Unifi Protocol DAO - Jupiter Application

Ontology EVM Fund Jupiter ($4M)
1

The web3 space is highly fragmented, complex and hostile to those looking to participate. Unifi Protocol Dao seeks to create solutions to the web3 problems that exist today, for a better tomorrow.

Sustainability, reliability, and reputation are core values that underlie all that we conceive and build.

Unifi Protocol ultimately is a platform to simplify the creation and use of blockchain applications. We seek to create an ecosystem to ease development practices on any blockchain and to expose those projects to a unified blockchain community.

We are a culture of:

  • Respect, for one another, our partners and peers both internally and externally
  • Trust, to communicate directly and conduct ourselves with integrity.

We believe that without an enduring culture we will not be able to build an enduring company.

History:

Unifi Protocol Dao, has been a partner and friend to the Ontology community since 2019, operating at the time as ‘Sesameseed,’ one of the first node validators with a multi-chain token economy. Since then, we launched the first DEX on Ontology in 2019, created cross-chain bridge operations on Ontology in 2020, and launched uTrade v1 on the Ontology mainnet in 2020.

Today, Unifi Protocol Dao operates the most consistent 100% rewarding node on the Ontology blockchain. We have been host to dozens of events, social media campaigns and PR related issuances alongside Ontology.

This submission serves to further advance our relationship and to usher in even more developments within the new EVM Ontology Ecosystem.

We’re excited to support the latest advancements on Ontology. Our DeFi trading product, uTrade V2, is ready and deployed on Ontology EVM. This proposal is a request for the funding of initial liquidity in order to provide Ontology users an efficient and seamless experience.

Existing Builds:
uTrade v1, uStake, Unifi Report, Governance

uTrade Builds

EVM:

  • Ethereum
  • BSC
  • IoTex
  • Harmony
  • Polygon
  • AVAX
  • BTTC
  • FTM

Non-EVM:

  • Ontology
  • Icon
  • Tron

Future builds include: Bridging, Institutional-grade solutions to existing DeFi challenges, and UNFI deployment on EVM-associated Blockchains. Please see our roadmap below.

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2

Thank you for your proposal.

Please provide more information about:

  1. How much initial liquidity would you like Ontology to provide
  • Which tokens
  • Amount of liquidity for each token, or amount in total
  • Length of time
  1. What will the rewards be for providing liquidity
  • The specific rules of rewards distribution

  1. What other co-hosted events are you open to discuss

  2. What extra support would you like Ontology to provide

3

Hello Ontology Team,

Please see below our allocation of and usage of funds for review, we’re excited to help support the Ontology Community and Ecosystem.

1. How much Liquidity would you like Ontology to Provide:

Unifi Protocol Dao requests a cumulative value of $1M in liquidity to be provided for a period of 1 year. As the EVM ecosystem of ORC-20 tokens continues to evolve we recognize the need for an evolving priority of liquidity. To accommodate for this we would like the following liquidity to be provided, and for this liquidity to evolve as Ontology sees fit over the coming year as new tokens are introduced.

Initial Liquidity Provided:

UP / ONG - 200k Initial Liquidity provided
Wing / ONG - 300k Initial Liquidity provided
ONT / ONG - 500k Initial Liquidity provided

A note on UP token:

UP token is the ecosystem reward token of Unifi Protocol DAO. UP is unique in that it is a 100% backed token, in the case of the ORC-20 version of UP it will be 100% backed by ONG, as opposed to the original OEP-4 Token backed 100% by ONT. For the purpose of providing liquidity and to ease the liquidity provision above, Unifi Protocol DAO shall permit a one-time minting of the UP token at the standard rate by the Ontology Team to better support the above mentioned liquidity provision (this has never been granted previously to any other organizations).

2. What will the rewards be for providing liquidity

Rewards provided for providing liquidity will be standard as with all existing versions of uTrade V2. This being relative to the activity of the pair for which liquidity is provided, and to be paid in UP token, which in turn may be redeemed for ONG. Please further see Section 4 as a request to supplement these rewards is further outlined below. More information on the specific rewards mechanism can be found HERE.

3. What other co-hosted events are you open to discuss

Co-hosted events and community building are of huge importance to Unifi Protocol; the exact details can be found below, in points 3, 4 and 5.

4. What extra support would you like Ontology to provide

Total Requested Support:

  • $1M Liquidity provided by Ontology to remain in their custody
  • $500k in additional Co-Marketing and Ecosystem development support.

Co-Marketing and Ecosystem Development Support ($500k)

  1. $200k in ONT to be provided to support current and future development incentives surrounding uTrade v2, the development and implementation of uBridge, the deployment of UNFI as a native token on the Ontology Blockchain, and future upgrades to the UP ecosystem. Unifi Protocol Dao intends to utilize 100% of these tokens to self stake to the Unifi Node on Ontology to open up more community staking spots and continue to offer the highest staking rewards on Ontology rewards to even more users on the Ontology network.

  2. $100k in ONG to be granted to Unifi Protocol Dao to support the creation of a UNFI / ONG pair on uTrade (for a total initial liquidity of $200k). Unifi Protocol shall create a bridge system for UNFI to other EVM chains, and provide $100K in UNFI liquidity to match the ONG liquidity.

  3. A commitment of $50k to be used on CoinTelegraph, CCN, and other PR news outlets for the purpose of advertising ongoing Ontology x Unifi Protocol related developments over the coming year.

  4. A commitment of $20k to be used towards the hosting of 4 Ontology x Unifi Protocol related events to be hosted in London, Madrid, Toronto and Los Angeles over the coming year.

  5. An additional commitment of $30k to be provided to host a series of monthly events In Los Angeles, specifically highlighting Ontology and Unifi Protocol.

  6. $100k in ONG to be provided to hugely supplement Liquidity Provider Rewards on uTrade for a period of 1 year. (100% of which will be provided to Liquidity Providers including Ontology as stated above.)

In Summary:

As stated above, Unifi plans to utilize 100% of the above mentioned $500k request to directly benefit the Ontology ecosystem.

Thank you all for taking the time to review the above proposal, which we believe will not only ensure a top quality product is deployed on Ontology, but that ongoing support and marketing is highly leveraged to ensure huge community participation.

The Unifi Protocol Dao Team!

4

Thank you for the information. The application is under review.

5

Congratulations! You have been approved for $1M initial liquidity and $100k grant.

Please reply to this post with your Ontology address (address starting with A) and Ontology EVM address (address starting with 0x) to receive the funds.

$1M initial liquidity

  • A cumulative value of $1M in liquidity will be provided for a period of at least 6 months.

  • A breakdown of the initial liquidity provided for each trading pair:

  1. WONT/ONG - $200k (will be provided soon)
  2. WING/ONG - $200k (will be provided soon)
  3. UP/ONG - $100k (will be provided soon)
  4. UNFI/ONG - $100k (will be provided shortly after the deployment of UNFI on Ontology EVM is complete and bridging UNFI to Ontology EVM is available on uBridge)
  5. USDT/ONG - $100k (will be provided shortly after the deployment of the new version of USDT on Ontology EVM is complete)
  6. USDC/ONG - $100k (shortly after the deployment of USDC is complete)
  7. ETH/ONG - $100k (shortly after the deployment of ETH is complete)
  8. WBTC/ONG - $100k (shortly after the deployment of WBTC is complete)

$100k grant

  1. $50k in ONT will be provided to support development and implementation.
    · $40k will be provided shortly after the implementation of uTrade v2 on Ontology EVM is complete and it functions normally.
    · $10k will be provided shortly after the implementation of uBridge on Ontology EVM is complete and it functions normally.

  2. $10k in ONG will be provided for marketing purposes, such as sponsored PR posts at leading crypto media, interviews, joint social media campaigns and other marketing events. The grants will be provided step by step once the detailed marketing plan is agreed by both side.

  3. $40k in ONG will be provided as additional incentives for liquidity providers. The grants will be provided after the process of providing initial liquidity is complete.
    · $10k for the 1st month
    · $8k for the 2nd month if the monthly trading volume of the 1st month reaches $1M
    · $7k for the 3rd month if the monthly trading volume of the 2nd month reaches $1M
    · $6k for the 4th month if the monthly trading volume of the 3rd month reaches $1M
    · $5k for the 5th month if the monthly trading volume of the 4th month reaches $1M
    · $4k for the 6th month if the monthly trading volume of the 5th month reaches $1M

Thanks again for the proposal. We’re looking forward to the cooperation!

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7

Hello Ontology Team!

Thank you so much for the proposal! we graciously accept. We’re looking forward to working together closely, and helping support the advancement of the Ontology EVM Ecosystem!

Please see below addresses:

EVM: 0x84277faE93Fe296173949b49f19548595215F202
ONT: AdBGNiTbpdDYHQKmmEabEDswLGE23eNoPp

Let’s kick this project off right and continue to build on Ontology!

8

Hello Ontology Community!

We wanted to provide an update on our Jupiter grant. A lot has happened since our approval, and this should serve as a quick status update.

uTrade Ontology EVM was implemented successfully and has been fully functional since March 25, 2022. Support for uBridge was also added - users can now bridge UNFI natively to and from the Ontology EVM network to 9 other blockchains.

We held our first bonus LP rewards event on uTrade Ontology EVM on July 13, 2022 to celebrate the 4th anniversary of Ontology Network. A total of $10k in ONG was distributed.

We are pleased to update the community that we broke over $1.5M in trading volume for the month! This qualifies Unifi Protocol for the next disbursement in this rewards grant directly to liquidity provider to support the second round of uTrade incentives.

Looking forward to continued success from our partnership with Ontology!

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