What is UniFarm
Unifarm is a farming platform with a unique design. You stake one of the five cryptos in the cohort and you earn your rewards in all five of the cryptos in the cohort. The first week you stake you earn just the coin you staked, the second you earn the original coin and one additional, the third week you earn three coins, the fourth week you earn four coins, and the fifth week onwards you earn all of the cryptos in the cohort. The cohort lasts 90 days and there is no lockup period, you can unstake at any time.
This post goes over UniFarm in detail and it does include some historical issues that have occurred with the platform.
What is the APY
Unifarm does a unique calculation of APY. The APY is 36% to 250%. The APY value is calculated based on the token value the day that the cohort starts. That means if the value of some of the cryptocurrencies increases during the staking period you have the potential to earn a much great APY. It Cohort 18 I earned an APY ~900% due to two of the tokens having a large increase in value during the cohort. The opposite is also true, if all the tokens decrease in value the effective APY can be less than the 36% minimum promised.
Each cryptocurrency has its own portion of the staking proceeds. This means that the more people that stake a specific member of a cohort, the lower the APY in that portion of the cohort. It is not uncommon for staking one member of the cohort to earn 200%+ APY and another member 36%
Members of the Cohort
Polytrade is a dapp available on the Ethereum and Polygon networks. It mission is "Polytrade brings safe and insurance backed real world assets to crypto world. We will provide real world borrowers access to low interest and swift financing to free up critical working capital, tapped from crypto lenders." It is important to note that Polytrade does not currently have an active product and according to the roadmap different stages of functionality will be added in 2021 Q4 and 2022 Q1.
GamyFi is a Binance Smart Chain and Polygon powered gaming, eSports, and NFT platform. There are portions of the platform that work with BSC and Polygon, but there are other portions like the NFT marketplace that only with BSC. According to GamyFi their mission is "a Blockchain based E-Sports and gaming platform which incentivizes gamers and sports enthusiasts for their skills and knowledge with exciting rewards and NFTs. GamyFi platform uses blockchain technology to keep it fair for all while being secure and fast. Developed by an ambitious team, GamyFi is a revolutionary blockchain technology-based platform that uses crypto as the in-game currency and offering all benefits to the crypto world alongside. GamyFi is designed to tackle conventional gaming's key challenges, it will deliver a host of unique features and improvements."
OmniWhirl started as PolyWhirl and was recently rebranded OmniWhirl due to the vision expanding to include multiple blockchains, not just Polygon. OmniWhirl is a privacy based cryptocurrency that "OmniWhirl is a completely decentralised platform for making private transactions on Polygon. OmniWhirl will help you preserve your privacy, incase your identity and addresses are linked and exposed. You can transfer all your funds to a new address without exposing your link to previous addresses." They currently do not have a working product and plan to launch mainnet in 2021 Q4. Their plans including launching on Ethereum, Avalanche, and Binance Smart Chain, in addition to Polygon by the end of the year.
UniFarm is a product of OroPocket that has its own token. ORO is the token for OroPocket which is also included in the cohort. OroPocket is a defi cryptocurrency that "tokenises real world asset which are 100% insured, backed by an actual physical asset and held by a custodian, ensuring your interest is held paramount." They have an app and a functioning product. They are included in many cohorts.
How to Use UniFarm
Like most DeFi protocols, UniFarm is very easy to use. You simply connect you wallet, choose the token that you want to stake, and then input the number of tokens that you want to stake. It will then show you the available cohorts. Some of the cryptocurrencies in this cohort including UniFarm, GamyFi, OroPocket, and OmniWhirl (PolyWhirl) have been in previous cohorts. It then shows you current APY and the order that you earn the various cryptocurrencies in the cohort and you can choose to stake. You can do this same process, filling in a random number of coins, if you want to look at the APY being offered for the various different cryptocurrencies in the cohort.
I have had very positive experiences with using UniFarm and my last Cohort provided an APY of over 900%.