DeFi lending protocol Unbound Finance (UNB) set the stage for its native governance token launch–announcing IEO on Huobi Primelist.
Unbound Finance is built as an aggregator layer over the existing Automated Market Makers (AMMs) that power decentralized exchanges (DEXs) on Ethereum ( $1,210.22 ) ( $1,210.22 ) ( $1,210.22 ) and other blockchains.
The protocol allows users to leverage their idle liquidity pool tokens (LPTs) for interest-free crypto loans–issued in the form of synthetic assets, starting with Unbound’s native stablecoin UND and uETH.
Initial DEX offering (IDO) announcements
Token sale and trading will start on one Huobi Global, on December 14.
Excited to work with the best in the space.
IEO on Huobi Primelist : 14th December 2021@HuobiGlobal $UNB https://t.co/94DFgTrs4T
— Unbound (@unboundfinance) December 7, 2021
The announced initial exchange offering (IEO) on Huobi Primelist, will be followed by listing on decentralized exchanges (DEXs) like Uniswap, Balancer, PancakeSwap, Quickswap, and Curve, as well as multiple centralized exchanges (CEXs).
Unbound IDO on Polkastarter, Red Kite and GameFi, announced for December 13, will precede the Huobi listing.
Holders of the protocol’s native token UNB will be active members of the decentralized autonomous organization (DAO), since its governance utility leverages voting rights on all protocol changes, including whitelisting pools for UND minting and setting Loan-To-Value parameters.
Enabling the inter-flow of liquidity across multiple chains
DEXes are powered by AMMs, which incentivize users to provide liquidity in exchange for a portion of transaction fees and free tokens–also known as farming yield.
However, these AMMs are typically siloed from each other, which can cause friction for users wishing to deploy funds across multiple protocols and chains.
Tarun Jaswan, Unbound Finance Founder and CEO, built the protocol envisioning a derivative layer that would unlock the liquidity trapped in various DEXs across multiple chains–”making them more capital efficient.”
Unbound is a derivative layer on top of DEXes of all these chains making them more capital efficient and enabling the inter-flow of liquidity amongst all these chains. pic.twitter.com/F7cOU85NsV
— Unbound (@unboundfinance) November 23, 2021
Unbound is currently live on the Ethereum ( $1,210.22 ) ( $1,210.22 ) ( $1,210.22 ) mainnet and the testnets of BSC, Polygon, Harmony and Avalanche, with deployment on Solana, Fantom, Arbitrum, KCC, HECO, Polkadot ( $0.00 ) , Klaytn and Tezos coming soon.
Backed by some of the top-tier VCs of the blockchain industry–including Pantera Capital, Arrington XRP ( $0.00 ) ( $0.00 ) ( $0.00 ) Capital, Ledger Prime, Kucoin, Gate, and MEXC, to name a few–Unbound has raised $8 million in the private sale rounds.
Disclaimer: CryptoSlate holds a financial position in Unbound Finance and was given the opportunity to participate in the presale of this project in exchange for news, analysis, and other types of coverage. CryptoSlate was NOT paid to publish this article.
Posted In: Huobi, DeFi, Tokens
Featuring a summary of the most important daily stories in the world of crypto, DeFi, NFTs and more.
Get an edge on the cryptoasset market
Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.
Join now for $19/month Explore all benefits