Unifi Protocol DAO Price

What Is Unifi Protocol DAO (UNFI)?

Unifi Protocol DAO (UNFI) is the governance model for Unifi Protocol, a decentralized app (DApp) designed for the development of cross-chain applications, with a focus on the decentralized finance (DeFi) industry. Unifi was initially launched on Ethereum (ETH), but operates a network of smart contracts on multiple chains.

There are three main components to Unifi’s functional ecosystem: uTrade, a decentralized exchange (DEX); uStake, a multi-chain staking solution; and uBridge, a bridging platform designed for the transfer of UNFI tokens between blockchains.

Besides operating as a multi-chain DApp, Unifi Protocol is also building its own blockchain platform called Stablechain. Stablechain is envisioned as a platform without a native crypto coin, on which gas fees for transactions are paid in established stablecoins. Using a stablecoin as a utility token for gas should help DeFi apps on Stablechain take advantage of the transaction cost predictability.

Unifi Protocol is operated by two tokens, UP and UNFI. UP is its utility token, while UNFI is the governance token that gives token holders voting rights on its DAO. UNFI is available in two very popular standards, ERC-20 and BEP-20.

What Is UNFI Used For?

UNFI’s key functions on Unifi Protocol DAO include governance and staking, as well as the delegation of staking. UNFI is designed first and foremost as a governance token. Token holders may participate in the protocol’s ongoing governance by delegating their staked amounts to a Community Council Representative (CCR). Each CCR is a member of the Unifi Council of Representatives, Unifi’s primary governance body, which also comprises Designated Council Representatives.

UNFI holders may also stake their tokens to earn crypto rewards from the protocol. Revenues to pay stakers come from transaction activity in the DeFi apps on Unifi.

UNFI Price and Tokenomics

UNFI was launched in November 2020, initially trading at around $4. The Unifi Protocol DAO token price began to rise from its earliest days on the market, reaching its highest price of $43.62 in March 2021. It then declined to about $6 by July 2021, before more than doubling to about $15 within a month. Then it began a steady descent over the following months. The Unifi Protocol DAO price has largely traded under $15 since, except for a brief spike to $23.08 on June 8, 2022.

UNFI’s total and max supply is 10 million tokens. Its circulating supply is around 5.9 million tokens. The token’s total supply has the following allocation scheme:

• 51% to liquidity providers and ecosystem development
• 15% to the founders and key developers
• 12% to private sales
• 10.5% to ecosystem support
• 6.5% to seed sale
• 4% to Binance Launchpool
• 1% to the BNB Chain (previously Binance Smart Chain) ecosystem

Who Is the Founder of the Unifi Protocol DAO?

Unifi Protocol was launched by the blockchain developer community Sesameseed, cofounded by Juliun Brabon, a Los Angeles–based technology professional. Sesameseed and Unifi Protocol eventually merged in July 2021, with Brabon as the CEO of Unifi.

Read more: Unifi Protocol: The Blockchain With No Native Currency

How to Store UNFI

UNFI is supported by a wide range of popular wallets. Some of the larger wallets that can be used to store UNFI include Trust Wallet, Atomic Wallet, Ledger and Trezor.

Where to Buy UNFI

You can buy UNFI from any top crypto exchange, including Bybit. On Bybit, you can trade UNFI as a USDT perpetual (UNFIUSDT) in the derivatives market.