Decentralized Finance [DeFi] is a new hot-space in the cryptocurrency industry. The launch of the UniFi protocol-powered, uTrade platform on September 7th on the Tron mainnet is another addition to the emerging craze.
Developed by the Tron Foundation Super Representative candidate and multi-chain asset staking community, Sesameseed, the UniFi protocol essentially combines multi-chain DeFi space through the SEED Bridge, allowing the protocol to be a multi-chain, non-custodial, decentralized swap as well as a complete DeFi protocol.
According to the official blog post, UniFi’s smart contracts have been developed from scratch and are not copied from any other existing protocols. Some of the key tokens that make up the protocol’s token economy are UNFI token, UP token, UL token, and SEED.
đź—“ Mark your calendars!#uTrade is going LIVE on September 7th at 1 PM UTC.
Are you ready to power 🆙️ your #crypto? pic.twitter.com/cO1cGU8Q8Q
— Unifi Protocol (@unifiprotocol) September 5, 2020
UTrade, on the other hand, is a trading platform built to leverage the UniFi protocol and operates as a decentralized, unlimited liquidity market maker. On this platform, one token is exchanged for another using liquidity provided by incentivized liquidity providers. These liquidity providers are rewarded with a portion of the revenue generated by the UniFi Protocol as a whole.
It was first made available on the Testnet of Tron. After the mainnet launch, Ontology, Harmony, and Ethereum blockchains will be deployed.
According to the whitepaper, uTrade consists of discrete copies of the UniFi protocol smart-contracts on different blockchains. UTrade is initially set to operate on Ontology, Harmony and TRON.
In addition, Sesameseed achieved its first milestone in the election of the TRON Network’s Community Super Representative in July 2018. In addition, its native SEED was the first token to be created on the Tron network.
The whitepaper further explained the workings of Sesameseed and UniFi protocol and revealed,
“Sesameseed has incorporated the SEED Bridge into the UniFi protocol. The SEED Bridge provides UniFi protocol users access to the cross-chain DeFi building block known as SEED swap. Swapping SEED is processed through Sesameseed’s non-custodial staking wallet Sprout. This established and time-tested multi-chain SEED swap powers the cross-chain and multi-chain SEED Bridge functionality in the UniFi protocol.”
The Tron DeFi hype train shows no signs of stopping
This is also a new milestone for the Tron Network, which saw a significant increase in the value of its native token, TRX, following the launch of PEARL and TAI, which led to interest on the JustSwap Tron-based token exchange platform. The platform witnessed an exponential increase in its trading volume as several well-known Tron DeFi coins were listed on it.