03 Feb UniFarm Launches Group Farming with DeFi Giants
With yield farming becoming one of the most popular ways to earn sometimes frankly staggering returns on investment, 2020 saw platforms such as Compound take the spotlight as leaders of the DeFi farming movement. The TVL (total value locked) in DeFi currently sits at over $26 billion, and with innovative new platforms making strides into the future of decentralised borrowing and lending every day, this is only set to grow in 2021.
OpenDefi, a fintech protocol created by Oropocket that enables custody of real-world assets on the blockchain, recently unveiled plans to launch Unifarm – a new staking protocol that will further incentivize people to use the platform and simplify DeFi farming benefits. Unifarm will include DeFi powerhouses OpenDeFi, Matic Network, Frontier, Centaur, and Reef Finance.
OpenDeFi tokenises real-world assets such as Gold and Stocks which are 100% insured, backed by physical assets and held by a custodian, and the release of Unifarm introduces a new way for users to be involved in earning a variety of popular tokens without directly investing in them, marking an exciting addition to the suite of services the platform already offers.
Unifarm offers users exposure to a multitude of new tokens, with a very competitive APY. The feature will see an elite group of 5 projects, including layer 2 scaling solution Matic and multi-chain smart yield engine and liquidity aggregator Reef, contribute their native tokens alongside the OpenDefi native token ORO to create a pool worth $50,000 USD. Users will then be able to stake any of the included tokens in this pool and can earn rewards in all of the 5 tokens in the pool, depending on a weekly timeline.
This interesting new model means that users have the opportunity to earn popular tokens without directly investing in them, opening up a new way for investors to diversify their portfolios and unlocking a completely new avenue for wealth creation. The protocol is currently in testnet phase and users will be able to unstake at any time on the platform, but by doing so their staking clock will be set back to zero.
By enabling users of the platform to farm multiple tokens in one place with exposure to only a select set of tokens, Unifarm gives DeFi farmers the opportunity to reduce the need to use several platforms at once in order to benefit from the yield of multiple tokens.
OpenDefi’s ORO recently listed on Bitmax and ORO tokens are the inherent governance tokens of OpenDefi’s Open Finance Network. ORO tokens are ERC-20 compliant and help users become a part of the Open Finance ecosystem & protocol serving as tools for governance and rewarding users for behavior that benefits the Open Finance Network.
One platform, many opportunities
OpenDefi provides asset-backed banking without the long transaction times and hidden charges that accompany traditional banks. OroPocket, the platform’s Fiat on-ramp, enables users to easily invest into multiple asset classes with the use of a simple app all whilst benefiting from 100% liquidity. By removing the current hurdles of price slippage and offering high liquidity & instant settling while offering complete insurance & custodianship of physical assets, OpenDeFi plans to welcome a wealth of new users from the traditional finance space.
Having launched India’s first tokenized Gold and Silver assets on the Tezos blockchain in October last year, OpenDefi recently announced their partnership with Bitdroplet, a platform enabling anyone to invest in cryptocurrencies in small amounts at regular intervals.