[CORE] UP v2 - "UPgrade"

UP v2 Referendum

On May 5th, 2022, Unifi Protocol published the UP v2 Litepaper. This document outlines the various changes and improvements to our rewards token, UP. Many community questions on this “UPgrade” were answered during one of our weekly Watercooler Chats, which are streamed live and uploaded to our YouTube channel. Make sure to subscribe to keep up to date with everything Unifi Protocol!

The migration to UP v2 can be considered a foundational next step in the realization of Unifi Protocol’s long-term vision for its contribution to the cryptocurrency industry. This vision informs our roadmap which extends over the next 5 years and beyond. Unifi Protocol is excited to discuss the details of this roadmap pending the outcome of this referendum.

Therefore, it is imperative the community of UNFI holders participate in this Core Referendum to vote on approving the deployment of UP v2. Please make sure to read the latest version of the UP v2 Litepaper in its entirety.

Questions?

There will be another Watercooler Chat in the week of May 30, 2022 to provide an opportunity to have any questions answered. Community members may submit their questions in advance on any of our social media channels. Please use the hashtag #UPv2 on Twitter, Telegram and Discord so your questions are not missed. You may also email us at contact@unifiprotocol.com using “UPv2 Referendum” in the subject line.

What to Expect

(This section is included for the scenario that UP v2 is approved by the UNFI DAO.)

There will be a scheduled maintenance of uTrade during which transactions involving UP (claiming UP rewards, UP redeems, LP deposits & withdrawals on any pools) may be unavailable on that blockchain.

This interruption of service should be brief. After that is complete, all UP holders will be able to migrate their UP v1 to UP v2 using our interface on uTrade. The migration is 1:1, meaning you will receive the precise amount of UP that you migrate.

UP v2 migration will be rolled out on different blockchains at different times. Once migration is open on a blockchain, UP on that chain cannot be redeemed for native tokens. UP v2 on that chain can be bought and sold on uTrade at any time, since providing liquidity to the UP/Native Token pool is one of the many features of UP v2. (See Phase 2 in the Litepaper.)

UP v1 can be migrated at any time. There is no advantage to migrating early.

After migration is open, any pending UP balances for LP rewards will be claimed as UP v2 automatically when the user clicks the Claim button for those rewards.

Please note, you will need to add the new contract address for UP v2 into your wallets so your UP v2 balance can be displayed. The address will be provided when migration is open.

Referendum

Do you approve the migration to UP v2?

1. Approve
2. Reject