Unifi Protocol’s uBridge Creates Wrapperless Cross-Chain Ecosystem for the Most Efficient Multi-Chain Economy to Date
Unifi Protocol’s uBridge Creates Wrapperless Cross-Chain Ecosystem for the Most Efficient Multi-Chain Economy to Date
uBridge offers true connectivity between blockchains. Easily and securely bridge between any of the Unifi supported blockchains using native (non-wrapped) UNFI. When using other bridges that have wrapped tokens, the user takes on third party risk by giving up custody of their asset while sacrificing capital efficiency. uBridge solves both these problems. (Graphic: Business Wire)
LAS VEGAS--(BUSINESS WIRE)--uBridge is the latest development from Unifi Protocol DAO with a twist for solving a thorny issue when moving funds across blockchains. The audited, smart contract system premiered on 11 different blockchains, allowing users to bridge UNFI tokens - the Protocol’s governance token - directly to and from any of these chains without the need to wrap the token. Token wrapping essentially traps authentic assets on one blockchain while creating an “I.O.U.” cloned version on another blockchain - causing the user to take on third-party risk.
uBridge avoids this issue by bridging authentic UNFI tokens only, giving users an added layer of security as compared to traditional bridges. An added benefit to uBridge is the unique ability to transfer your tokens to and from any combination of supported blockchains in a cost-efficient manner.
The Unifi cross-chain bridge shines over its competitors when solving three core issues:
No Wrapped Tokens
uBridge eliminates the need for wrapped tokens. Users bridge native UNFI across chains, utilizing more efficient routes and ultimately pay fewer network fees for a simple and seamless experience. Bridging, as it should be.
Added Security
uBridge ensures bridged UNFI tokens on all chains are native on those chains and part of a single circulating supply. No more having to trust the bridge operator to honor your “IOU” wrapped token.
Increased Capital Efficiency
Some disadvantages of bridging with wrapped tokens revolve around capital efficiency. Using wrapped tokens often thins out liquidity by spreading the value across multiple chains, or limits users' ability to take advantage of trading and arbitrage opportunities across blockchains. uBridge does not suffer from such limitations, offering enough UNFI liquidity to entice arbitrage movements.
Juliun Brabon, CEO of Unifi Protocol, believes uBridge is a viable solution to one of today’s most prolific Web3 problems.
“We didn’t set out to build the cheapest or the fastest bridge - we’ve built the most sustainable bridge for our token economy. We’ve allowed this bridge to natively support UNFI token on these other chains, and include those bridged tokens as an authentic part of our token supply. This is a key step in our 5 year plan, and an important milestone in the decentralized future we’re here to build,” Juliun says.
While only UNFI is supported right now, Unifi Protocol has hinted at support for more tokens in the future. For a more in-depth look at the benefits of uBridge, read the latest Unifi blog post.
About Unifi Protocol DAO
Unifi Protocol creates innovative and straightforward solutions for Web3 applications. Since 2018 the Unifi team has been bringing groundbreaking blockchain products to market, beginning as a volunteer team with a vision for a decentralized future. This legacy of forward-thinking innovation is the foundation of Unifi Protocol, now an established company at the forefront of Web3 technology.
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Contacts
Steve Green
steve@unifiprotocol.com
