What is Unistake (UNISTAKE) | What is UNISTAKE token
As we all know, when Ethereum’s transition is complete, it will be the largest PoS network by a significant margin. So we can see that there are already many projects born for ETH2.0 staking spurting out. And almost all of them are focused on the primitive issues of ETH2.0 staking.
ETH 2.0
Ethereum’s PoS launch raises some additional interesting issues:
1. Early stakers will lock their ETH until transactions are enabled on ETH 2.0, which could be a few months or several years.
2. ETH cannot be moved/traded or used as collateral when a user is staking ETH — in other words, staked ETH is illiquid.
3. Users can only stake multiples of 32 ETH.
Early staking commitment
When ETH 2.0 launches it will be a multi-phase rollout. Staking will launch quite early, but the state transitions — including transfers — will not be launched until later phases of the ETH 2.0 transition. Without transactions enabled, it will be impossible to move, trade or spend ETH that has been staked.
Practically, this means that any ETH staked on ETH 2.0 early in the rollout will be locked and unmoveable for a period of time — possibly even up to 2 or 3 years.
This may deter participation in staking on ETH 2.0 given that users sacrifice the ability to use, sell, trade or do anything else with their ETH for that period of time.
Illiquidity
During the period mentioned above, staked ETH will be non-transferable and illiquid.
Even after transactions are enabled on ETH 2.0 and it becomes possible to unstake ETH, ETH that is staked will remain illiquid for the period of time it is staked.
This presents an interesting dilemma — adversarial incentives between securing the network through staking and participating in DeFi are introduced. Users will have to choose between the rewards offered from staking or the yield offered from DeFi protocols.
This has been best described by Tarun from Gauntlet in his research on competitive equilibria between staking and on-chain lending and Haseeb from Dragonfly in his commentary on the paper.
Staking 32 ETH multiples
Finally, some users may face an additional issue with the requirement to stake multiples of 32 ETH.
At the time of this post, a user would need to stake no less than $11,744.32 in order to participate in securing the Ethereum network under ETH 2.0.
People that own 5 ETH and want to participate in staking will not be able to do so alone. Equally, people who own 45 ETH will only be able to stake 32 ETH from their holding.
What is Unistake?
Bifrost is a DeFi infrastructure protocol and Staking aggregator that aims to become an infrastructure for providing Staking liquidity. Currently, Unistake provides a staking solution for ETH 2.0 built to solve these problems and backed by several industry-leading staking providers. It makes staked ETH liquid and allows participation with any amount of ETH. When using Unistake to stake your ETH on the Ethereum beacon chain, users will receive a token (aka altsETH. Eg, stETH or vETH, etc.), which represents their ETH on the Ethereum beacon chain on a 1:1 basis. It effectively acts as a bridge bringing ETH 2.0’s staking rewards to ETH 1.0.
As a user’s staked ETH generates staking rewards from ETH 2.0, the user’s ETH balance on the beacon chain will increase. altsETH balances will update correspondingly once per day allowing you to access on ETH 1.0 the value of your staking rewards received on ETH 2.0.
Users can use altsETH in all of the same ways that they can use ETH: sell it, spend it and, since it is compatible to be used in DeFi, use it as collateral for on-chain lending. When transactions are enabled on ETH 2.0, users can also redeem altsETH for ETH.
We believe that altsETH will be an important base primitive in DeFi, and a foundational building block for the Ethereum money-lego stack.
Unistake is intended to remove the adversarial incentives of ETH 2.0 by allowing users to stake their ETH while simultaneously participating in on-chain lending with altsETH, thus providing them access to additional yield from other protocols and producing a more secure ETH network.
Futures
We trust, altETHs can optimise transactions in multiple scenarios such as DeFi, DApp, DEX and CEX. altETH can be used to realise the transfer channel of governance right such as Staking to hedge the risk of Staking assets. In extended scenarios such as when altETH is used as collateral for lending, the staking proceeds can offset part of the interest and realise low-interest lending.
The Unistake Smart Contracts
Unistake is a true DeFi project and as such cannot operate without the use of properly operational smart contracts. To ensure everything works as intended all contracts are meticulously tested by expert solidity auditors. These reports will be available on this page prior to them being in used by any Unistake users.
Token Contract
The Token Contract is where the UNISTAKE tokens are minted. The contract is immutable so that no more tokens can be created at a later date.
ISO Contract
The ISO Contract runs the token offering from start to finish. This contract also keeps track of the stakes and secures all the tokens for the supporters.
Staking Bonus Contract
The Staking Bonus Contract interacts with the ISO Contract on completion. This contract holds all the staking bonuses and allocates them to supporters.
Timed Distribution Contract
The Timed Distribution Contract is used for both the Unistake team share and the future staking shares. This contract releases tokens based on a set time frame predetermined at the point of deployment.
Platform Contract
The Platform Contract is the contract that will run the final Unistake platform. This contract will take care of everything not ISO related and will be the main installment of the project.
Unistake Token Contract:
https://etherscan.io/address/0x9Ed8e7C9604790F7Ec589F99b94361d8AAB64E5E
How and Where to Buy UNISTAKE ?
UNISTAKE has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy …
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
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. You will be charged higher fees when using cards but you will also make an instant purchase. While a bank transfer will be cheaper but slower, depending on the country of your residence.
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
Since UNISTAKE is an altcoin we need to transfer our coins to an exchange that UNISTAKE can be traded. Below is a list of exchanges that offers to trade UNISTAKE in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase UNISTAKE from the exchange.
Exchange: Bilaxy, Gat.io and Uniswap (V2)
Transfer your cryptos to an Altcoin Exchange
Gate.io is an American cryptocurrency exchange that launched 2017. As the exchange is American, US-investors can of course trade here and we recommend US traders to sign up on this exchange. The exchange is available both in English and Chinese (the latter being very helpful for Chinese investors). Gate.io’s main selling factor is their wide selection of trading pairs. You can find most of the new altcoins here. Gate.io also demonstrates an impressive trading volume. It is almost every day one of the top 20 exchanges with the highest trading volume. The trading volume amounts to approx. USD 100 million on a daily basis. The top 10 trading pairs on Gate.io in terms of trading volume usually have USDT (Tether) as one part of the pair. So, to summarize the foregoing, Gate.io’s vast number of trading pairs and its extraordinary liquidity are both very impressive aspects of this exchange.
After going through a similar process as we’ve done before with Binance, you will be advised to set up 2FA authentication as well, finish it as it adds extra security to your account.
Deposit BTC to exchange
Depends on the policies of the exchange you might be required to go through another KYC process, this should usually take you from 30 minutes to possibly a few days maximum. Though the process should be straight-forward and easy to follow. Once you’re done with it you should have full access to your exchange wallet.
If this is your first time making a crypto deposit, the screen here may look a bit scary. But don’t worry, it’s basically simpler than making a bank transfer. At the box on the right, you will see a string of random numbers saying ‘BTC address’, this is a unique public address of your Bitcoin wallet at Gate.io and you can receive Bitcoin by giving this address to the person to send you the funds. Since we are now transferring our previously bought bitcoin on Binance to this wallet, click on ‘Copy Address’ or right-click on the full address and click copy to grab this address to your clipboard.
Now head back to Binance, go to Portfolio page and click on Bitcoin on your asset list, then click on ‘Send’ on the right.
Under the Recipient field, paste the wallet address in your clipboard, for security consideration you should always check if both address are matching. It is known that there are certain computer malware that would alter the content in your clipboard into another wallet address and you will be essentially sending funds to another person.
Click ‘Send’ to proceed, you should receive a confirmation email instantly, click on the confirmation link in the email and your coins are on the way to Gate.io!
Now go back to Gate.io and head to your exchange wallets, don’t worry if you haven’t seen your deposit here. It is probably still being verified in the blockchain network and it should take a few minutes for your coins to arrive. Depending on the network traffic condition of the Bitcoin network, during busy times it may take even longer.
You should receive a confirmation notification from Gate.io once your deposit has arrived. And you are now finally ready to purchase UNISTAKE!
Trade UNISTAKE
Go back to Gate.io, then go to ‘Exchange’. Boom! What a view! The constantly flicking figures might be a bit scary, but relax, let’s get our heads around this.
In the right column there is a search bar, now make sure “BTC” is selected as we are trading BTC to altcoin pair. Click on it and type in “UNISTAKE”, you should see UNISTAKE/BTC, select that pair and you should see a price chart of UNISTAKE/BTC in the middle of the page.
Below there is a box with a green button that says “Buy UNISTAKE”, inside of the box, choose the “Market” tab here as that is the most straight-forward type of buying orders. You can either type in your amount or choose what portion of your BTC deposit you would like to spend on buying, by clicking on the percentage buttons. When you have confirmed everything, click “Buy UNISTAKE”. Voila! You have finally bought UNISTAKE!
Apart from the exchange(s) above, there are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once UNISTAKE gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
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