Unifi Protocol has just announced that it plans to acquire the assets of SesameSeed in a $10 Million acquisition. With this acquisition, Unifi Protocol becomes the first DeFi platform to integrate blockchain node staking rewards into its ecosystem with uStake.
The SesameSeed Acquisition
The development of uStake was expedited thanks to the acquisition of multi-chain staking provider SesameSeed and its assets. Through the acquisition of SesameSeed, the Unifi protocol will acquire several blockchain nodes on Harmony, Ontology, Icon, IoTeX, Tron, and Waves. The nodes have a combined stake of $13.1 Million that has been staked to them by over 250,000 blockchain addresses. Unifi will rebrand these nodes before beginning to operate them.
Unifi has also announced that it has obtained the SEEDGerminator Fund that has a valuation of approximately $1 Million, which will be utilized to fund the future development of Unifi. The acquisition of SesameSeed helps with the protocol’s growth and highlights the importance of UNFI Community Governance.
The acquisition also lets Unifi gain significant experience when it comes to operating blockchain nodes, smart contract development, managing multi-chain staking, multi-chain wallet integration, token swaps.
Importance Of UNFI Token Holders
The acquisition highlights the importance of UNFI token holders, who had the final authority to accept or reject the deal. 99.7% of token holders approving the acquisition. The deal acknowledged UNFI’s importance in the deal, with 2% of the conversion value of the token being claimable by UNFI token holders.
The deal was able to add millions worth in assets and also give the protocol access to the $1 Million SeedGerminator funds that will help the protocol incentivize developers to build on it. The UNFI token holders also voted in favor of incorporating SesameSeeds market cap into Unifi’s token economy.
New UNFI and UP Holders
Unifi’s acquisition plan will also include a four-phase event that will see the conversion of $8.5 Million worth of blockchain assets in the SEEd token’s redeem value, and convert it to UNFI and UP. The process will allow 275,000 SEED token holders to contribute to the Unifi ecosystem and become UNFI token holders.
The Global Governance Model (GGM) also provides guidance and oversight when it comes to the UP mint rates for projects and trading pairs. The acquisition of SesameSeed will have Unifi to absorb $8.5 Million in value from native blockchain tokens. These will be absorbed into the UNFI and UP token ecosystem through the conversion process.