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Ultra starts its own reward program
Ultra starts its own reward program
Blockchain

Ultra starts its own reward program

By Alfredo de Candia - 8 Oct 2020

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Yesterday the Ultra team, a project focused on gaming using the blockchain from EOSIO, announced that they have created a reward program to distribute their tokens to those who will provide liquidity to the UOS/ETH pool.

What is Ultra?

We remind you that Ultra aims to be a decentralized platform to distribute video games and allows users to access them from a single platform. 

We could compare it to a kind of Steam, but with superior functions and blockchain integration.

This blockchain project has its own token called UOS which is now traded at about 0.09 dollars and has a total supply of 1 billion with about 300 million tokens in circulation; its market capitalization is 26 million dollars and is located at position 188 of CoinMarketCap.

UOS is listed on various centralized exchanges such as KuCoin and Bitfinex.

Ultra and pool rewards

Anyway, the novelty is that the Ultra team has now decided to reward all those who will provide liquidity to the Uniswap UOS/ETH pool by putting 450,000 UOS on the plate to be distributed for the next 30 days, from October 9 to November 8, 2020 to be precise.

To participate in this initiative that will allow to receive these tokens in a completely free way, these are the requirements:

  • Participate in the pool located on Uniswap, paying in equal parts both UOS and Ethereum (ETH);
  • Take the UNI-V2 tokens received and put them in stake on its dedicated portal;
  • Apply for the prizes on the previous platform, once they have accumulated.

The UOS token is an ERC20 token, at least for the moment, since in the future there will be a token swap switching to the Ultra blockchain for all intents and purposes.

However, there are risks as providing liquidity to the Uniswap pool exposes you to what is called “Impermanent Loss“, i.e. the loss of value of the token.

In practice, since the pools are balanced at 50%, if a token undergoes a change the pool will adjust and sell a token for another, so we would have a different token sum from the initial one.

It is natural that if both tokens grow in value there would be no problem, but if they lose in value we will have a loss once we want to remove the tokens from the pool.

At the moment the Ultra pool has a total value of 20 thousand dollars with an APR of about 7%, a ROI of 0.62%, the fees that for the moment are at 2% and with impermanent loss we are already below about 1.4%, but if many users go to exploit this pool, the value of the token could increase and then all the data would be positive.

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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