UniFarm Raises $2 Million After Launching Innovative Farming Pool Featuring 17 Top DeFi Projects
UniFarm, a decentralized farming pool of DeFi’s top projects, has announced a $2 million investment from leading blockchain funds including AU21 Capital, LD Capital, Rarestone Capital, Morningstar Ventures, NGC Capital, Alphabit, Moonwhale Ventures, Acheron Capital, Zokyo Ventures, and more.
UniFarm pioneered the token farming pool model which has seen 17 top DeFi projects across 4 cohorts, attracting $8.3 million in total value locked (TVL) and giving users the chance to earn up to 250% APY while farming multiple tokens by staking just one of the participating tokens. This idea of staking one token and farming all the others have really taken off, with communities realising the benefit of diversified returns as well as participant projects finding value in joining cohorts with some of the biggest names in Blockchain. Previous cohorts have included projects such as Matic, Reef Finance, PAID Network, Frontier, Nord Finance, Router, Terra Virtua, etc. The previous cohorts were highly in demand, with the previous cohort closing with over $1 million staked in 15 minutes.
The fundraise precedes the launch of UniFarm’s official governance token (UNIFARM), which will be used across the protocol and allow users the opportunity to earn additional rewards by staking the token in premium pools. To date, UniFarm is cash-flow positive, with 25% of future revenues to be used to buy back UniFarm’s tokens and lock them for a year. 50% of the total 1 billion supply of UNIFARM will be used for farming on the platform.
UniFarm’s CEO and Co-Founder Mohit Madan states, “After incredible demand in our early cohorts, we are excited to bring continued optimized farming for token holders looking to gain exposure to multiple DeFi projects in one pool. Our goal is to reach $25 million TVL by Q2 and continue helping projects manage their communities through the benefits that UniFarm brings. These include more exposure, less sell pressure, and most importantly creating long-term holders and value for Defi projects.”
UniFarm is the only platform of its kind in the DeFi industry, showing the community’s willingness to participate in farming strategies that are easy to use and reliable. To launch their governance token, UniFarm will conduct an Initial Dex Offering (IDO) on Poolz, LaunchPool and Duckstarter. Details around the public sale IDO will be announced soon. UniFarm’s 5th cohort is also set to launch in the near future.