Unbound Finance Launches On Ethereum To Create A Capital Efficient DeFi Space
Today, we’re proud and overwhelmed to announce the launch of our fully functional mainnet on Ethereum with a $10 million maximum minting lock!
Earlier on September 28th, we released our sandbox mainnet on Ethereum. The restrictions have now been lifted to the next higher limit and the Unbound platform is now live! In this next limit, users will be able to mint a maximum of $10 million in UND (Stablecoin) on Ethereum. These limits will be increased further and the community will be informed in advance.
Our quest for building a DeFi efficient protocol began in April 2020 and since then our entire team has worked incredibly hard, building a decentralized, cross-chain liquidity platform in the DeFi space which is stacked full of features unique only to us. Our community members, investors and angels have been our support pillars throughout and have contributed immensely to the achievement of this significant milestone.
The Ethereum addresses used for the deployment of Unbound’s contracts are as follows:
UND stablecoin Token Adress: 0x0C0F2b41F758d66bB8e694693B0f9e6FaE726499
Kyber DMM: 0x33f97c93c7916B065bb6fb4B34435dEd5F0F8963
USDC-UND (Kyber): 0xe0ca51b6cfac04b215c3b6e473e3ec1412c93fc71
KNC-UND (Kyber): 0x38ff2ea1a930478f002af766e63774fc02f04fdf
At this stage, users can mint UND by staking stablecoin LP tokens of USDT/USDC pools from Uniswap and KyberDMM on the Unbound platform.
Note: Support for other DEXs and pools will be added gradually.
How Unbound Will Increase The Capital Efficiency Of The Decentralized Financial Industry:
At Unbound we are building an aggregator layer on top of the existing AMMs across multiple blockchains with a view to improving the overall efficiency of the DeFi ecospace. The protocol will be pivotal in opening newer and better opportunities of yield for crypto users.
Addressing the $40 billion AMM market, Unbound will enable liquidity providers (LPs) on Ethereum to lock their otherwise idle LP tokens as collateral with Unbound and in return, borrow interest-free loans in UND stablecoin.
With the new UND tokens, users can trade or add liquidity to the UND pools on KyberDMM, the first venue to access UND liquidity. While doing so, users can still continue to earn their passive income from liquidity provisioning to the DEXs.
Next, the users can add the minted UND to the UND/USDC and UND/KNC pools on Kyber DMM to receive $1 million in Liquidity Mining rewards distributed over a span of eight months as per their pool share. These rewards will begin from Friday, 5th November 2021. As we move ahead, LPTs of many DEXs will be whitelisted to be locked on Unbound to mint UND and UND pools will be launching on multiple DEXs on Ethereum, Binance Smart Chain, Polygon, Harmony, Avalanche, Fantom, Kucoin Community Chain, Solana and HECO.
Kyber DMM LP tokens (USDT/USDC) will be whitelisted on Unbound. Users can lock up these LP tokens on Unbound again and mint more UND and take them back to Kyber.
Every time a user locks LP tokens in Unbound’s systems, the user will be able to choose the farming pool where they want to farm the minted UNDs. For every user, per farming pool a new smart contract wallet will be deployed from Factory (called a yield wallet). Since the LP tokens are deployed to the farming contract from a user-specific contract wallet, users will be able to claim accumulated rewards from the contract directly. So the user will continue getting the USDT/USDC rewards on Kyber DMM even when they lock up those LP Tokens on Unbound since those LP tokens will be parked back on KyberDMM. Thus the rewards for users get doubled leading to higher capital efficiency.
Note: Kyber DMM’s USDT/USDC LP tokens will be supported from Friday, 5th November 2021.
Lock up USDC/USDT Liquidity pool tokens of Uniswap or Kyber DMM on Unbound. You continue to accrue the fees(4–5%) from liquidity provisioning on Uniswap and Kyber DMM as your liquidity still stays on that DEX. Besides, if there is any yield farming contract for your LPT, our smart wallet will send your LPT to that yield farm through Liquidity Lock Contract and you will get an additional APY by yield farming on your LPT.
Link : https://app.unbound.finance/
With these LPTs as collateral, you can mint our stable coin UND worth upto 80% value of your underlying collateral. For example, if you lock up $10,000 worth of LPT ($5000USDC/$5000USDT), you can mint $8,000 UND.
You can use these stablecoins for as long as you want without the need to pay any interest. That’s right! 0% interest on the UND that you borrow. You only pay a small one time minting fee of 0.4%. Besides, you will never be at fear of liquidation since our LTV ensures that liquidation never occurs.
Lock these UND/USDC or UND/KNC LPTs in the yield farms of Kyber DMM to get a very high APY. ($1 million in yield farming rewards will be distributed.) Along with this, 60% of the minting fee that is charged by Unbound will also be distributed to these pools.
To unlock your LPTs, you have to simply return back the UND that you borrowed. These UND will get burned and your LPTs will be transferred back to your wallet.
1. The loan to value (LTV) for USDC/USDT pools for minting is set to 80%. 8000 UND can be minted by locking $10,000 worth of LPT from Uniswap and KyberDMM.
2. Minting fee is initially set to 0.4%. 60% of the minting fee will be distributed to people providing liquidity in UND pools and 40% will be added to the SAFU funds. We will keep revising this minting fee and the split of the minting fee as we move ahead.
3. Interest on borrowing UND (Stablecoin) is 0% perpetually!!!
4. Your underlying collateral will never be liquidated!
KyberDMM allows $UND liquidity providers to maximise the use of capital and earn more:
- Amplified Pools with extremely high capital efficiency; less tokens required to achieve better liquidity and rates, so LPs can earn more with relatively less capital
- Dynamic Fees that optimize returns for LPs based on market conditions
- Better Reliability & Security: Audited by ChainSecurity and insured up to $20M by Unslashed Finance
Traders swap $UND at the Best Rates on KyberDMM DEX:
$UND traders on KyberDMM get better rates on Ethereum compared to trading on individual DEXs. This is possible via Dynamic Trade Routing which aggregates liquidity from multiple DEXs on Ethereum including capital-efficient KyberDMM pools!
Unbound’s journey so far has been a truly exciting one! En route mainnet, we have achieved major milestones including the launch of our testnets on Ethereum, BSC, Polygon and Harmony chains which have been a huge success.
We have also successfully completed multiple rounds of private funding, the first being done in June this year wherein we raised $5.8 million from leading VCs and angels of the blockchain industry.
Another round of private sale conducted recently saw participation from a number of strategic VCs including Pantera Capital, Arrington XRP Capital, Hashed, CMS, Ark Stream, LD Capital, Zee Prime, and Ledger Prime to name a few.
The round was also supported by well-known angel investors including founders of AngeList, Enjin, Gnosis, Kyber, Daomaker, Polkastarter, Fantom, Harmony, WikiHow, Zilliqa, Tomochain, Polygon, Coin 98 Analytics, Matrix Partners, Frontier, Curve, Swissborg, Synaps and many others.
We have taken measured steps to release our platform today, ensuring a secure platform for our users. With four security audits conducted by top security auditors of the industry and yet a few bug bounty programs and audits planned for days ahead, our aim is to mitigate possible cyber attack risks while maintaining the complete integrity of user funds. However, no protocol is completely risk-free and having said so, users should be aware that the Unbound platform may be susceptible to undiscovered vulnerabilities.
What’s Next For Unbound?
The Ethereum Mainnet launch is just the beginning of a remarkably interesting chapter for the protocol. We plan to soon release our sandbox mainnet on other blockchains including Polygon, BSC and Harmony. The exact dates can be reviewed in our detailed roadmap published earlier in August this year.
Over the coming weeks, we will also be aggressively pursuing multi-chain support through strategic integrations with various other chains including Avalanche, Fantom, Solana, KCC, OKEx chain and more.
To take things further and to match the pace of the fast-growing DeFi industry, we are also building doorway liquidity aggregator contracts for Uniswap V3 with a view to collateralize strategies for Unbound liquidity. The protocol will work towards streamlining user investment in Uniswap V3 pools. These contracts would for the first time, enable us to collateralize NFT positions from Uniswap V3 at Unbound in days to come.
Join Our Community
Over the last several months, we have built a highly enthusiastic and active community from across the globe. We have recently spread our wings forming communities in China, Korea, Vietnam and Indonesia. We further plan to expand our reach to Europe and the United States too. We have over 65,000 active users on Twitter and close to 27,000 members on Telegram. We would like to thank you all for your immense support and participation and would also like to welcome new members to the Unbound ecosystem.
About Kyber Network
Kyber Network aims to deliver a sustainable liquidity infrastructure for DeFi. As a liquidity hub, Kyber connects liquidity from various protocols and sources (e.g. KyberDMM DEX) to provide the best token rates to takers such as Dapps, aggregators, DeFi platforms, and traders.
Through Kyber, anyone can contribute or access liquidity, and developers can build innovative applications, including token swap services, decentralized payments, and financial Dapps — helping to build a world where any token is usable anywhere.
Kyber is powering more than 100 integrated projects and has facilitated over US$7 billion worth of transactions for thousands of users since its inception.
About Unbound Finance
Unbound Finance is the DeFi treasury for liquidity pool tokens that unlocks liquidity from existing AMM Pools! Unbound is building the derivative layer of AMM’s with First-Ever Debt-Free Liquidity Provision System. The Unbound Protocol is liquidation free and charges no Interest and the Unbound Factory smart contract supports Uniswap, PancakeSwap, SushiSwap, Dfyn, Balancer, Mooniswap, Bancor, Curve.fi etc
Connect With Us
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