Unifi Protocol DAO is set to launch a massive upgrade to their sustainable and decentralized finance (DeFi) ecosystem. Unifi’s blockchain products were first introduced in 2020, and have since expanded to include more services such as trading (uTrade), staking (uStake), and recently the addition of a cross-chain bridging solution (uBridge). With roughly $11.5M locked in the Unifi Protocol ecosystem, Unifi stated in their infrastructure improvement proposal that much of that value is currently being under-utilized.
The upgrade will see major changes rolled out to Unifi Protocol’s rewards token, $UP. This over-collateralized algorithmic token has been fully backed by an increasing reserve of cryptocurrency coins on each blockchain it is on since originally conceived in 2018. The new and improved UP will utilize the funds in this rising reserve to earn all UP holders passive returns by routing staking rewards into the backed value of the token, while boosting the efficiency of all associated Unifi products.
The pivotal upgrade was approved in a landmark DAO vote that took place across multiple blockchains with holders of $UNFI token, the governance token of the Unifi Protocol ecosystem. Over 140,000 tokens participated, representing $462,000 in value. The Unifi Protocol multichain DAO referendum was unique in its ability to allow UNFI token holders on 6 different blockchains to participate, whereas typically voting occurs on only one or two blockchains.
What comes next should be exciting for all crypto participants, as Unifi Protocol utilizes the improved UP token to accomplish its stated goal of building a sustainable and decentralized future. Since Unifi Protocol has set up its operations in the style of a decentralized autonomous organization, UNFI holders will be entrusted with governing the total value that will accumulate within the ecosystem on 13 different blockchains to date.
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