The Unifi Protocol Migration phase 2 has been announced which means UP token can be swapped for UNFI. What impact will it have on UP and UNFI holders? Here is a quick overview:
- UP holders can swap their UP for UNFI at the ratio mentioned here.
- UP tokens that migrate, will be burnt and not redeemed. Which means the redeem value of each UP will go up as a result of this migration.
- The amount of UP in circulation will reduce, diminishing the circulating supply.
- 40000 additional UNFI tokens will enter circulation increasing the supply.
- An Ethereum address will be required to claim the UNFI. (Do not send an exchange address. You must hold the private keys to your Ethereum Address.)
- Liquidity providers are incentivized to mine more UP, in order to participate in migration and acquire UNFI tokens.
Want to know what UP is all about and why its redeem price always goes UP? Check our article here.