Check out my follow-up to this post here: Went looking for info on Unifi (UNFI), found Sesameseed (SEED), & discovered Tron Network's budding DeFi ecosystem
March 17, 2021
I discovered Unifi Protocol while using the BSC network. I think I first saw it in the PancakeSwap list. I'm really curious to learn more about it and try out more of its features. Of course, the ETH gas prices are making that a bit difficult at the moment. But that's a reason I really like UNFI, because I'm still able to interact with the protocol via Binance Smart Chain. I was able to stake a tiny amount of liquidity on BSC here:
I may still get wrecked by impermanent loss, but at least I'm paying less fees. But more importantly, I'm earning UP tokens for staking liquidity on Unifi Protocol which uses auto-farming so I don't have to stake my LP tokens, they just automatically farm. I like the low total supply of 10 Million UNFI tokens. The market cap in still relatively low at $80 Million. I'm very interested in UNFI and I've learned that you have to purchase their ERC-20 UNFI tokens on the ETH network in order to stake them in the Governance Dashboard which is currently paying ~40% APY:
Anything merging DeFi and cross-chain support has potential to be a huge win in the near future. I'm also interested in a project called Clover which is more focused on Polkadot blockchain interoperability. It's also entirely possible that the classic Ethereum-based swap sites will add cross-chain functionality... so SushiSwap, UniSwap, & 1INCH are potentially interesting for interoperability in the future as well. Harmony One recently put out a video with some very positive words regarding Unifi Protocol:
Several existing swap sites have a lot higher market cap than UNFI. UniSwap (UNI) is trading at about the same price as UNFI right now (~$31), but it has a market cap of $16.3 Billion and a supply of 1 Billion tokens. So Unifi (UNFI) looks really interesting to me because it could easily reach UniSwap's market cap if it becomes the leading cross-chain swap site for cross-chain DeFi liquidity.
Uniswap is a leading liquidity pool and decentralized exchange on the Ethereum network. UNFI has potential to serve a similar role for all blockchains, acting as a DeFi hub between chains. In the comparison above, I have illustrated the price effects on a potential scenario in the future in which UNFI reaches the market cap that UniSwap currently has. So, I don't know much about UNFI, but the numbers look good if they are successful. Between $1,600 - $6,600 per token if they reach UniSwap market cap.
The DeFi boom has jammed up the Ethereum network and the demand for DeFi has spurred rapid innovation. First DeFi spilled over into Binance Smart Chain. Now every competing chain is looking to foster a DeFi ecosystem of its own. Interoperability is the most pressing need in the blockchain world. As chains grow and incubate projects they are all building bridges to interact with one another. The best way to supply the infrastructure to achieve this cross-chain interaction is by incentivizing cross-chain liquidity pools. UNFI is making progress towards a more unified crypto economy.
Read the white paper and see all the ways to get UNFI below:
Rating: 8/10 (Short term potential for 10x growth. Medium to long term potential for 50x growth).
You can buy UNFI using a number of different blockchains and base currencies right on their Dapp. If you're just getting a small amount and you don't want to stake it to earn 40% UNFI rewards, you can get BEP-20 UNFI tokens using Unifi Protocol on Binance Smart Chain with BNB:
I'm pretty sure you can get UNFI on UniSwap (even though I didn't see it listed there), but I decided to use the Unifi Protocol swap instead:
You can also get UNFI on Binance.com (not available on Binance.US) so US users require VPN to access. Then you can select to withdraw as eith ERC-20 or BEP-20 depending on what chain you are withdrawing to.
UNFI on Binance:
I haven't used KuCoin to purchase UNFI, but it has served me in the past and I trust them as well as any centralized exchange.
UNFI on KuCoin:
ERC-20 (ETH) UNFI Contract Address:
You can verify the UNFI BSC contract address when using PancakeSwap to buy UNFI on BSC.
BEP-20 (BSC) UNFI Contract Address:
Centralized Services (Block To The Future Referral Links)
Coinbase (necessary evil for buying crypto with USD)
Kucoin (best of the centralized exchanges, also has USD buy option)
Bittrex (meh, okay... also has USD buy option)
Binance (used to love it, now, not so much)
BlockFi (so far so good, decent interest rates, not really an exchange though)
Robinhood (get the free stock for signing up and dump Robinhood when we have a good synthetics market on the blockchain)