What is UniFarm (UFARM) | What is UniFarm token

In this article, we’ll discuss information about the UniFarm project and UFARM token

Our journey in Decentralized Finance began with the launch of OroPocket, at the stroke of midnight on 1st January 2020. Our vision was simple - empowering users to “own their money”.

Instead of parking their money with banks, users could keep them in assets (such as gold, silver, stocks, ETFs, real estate etc.) and spend it in real-time using a bunch of financial services such as an asset-backed debit card, instant loans, earning yield on assets etc.

This enabled the users to get 100% insurance on their “money” and the ability to beat inflation.

We received good traction for our product and soon decided to turn it into a completely decentralized offering with OpenDeFi Finance. The Open nature of OpenDeFi could enable adding various asset classes and empower developers to build financial services on it.

Unlike a bank, we’re open. Just plug and play.

Soon after the launch, we partnered with over 20 startups and reputed companies to expand and thus began the development journey of OpenDeFi and the launch of its governance token $ORO.

During this period, we realized that several startups are raising capital, and most of them raise capital to build products. While they’re building, there’s no real utility of the token, and hence the price kept falling. We decided to solve this problem for ORO.

We spoke with several partners and founders who were facing similar challenges. We got back to the whiteboard and started working on a solution. With a basic framework, we reached out to some of our close associates, and they were more than willing to experiment. This is how the first cohort of UniFarm was born with $ORO, $MATIC (now Polygon), $REEF, $CNTR and $FRONT.

We’re ever so grateful to them and their community for the overwhelming response and amazing feedback. Thus UniFarm was born.

With this whitepaper, we introduce UniFarm, an innovative farming solution.

UniFarm

UniFarm is an innovative farming solution where a bunch of projects come together to create a reward pool. Users can stake any one token and get multiple tokens as rewards.

For example, if there’s a UniFarm pool of $ORO, $MATIC, $REEF, $CNTR and $FRONT, you could stake any of these tokens and start earning all the tokens as rewards.‌

We guarantee a minimum APY, and there is absolutely no market exposure.‌

UniFarm is a win-win solution for all the parties involved—projects and investors alike.‌

The investors get to enjoy a good APY and get a bunch of reputed project tokens as rewards without any market exposure risks.‌

Projects get exposure to a new set of investors and get their tokens staked, giving them more room to build and grow.

Problem Statements

Faced by Startups and Investors

1. Token Price Fluctuation

While building a startup, the team has to worry about countless things, including building, marketing, finding product-market fit, hiring the right resources, testing, auditing, taxes, churn etc. Add to it the burden of token’s price falling, and everything turns to chaos.

The community narrative changes, people start FUDing etc. Startups have to deploy sizeable resources to control this and figure out ways to control further damage.

Solution: UniFarm creates a utility for the tokens. By creating a pool with UniFarm, startups enable a new utility for their tokens, which is that now it can be staked to earn a bunch of other tokens as rewards. Since tokens are now getting staked, they are removed from the trading supply giving startups breathing space to focus on other aspects.

2. Creating a Demand For the Token

Most of the activities that startups do, such as partnerships, marketing, PR, product releases, social media marketing etc., are geared towards creating demand for their offering and token. Since there are literally thousands of startups fighting for the same space, this can be an uphill battle.

Solution: UniFarm brings together an entire group of good startups to form a cohort. We do aggressive marketing of each TOKEN across various communities of the cohort, making sure each gets access to a newer set of investors. The gamification framework on UniFarm ensures that if few users are staking, the APY is very high (250% to 350%), encouraging investors to stake more tokens, thereby creating a demand for it. UniFarm also guarantees a minimum APY to ensure value creation for stakers.

3. Pump and Dump

Good Startups want to stay far away from any pump and dump schemes because they are in this for the long haul. Artificial price inflation has only a very short term benefit but can cause massive issues in the long run.

The easiest way to lose the trust of community and early backers is by getting even remotely associated with Pump-and-Dump schemes.

Solution: UniFarm‘s gamification framework is designed to encourage users to stake tokens and stay in the pool for a longer duration. The longer they stay in, the more rewards they earn. The framework also encourages new investors to join in the tokens, creating demand and ensuring a reduction in the number of tokens available for trading.

How it Works

UniFarm brings together a cohort of projects to create a reward pool. The token holders of any of those projects can stake their tokens to get all project tokens as rewards.

For example, let’s say there’s a cohort with the following projects: $ORO, $RAZOR, $PAID, $OM, $ROYA and $PLOT.

Users can stake any one token and get all as rewards.

If you’re staking $OM, then here is how the reward sequence will work:

Week 1: You’ll be earning $OM as rewards.

Week 2: You’ll be earning $OM and $ORO as rewards.

Week 3: You’ll be earning $OM, $ORO, $RAZOR as rewards.

Week 4: You’ll be earning $OM, $ORO, $RAZOR and $ROYA as rewards.

Week 5 onwards: You’ll be earning $OM, $ORO, $RAZOR, $ROYA and $PLOT as rewards.

We guarantee a minimum APY for each cohort, ensuring value creation for stakers. Here is a detailed article on how the APY is calculated: https://blog.oropocket.com/how-to-use-oropocket-platform/how-to-calculate-total-apy-in-unifarm/

Tokenomics

Token Ticker: $UFARM

Total Supply: 1,000,000,000 $UFARM

Fundraise: 140,000,000 - 14%: Variable for different rounds. Details below

Liquidity for exchanges: 50,000,000 - 5%: Unlocked for Balancer/Exchange liquidity/IDO. Liquidity will be added at $0.04

Farming: 500,000,000 - 50%: UniFarm pool farming
Team: 100,000,000 - 10%: Cliff for 1 year, monthly unlock from 13-24 months
Advisors: 50,000,000 - 5%: Cliff for 6 months, daily linear unlocking from days 181-360
Marketing: 50,000,000 - 5%: Cliff for 3 months; Monthly unlocking from month 4-24
Company Reserve: 60,000,000 - 6%: Cliff for 6 months; Quarterly unlock over 6 quarters
Community: 50,000,000 - 5%: Variable for community. Details below

Use Cases

$UFARM Token Use Cases

1. Governance

$UFARM is the governance token for UniFarm platform. We’re working on converting it into an independent SaaS offering so developers and projects can build unique offerings for the different pools. All protocol-level changes shall be governed by voting using $UFARM tokens.

2. Staking

$UFARM token will be part of all major cohorts, enabling token holders to stake $UFARM tokens and earn a bunch of other high-quality project tokens at a good APY.

3. Premium Pools

UniFarm would be launching several premium pools and offering, which would be available to $UFARM token holders on a TIER structure.

4. Premium Offerings

UniFarm is collaborating with several platforms, launchpads, wallets and service providers to synergies with them for issuing tickets etc. This would be made available to $UFARM token holders on a TIER structure.

5. Add-ons Access

UniFarm is working on adding several add-ons (such as on-chain insurance, NFT farming etc.). These would be made available to $UFARM token holders for a TIER structure.

6. Paying Fees

As we move towards a SaaS model, all premium features would be accessible to developers and projects by paying fees in $UFARM token. Essentially, it would be the utility token for building on UniFarm.

Breathable Economy

Planning for Scale

For any economy to survive, there has to be contraction and expansion. Most of the world’s economies work on this principle, and hence they’re able to scale and last.

UniFarm works on a similar model.

Contraction: Buy Back & Lock

UniFarm charges fees from projects that join cohorts. 25% of this fee shall be used to buy back $UFARM tokens and lock them up on the chain for 12 months.

Not only will this ensure a steady contraction but also provide stability needed to scale.

After 12 months, the tokens shall move to the treasury. Unlike the traditional startup world, where there are Series A/B/C/D funding rounds available for scaling, we need to ensure that treasury is well-capitalized to effectively scale for a token economy. By locking up the tokens and then moving to treasury provides us with this capability.

Expansion: Farming

50% of the $UFARM tokens are reserved for farming. This is how $UFARM would be made available to various cohorts. This will ensure a steady supply of tokens over time.

The expanding economy will help us prevent any massive price movements or pumps-and-dumps.

How and Where to Buy UFARM token?

UFARM token is now live on the Ethereum mainnet. The token address for UFARM is 0x40986a85b4cfcdb054a6cbfb1210194fee51af88. Be cautious not to purchase any other token with a smart contract different from this one (as this can be easily faked). We strongly advise to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.

Just be sure you have enough ETH in your wallet to cover the transaction fees.

You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.

Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…

☞ SIGN UP ON BINANCE

Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)

Next step

You need a wallet address to Connect to Uniswap Decentralized Exchange, we use Metamask wallet

If you don’t have a Metamask wallet, read this article and follow the steps

☞What is Metamask wallet | How to Create a wallet and Use

Transfer $ETH to your new Metamask wallet from your existing wallet

Next step

Connect Metamask wallet to Uniswap Decentralized Exchange and Buy, Swap UFARM token

Contract: 0x40986a85b4cfcdb054a6cbfb1210194fee51af88

The top exchange for trading in UFARM token is currently Uniswap (V3), and Dfyn Network

Find more information UFARM

☞ Website ☞ Explorer ☞ Explorer 2 ☞ Social Channel ☞ Social Channel 2 ☞ Documentation ☞ Coinmarketcap

🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.

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