Unite Finance’s algocoin- UNITE, will work as a mirrored asset, pegged to ONE, with the primary focus on bringing liquidity to the Harmony ecosystem.
Among the sea of DeFi projects that have been cropping up recently, there are a few that standout and make a mark by creating a safe, profitable environment through innovation. One such project on the high-growth Harmony blockchain is Unite Finance. Seeing phenomenal growth, Unite Finance has been providing high APRs (as high as 12% yield daily) for all investors since its launch on Christmas Eve 2021.
How does it work?
- If the price of UNITE is over the peg, new UNITE tokens are printed to bring the price down. The new UNITE tokens are allocated to USHARE holders in the boardroom. Holders can stake USHARE in the boardroom.
- Once the peg is achieved and UNITE price is at the peg, minting of new UNITE tokens stops and holders can use the UNITE-ONE LP to increase their yield. Once the minting stops, each investor’s USHARE drives voting rights.
- If the price of UNITE drops below the peg, the most logical step would be investors using UNITE to buy UBOND. The UNITE used to buy UBOND is burned to reduce the supply and bring the price back to the peg.
Future Gamification for Increased Engagement
Bringing liquidity to the Harmony ecosystem is not Unite Finance’s only aim – the project is also focused on boosting community engagement and building a vibrant Harmony ecosystem. Team Unite has decided to gamify their DeFi project to make the project more engaging. DeFi Kingdom holds over $1.2B in TVL in the Harmony Ecosystem, which shows the suitability of GameFi on this chain.
The plan is to create a dynamic, futuristic space-themed metaverse where actions like yield farming, staking will become actions performed in an RPG game, with a delightful play-to-earn mechanism.
The project has also taken initiatives to support and assist the Harmony ecosystem to make it more vibrant.
Unite is shifting to a DAO-based governance system to become the first, true community-run project with democratized decision-making.
The road ahead
The Unite Finance team has laid down plans to create a complete integrated DeFi experience on their platform, complete with mini arcade games, NFT items, a lending platform and more to make Unite an integral part of the thriving Harmony ecosystem.
The project lead developer has completed KYC and doxxed their identity to InterFi Network, and the project contracts have gone through multiple audits by 0xGuard & Solidity Finance.
Additional information is available on Unite Finance’s social media handles.