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Unifi Protocol Creates a Combination of DeFi and Blockchain Staking with Acquisition of Multi-Chain Staking Provider

CryptocurrencyJul 16, 2021 04:30AM ET
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Unifi Protocol Creates a Combination of DeFi and Blockchain Staking with Acquisition of Multi-Chain Staking Provider

Unifi Protocol is proud to be the first DeFi platform to create a blended ecosystem of DeFi and blockchain node staking rewards. Exisitng nodes on 6 blockchains will join with Unifi’s existing 7 chain DeFi ecosystem. Blockchain validation is a large industry, and projected to grow substantially larger as Ethereum and other cryptocurrencies adopt Proof of Stake as a security mechanism.

Unifi (NYSE:UFI) Protocol acquires the assets of multi-chain staking provider

Unifi has awuired the assets of multi-chain staking provider Sesameseed. Unifi will gain and operate Sesameseed’s existing blockchain nodes on IoTeX, Icon (NASDAQ:ICLR), Ontology, Harmony, Tron and Waves. These 6 nodes currently have a combined stake of approximately $13.1M staked to them by over 250,000 blockchain addresses.

Sesameseed currently generates about $3000 per day from its nodes, which will now feed directly in the Unifi Protocol ecosystem. A high percentage of that daily reward will be captured by the Protocol as TVL. Unifi’s blockchain nodes will mint the UP rewards token, unifying the interests of stakers with liquidity providers and projects built on the Protocol.

Unifi will absorb the $8.5 Million marketcap of Sesameseed’s multi-chain SEED token into the Unifi (UNFI) token economy. The combined total of over 275,000 SEED holders on 4 blockchains will also be eligible to claim UNFI tokens, the Global Governance token for the entire multi-chain Unifi Protocol.

Unifi will obtain Sesameseed’s approximately $1 Million SEEDGerminator developer fund. This fund will be used by Unifi to facilitate and accelerate future development on the Unifi Protocol.

Started in 2018, Sesameseed’s community grew to become one of the largest and longest lasting multi-chain cryptocurrency communities with a social media audience of over 16,000 active members. The majority of Sesameseed team will now join the Unifi team, providing expertise in operating blockchain nodes, managing a multi-chain staking community, smart contract development, blockchain and social media integration, multi-chain wallet creation, cross-chain token swaps, project acceleration, and grants application and administration.

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Unifi Protocol Creates a Combination of DeFi and Blockchain Staking with Acquisition of Multi-Chain Staking Provider
 

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