The Unifi Protocol has seen its protocol node skyrocket in the IoTeX node rankings. Unifi is also the protocol that has created the first-ever integrated DeFi and blockchain node ecosystem with the uStake blockchain staking platform launch.
As created by Unifi, an integrated ecosystem allows liquidity providers, stakers, lenders, and others to align towards a shared goal and a shared tokenomics structure. The entire Unifi multi-chain ecosystem, including blockchain nodes, the staking of UNFI tokens, AMMs, and lending (currently under development), is governed by UNFI token holders.
Acquisition Of Sesameseed Assets
Unifi’s rapid development of uStake was made possible due to the acquisition by Unifi of the assets of multi-chain staking provider Sesameseed. The staking provider had started out in 2018 and quickly became among the largest and longest-lasting multi-chain crypto communities.
The acquisition also saw a significant chunk of the team at Sesameseed join the team at Unifi, providing the latter with significant expertise in the operation of blockchain nodes, managing multi-chain staking communities, development of smart contracts, integrating blockchain with social media, cross-chain token swaps, multi-chain wallet creations, project acceleration among others.
Unifi took custody of blockchain nodes on Harmony, Tron, Waves, Ontology, IoTeX, and Icon on 16th July. The nodes’ combined stake currently stands at $22.4 million, which has been staked by over 250,000 addresses. Unifi will rebrand the nodes to reflect their acquisition and operation by Unifi.
The Importance Of UNFI Community Governance
Apart from the acquisition of Sesameseed and its various nodes, Unifi also announced that it had also obtained the SEEDGerminator fund, valued at approximately $1 million. The fund would be utilized to fund the development of the Unifi Protocol while also highlighting the importance of the UNFI community governance.
The uStake Launch
Unifi had taken to Twitter to announce the launch of uStake on the 30th, putting out a tweet announcing the launch while also giving details about the number of individuals currently staking. Unifi stated that over 7200 individuals were currently staking to Unifi nodes, with over $17 million locked in total value. That value has since increased to over $22 million.
Unifi Node Sees Significant Jump On IoTeX
After partnering with IoTeX and integrating their native blockchain rewards system Hermes on 10th September, Unifi’s node saw a significant jump. Unifi’s node went from 40th on 10th September to 10th at the time of writing.
Unifi will provide 100% of its node rewards on block rewards, Epoch rewards, and foundation bonuses to users who stake IOTX to its node.
Larry Pang, from IoTeX, stated about the partnership with Unifi, stating,
“Unifi has been a fantastic partner in launching uTrade on IoTeX, and we are excited to see them expand into the validator sector with uStake. Having skin in the game and running a Delegate node shows their passion for not only delivering fantastic technology but also engaging at a deeper level with crypto communities.”
Meanwhile, Unifi Protocol co-founder Juliun Brabon commented,
“IoTeX has a vibrant and engaged community. Unifi is thrilled to be supporting the community through developing our on-chain Protocol as well as operating an IoTeX node.”
Unifi And IoTeX Focus On Fruitful Partnership
The Unifi and IoTeX partnership is continuing to maximize the frontiers of its ecosystem, with the goal of taking advantage of each other’s progress. Unifi has made significant upgrades to its protocol and continues to do so while also working on making its smart contracts more developer-friendly. Meanwhile, IoTeX is listed on Coinbase Pro.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
