[Grant Application] Unifi Protocol on ICON - A cross chain Defi Protocol

Title : Unifi Protocol - Cross Chain DeFi Ecosystem

Project Category :
Development (DeFi)

Project Description :
Unifi is a next generation DeFi project taking advantage of tokenized rewards to provide a more efficient and rewarding experience. Unifi will provide a bridge to connect the existing DeFi token economies on other blockchains such as Ethereum, TRON, Ontology, and Harmony to the emerging token market on ICON.

The Unifi Protocol is a group of non-custodial, interoperable, decentralized, and multi-chain smart contracts providing the building blocks for the next generation of DeFi development, focusing on building a community-driven ecosystem of governance and innovative DeFi products.

The Unifi Protocol is currently live on Tron and Ontology with its flagship platform, uTrade. The ICON community can view the existing user interface and see an example of the Unifi Protocol’s use at https://www.unifiprotocol.com/ .

Much more can be found about Unifi on medium at https://medium.com/unifiprotocol .

Existing Builds :
unifiprotocol. com/
tron.unifiprotocol. com
ontology.unifiprotocol. com
harmony.unifiprotocol. com (pending)

Project Duration : Q4 2020

Project Milestones :

  1. Deployment of SEED on ICON mainnet
  2. Deployment of Unifi Protocol (uTrade) on testnest with working alpha interface
  3. Launch of Unifi Protocol (uTrade) on mainnet

Funding Amount Requested : $25,000

Staking Amount Requested : 3,000,000 ICX for a period of 1 year

Official Team Name : Sesameseed

Team Contact Information :

Email : hello@unifi. foundation

Twitter : @unifiprotocol

Telegram : unifi_protocol

ICON Address : hx34df4ebe10720b100ff46bacff1b591175c2de75

A wonderful addition, go for this!
Sesameseed is a good team!

3 Likes

Initial Review Result Comments

Review Result

Approval pending on revised conditions

Review Comments

  • Thank you for your proposal and we are excited to welcome SesameSeed into the ICON Community
  • Our grant program includes 1M of delegation for teams working on grants and since you have been working for a long time on this project we will take that into consideration for the delegation part of the grant
  • We approve a 25k budget for building Unifi on ICON but for delegation 3M is too high and gives too much influence from ICON Foundation on ICON governance since we try to maintain a certain level of decentralization. That is why we typically do only 1M in delegation to any single team. We will approve the 25k budget + 1M in delegation for 6 months to represent the amount of time it took to build and plan Unifi Protocol

Next Procedure

ICON Foundation provided the Initial Review Result Comments on the proposal. Grants recipients will respond to the Foundation’s response. Depending on your comments, the foundation will provide the Final Review Result Comments.

4 Likes

Good news.
Have been supporting Sesameseed for 2 years now and they’re a great team.
Looking forward to the collaboration, UniFi being implemented on Icon, and for ICX to be added to the multichain staking coin SEED.
Good times ahead

2 Likes

Hello!

Thank you so much for the Approval pending conditions.

As our community and some of the ICON team is aware of we’ve been excited to discuss integrating ICON with the Sesameseed and Unifi Ecosystem for some time.

We understand the current requirements of delegation and believe your proposal is valid. We’re excited to move forward as detailed above so that we can demonstrate to the ICON community what Sesameseed can do and the quality of Defi that Unifi Protocol can bring!

Thank you again for your consideration, we’re excited to onboard!

Juliun, Sesameseed and Unifi Protocol

Final Review Result Comments

Review Result

Approved

Reporting Period

Grant recipients should produce Periodic Reports in order to continue to receive grant funding. If the Periodic Report is showing that the initiative is not meeting expectations, the ICON Foundation has the option to halt continued funding. Please check the link (ICON Community Grant Program (“ICON CGP”)) and leave reports on this page (https://forum.icon.community/c/g/pr )

The team must submit the Periodic Report by the timeframes below (UTC):

  • 2020/11/15 02:00 AM (UTC)
  • 2020/11/31 02:00 AM (UTC)

Funding Amount

The ICON Foundation is going to give out $25,000 in 2 monthly installments based on the Periodic Report. The amount of ICX will be determined and paid according to the price at 02:00 AM (UTC) on the day of payment.

  • 2020/11/16 02:00 AM (UTC) - $12,500
  • 2020/12/01 02:00 AM (UTC) - $12,500