Unicrypt network, the DeFi ecosystem that built the first-ever liquidity lockers for Uniswap on the Ethereum chain, is currently fine-tuning its next capability.
The project offers yield farming to allow crypto investors to earn passive income effortlessly from their holdings. It also has a decentralized Launchpad that helps new projects in the DeFi space host their presale and get a great start to their journey.
The adoption rate of UniCrypt liquidity lockers has been astounding, with the total liquidity locked across all AMMs having recently crossed $500 million. Holders of the UNCX native token is also on the rise, while the total number of successful pre-sales hosted on the platform has exceeded 260.
Let us look at the new short-term developments on Unicrypt as it prepares to turn public in the next four weeks!
UniCrypt Lockers on PancakeSwap v2
PancakeSwap, the leading DEX on the Binance Smart chain, recently announced the migration towards its v2 pools. The Unicrypt team quickly revealed that they would support the migration, allowing projects on its network to lock their LP tokens directly in v2.
As a security feature, Unicrypt smart contracts hold the LP tokens in locking contracts. Therefore, all LP tokens cannot be withdrawn manually from the locking contracts before the end date.
All projects locked on v1 PancakeSwap pools can use the migration function offered on the Unicrypt user interface to shift to v2 while ensuring the LP remains locked. Please note that all newly minted LP tokens will retain the same parameters they had before the v2 migration, including the initial unlock date. The entire migration process will be documented to foster transparency.
The token vesting service currently being audited and finalized on Unicrypt, will be delivered before the migration feature from v1 to v2 pools. Vesting options will be available on all the four blockchains on which Unicrypt is currently deployed.
Introducing Phase Two of Farming Options
UNCL’s first farms came to an end after six months of yield farming on Unicrypt liquidity lockers. However, the team quickly unveiled that they would launch new farms on the ETH blockchain. The second farming period kicked off on May 8th and is scheduled to end on July 8th.
The first farm comprises the UNCL/ETH pair, which will receive an allocation of 10,000 UNCL tokens over a period of 2 months. Unicrypt minted 10,100 UNCL in this transaction to facilitate the creation of the farming vault.
The annual percentage yield (APY) designated in UNCL is determined by the liquidity staked in the farming pool and will fluctuate as yield farmers join and leave the pool. The farming block reward for UNCL/ETH is higher than on any previous UNCL farms.
The second farming vault on offer in phase two is the UNCX/ETH Pair, which has reserved $200K in USDC for LPs over the next two months. As with the first farm, the APY on the UNCX/ETH pair will depend on the amount of liquidity staked in the farm.
The new farms are the last ones on Unicrypt’s current farming-as-a-service contracts. Once farming concludes in July, the Unicrypt team will activate their new UNCX and UNCL farms that introduce new features such as staking options and ILO fees distribution.