Unifi Protocol DAO (UNFI), a DeFi altcoin project, has experienced a serious rise. The gain in value was observed following the approval of a major update to the Unifi Protocol DAO. In our article, we will talk about the changes and price movements that will occur in the protocol. Here are the details…
Major update voted for Unifi Protocol DAO
Unifi Protocol DAO is launching a major update in sustainable and decentralized finance (DeFi) ecosystems. Unifi’s Blockchain products were first launched in 2020 and have since expanded to include more services such as trading (uTrade), betting (uStake) and more recently the addition of a cross-chain bridging solution (uBridge). With about $11.5 million locked in the Unifi Protocol ecosystem, Unifi noted in its infrastructure improvement proposal that much of that value is currently underutilized.
The update will be carried out with major changes to UP, the reward token of the Unifi Protocol. Since it was first designed in 2018, this over-collateralized algorithmic token has been fully backed by a growing cryptocurrency reserve on every Blockchain it resides on. The new and improved UP will use the funds in this rising reserve to generate passive returns for all UP holders. Staking rewards will be directed towards the supported value of the token, while the efficiency of all related Unifi products will increase.
Major update confirmed in a landmark DAO voting with UNFI token holders, the governing token of the Unifi Protocol ecosystem, taking place across multiple blockchains. People with more than 140,000 tokens representing a value of $462,000 participated in the voting. The Unifi Protocol multi-chain DAO referendum was unique in its ability to allow UNFI token holders to participate on 6 different Blockchains, whereas typically voting only takes place on one or two Blockchains.
DeFi altcoin price rises
Exciting for all future crypto participants as Unifi Protocol uses the enhanced UP token to achieve its goal of building a sustainable and decentralized future should be. As the Unifi Protocol establishes its operations in a decentralized autonomous organization style, UNFI holders will be tasked with managing the total value accumulated within the ecosystem on 13 different Blockchains to date.
After this last update, UNFI’s value has increased by over 210 percent. The cryptocurrency was trading at $3.24 in the morning. It then jumped to $39.25. At the time of writing, it is changing hands at $10.17. The coin’s 7-day rise is 227.6 percent. In 14 days, it has experienced a value increase of more than 300 percent. While it has had some pullbacks at the time of writing, it is still above $3, its lowest level in the last 24 hours.
