What is Unic?
Unic Coin is a permissionless, community-governed protocol to combine, fractionalize, and trade NFTs. Built by NFT collectors and DeFi enthusiasts, the protocol incentivizes NFT liquidity and provides a seamless trading experience for NFT assets.
The token is going through a fair launch where tokens can only be minted through liquidity mining. The supply of will never reach 1 million, as inflation rate decreases each month. Token holders can govern the protocol by voting.
Unic Coin Coin Storage Key Points
|Coin Name||Unic Coin|
|Source Code||Click Here To View Source Code|
|Explorers||Click Here To View Explorers|
|Twitter Page||Click Here To Visit Twitter Group|
|Whitepaper||Click Here To View|
|Official Project Website||Click Here To Visit Project Website|
How Unicly works
The Unicly protocol improves upon the above issues through the following key attributes:
- Enabling sharding of collections containing multiple NFTs (ERC-721 and/or ERC-1155s).
- Treating every NFT within a sharded collection as a unique, irreplaceable item.
- Allowing collectors to bid for specific NFTs rather than entire collections.
- Treating all shards equally and never relying on randomization of reward distributions.
- Sharing the proceeds from NFT disposals equally between all shard holders (or uToken holders).
- Allowing shard holders to accept bids by voting with their shards as opposed to forcing them to counterbid.
- Eliminating incentives for NFT collections to depreciate through selective inventory churning.
- Rewarding contributors of the best NFT collections through whitelisting, which allows the pool to liquidity mine the governance token.
Unic Coin uTokens are essentially governance tokens that give voting rights to its holders. uToken holders are incentivized to vote at an appropriate valuation for the NFT collection in order to maximize the amount of ETH that they can receive. They are also incentivized to promote the collection itself to bring more exposure to the NFTs and hopefully higher bids. Furthermore, uTokens also function like ETFs.
To give uToken creators more flexibility around their collections, the protocol allows them to deposit additional NFTs even after issuing the uTokens. This could be used by the uToken creator to push the value of the uToken up. This feature also opens doors to interesting governance models for individual uToken communities.
The Unic following is an example scenario to walk through the protocol with some numbers. Assume that Leia has created a uToken collection called uLEIA backed by 2 of Leia’s favorite NFTs. She bought the NFTs for 5 ETH each for a total of 10 ETH. Leia sets the total supply of uLEIA as 1,000 and sets the unlock threshold to 50%.
NFTs meet DeFi
They combines AMMs, NFT auctions, farming, and decentralized governance in order to create the best NFT gallery and trading platform ever imagined. There’s a place for everyone on Collectors, Casual Investors, Artists/Designers/Creators, Traders, Yield Farmers, and more!
Unicly have a token? What does it do?
Yes, there will be a token called UNIC! They will be a governance token capped at 1M total supply, and the inflation rate will decrease approximately once a month. They will be governed by token holders. You can farm by staking whitelisted LP tokens and/or staking UNIC to earn more.
Who built Unicly?
Unic Coin It will be a completely fair launch. I’ll start with and whitelist some pools. At that point, anybody can provide liquidity and stake LP tokens to earn. They will be minted to LP token stakers each block. You’ll be able to claim and stake your to earn even more. The first month will have the highest mint rate ever, so the earlier you participate, the better.
What can you do on Unicly?
You can find uToken collections on the Discover. If you find NFTs that you like, look through the collection and put up a bid! If you want a piece of the whole collection, you can buy some uTokens. As a uToken holder, you can govern the collection. If you believe that the total value of the bids on the collection is high enough for the collection, you should stake your uTokens to unlock the NFTs. Once enough people stake, you can redeem your uTokens for some of the NFT auction proceeds.
Unic will be fully governed by the community. There will be a voting portal on the platform where UNIC token holders will be able to vote for proposals. The protocol will mainly need the UNIC community to vote for new uToken pairs to whitelist.2% of the total supply of UNIC will be needed to create a new proposal. 6.25% of the total supply of UNIC will be needed for a proposal to reach quorum.
Of the 6.25%, the majority must be in favor of the proposal for it to pass. All governance will occur transparently and fully onchain. Smart contracts will be made permissionless and community-owned (through TimeLock and GovernorAlpha contracts) following initial deployments and launch.