. He joined Sesameseed in October 2020.
Daniel Blanco is the lead developer of Unifi Protocol DAO. He has a solid background in information technologies and has worked for companies like Transparent CDN and Seedtag. Since 2020, he is also the lead tech advisor for Sesameseed.
What Makes Unifi Protocol DAO Unique?
Aiming to give traders access to simple, fast, and efficient cross-chain activity, Unifi is a comprehensive DeFi solution for enterprises of all sizes. The platform also has a rigid rewards program, allowing investors and traders to gain staking value for holding UNFI tokens.
In the official white paper, the founding team details an impressive development path for the project. In 2021, the company will aim to bring additional capabilities to the protocol and introduce the uLend platform, which will allow users to participate in peer-to-peer lending of UNFI tokens.
Not only that, Unifi Protocol DAO has attracted investments from prominent names in the cryptocurrency sector, including Binance, HBTC and Chain Capital.
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How Many Unifi Protocol DAO (UNFI) Coins Are There in Circulation?
The total supply of UNFI tokens is 10,000,000. Currently, there are about 2,856,577 UNFI tokens in active circulation on the market.
Over half of the total UNFI token supply is dedicated to a Liquidity Providers and Ecosystem Development (LPED) fund. Of the remaining tokens, 15% were distributed as rewards for the founding team and other vital developers. Another 12% were distributed among investors during a private sale. More than 10% of UNFI tokens were set aside for Ecosystem Support, while another 6.5% were released during a Seed Sale for interested investors. Lastly, 5% of the total supply was dedicated to Pool Mining activities, designed to support public token allocation.
How Is the Unifi Protocol DAO Network Secured?
Unifi Protocol DAO is a combination of blockchains and smart contracts secured by a proof-of-stake (PoS) consensus mechanism. PoS relies on the fact that tokens are stakable to ensure the validity of nodes and secure the mining process. This means that nodes are selected based on their stake in the given token.
Unlike the proof-of-work (PoW) consensus method used by cryptocurrencies like Bitcoin, PoS is extremely scalable and can offer more flexibility to project creators. Not only that, PoS does not require vast amounts of electrical and computing power to facilitate the mining process.
Where Can You Buy Unifi Protocol DAO (UNFI)?
UNFI tokens are becoming relatively popular, which means that more exchanges have started offering them. If you are looking to invest in UNFI, one option is Binance, as it has the largest trading volume of UNFI/USD, $6,537,400.
Other options for trading UNFI include nftgamef.com and KuCoin. Keep in mind that trading cryptocurrencies comes with risk, just like any other investment.
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