Read on Twitter
Right now, the early stages of @unifiprotocol on ICON offer a couple of unique ways to make a bit of $$$.
http://icon.unifiprotocol.com/
A thread: 1/
http://icon.unifiprotocol.com/
A thread: 1/
As I write this, one $SEED token is worth 0.28 ICX (in USD terms on the uTrade platform running on ICON (linked in prior tweet). This is about 11 cents.
However, the actual price of $SEED on the open market is 0.0374, and its redeem value is 0.035. 2/ https://twitter.com/SEEDMonitor/status/1341443392790794242?s=20
However, the actual price of $SEED on the open market is 0.0374, and its redeem value is 0.035. 2/ https://twitter.com/SEEDMonitor/status/1341443392790794242?s=20
Due to the fact that you can't yet move $SEED from one Unifi chain to another, the supply of $SEED on ICON is low, with demand being relatively high. So you can basically sell it for 4x what it's worth (for now). Not bad. 3/
Meanwhile, if you're willing to provide liquidity on @unifiprotocol by depositing $SEED and $ICX into the smart contract, you'll earn $UP as compensation for your willingness to serve as a liquidity provider. 4/
More importantly, due to the fact that there are few others providing liquidity at the moment, any liquidity you provide will serve as a relatively decent proportion of the overall liquidity pool, meaning you'll earn $UP at a higher rate. 5/
In addition to the % of liquidity you're providing being a determinant of how much $UP you earn, so is the total number of transactions made on that trading pair. So if you're providing $SEED/$ICX liquidity, the more people trading that pair, the more $UP you will earn. 6/
For the same reason $SEED on the ICON network is so valuable (low supply), $UP is also trading above it's value. 1 $UP is worth 22 $ICX -- or about $10 or so. But the market value of $UP is a bit under $1 at the moment. So you're getting a 10x on any $UP you've earned. 7/
This may seem a bit too good to be true. But in reality, the system is rewarding those who are willing to be early users and early adopters of the @unifiprotocol, $SEED, and $UP on the #ICONProject. By incentivizing early momentum, it helps the sustainability of the project. 8/
To learn how to use @unifiprotocol, be sure to watch this video tutorial by @fezbox. 8/
To learn more about @unifiprotocol and $UP, be sure to read my explainer article:
https://medium.com/icon-spotlight/unifi-protocol-a-bridge-between-icon-and-the-defi-economy-d05d1460e71
9/9
https://medium.com/icon-spotlight/unifi-protocol-a-bridge-between-icon-and-the-defi-economy-d05d1460e71
9/9
