Proposal to Whitelist Union Protocol Governance Token (UNN), Default 20,000 BNT Co-Investment.
This proposal is expected to appear on Snapshot for voting on 2021-06-28T12:00:00Z
TL;DR
- Proposal to whitelist UNN.
- Union to initially Purchase 25,000 USDC worth of BNT to bootstrap the pool.
- The proposed protocol co-investment is the default 20,000 BNT.
- UNION has gone through multiple audits by CertiK, Sanctum, and Cyberunit.
- There is no reason to doubt the legitimacy of the Union project.
- Bancor benefits from another liquid token on their dex with support for one-sided liquidity staking.
- Union’s C-OP would provide Bancor users with a beneficial tool for their trading strategies.
Token Address: 0x226f7b842E0F0120b7E194D05432b3fd14773a9D
Project Website: UNION (unn.finance)
Projet Whitepaper: UNION-Whitepaper-DRAFT.Oct_.2020.pdf (unn.finance)
dApp Interface: https://c-op.unn.finance/
Token Security
The Union Governance Token (UNN) launched approximately six months ago. UNN did not have a public sale. UNN does not have an elastic supply or rebase mechanism. The UNN contract does not have permissions that grant administrators unrestricted mint capabilities. The Union token supply is fixed at 1,000,000,000, of which approximately 650,000,000 are in current circulation. The contracts and addresses with the highest concentrations of UNN tokens are predominantly the Union Treasury Wallet, Union Ecosystem Wallet, Union Supply Reserve Wallet, Uniswap lending pool, and AscendEx (formally BitMax) exchange wallets. Union core team tokens are following a vesting schedule of one year. The first token distributions to core team members will occur later this month and occur at even interval for the next six months. Union advisors are largely on a two-year vesting schedule.
Project
Union seeks to make DeFi safer and more accessible by offering full stack protection that reduces the risks and costs of DeFi. Union’s multi-token bundled protection model allows for tailored protection for composable risks. Union is not a traditional insurance company but a technology platform offering protection products.
Union soft launched its first protection product, collateral optimization protection (C-OP) about three weeks ago. C-OP is a Defi derivative primitive that can be used as a standalone put option to either hedge risk or short assets. When integrated with a lending platform, C-OP allows a borrower to increase collateral factors to 100% while providing a lender the ability to greatly increase TVL with minimal additional risks.
Union’s second protection product, smart contract protection aka Union’s Crypto Default Swap (U-CDS) is currently in closed beta testing. U-CDS will simultaneously be audited next week. U-CDS are products that protect purchasers against event risk such as smart contract exploits, oracle manipulations, and rug pulls – and payout coverage is 100%. U-CDS allows project token holders peace of mind, project founders public accountability, and traders the ability to arbitrage pricing disparities based upon examined risk.
Union publishes weekly community updates on its Medium page.
Tokenomics
Union’s governance token UNN (ERC20) is not required to participate in Union’s products but is required for participation in governance and may also confer economic rewards such as reserve-share program.
Community and Communication
Union is active on Telegram, Twitter, Medium, and GitHub. In addition, Union is in the process of building out a Gitbook. Union’s core team and advisors are presented on the Union Website.
Available Audits
Union has been audited three times in the past six months by industry leading auditors:
- Certik Audit (December 2020)
- Cyber Unit Audit (March 2021)
- Sanctum Security Audit (April 2021)
- Union also maintains an open bug bounty program with Immunefi (since April 2021) Union’s U-CDS will be audited prior to open beta and will also have an Immunefi bounty program.
Market and Trading Data
- UNN’s price at the time of this writing is $0.0146
- All time high: $0.124
- All time low: $0.0118
- Price 90 days ago: $0.088
- 650,000,000 tokens in circulation (approx.)
- 1,000,000,000 maximum supply
- Market capitalization at the time of this writing is $9,005,798
- The UNN token is available on major exchanges including Uniswap, BitMart, AscendEx, and Gate.io.
- The 24 hour trading volume at the time of this writing is $512,633.
Partnerships
Union has partnered with over 20 projects to integrate C-OP and/or U-CDS into their ecosystems. Projects include Avalanche, UniLend, KSM Starter, Prometeus, Waves, Moar, Prosper, Block Science, Bonded Finance, Alphr, Mattereum, Kleros.
Benefits for Bancor
- C-OP can be integrated into the Bancor ecosystem to be used as a financial trading instrument which would allow Bancor users another tool for their trading strategies.
- Bancor users can utilize C-OP in its current form as a standalone put option to either hedge risk or short assets.
- Union will seed a pool on Bancor and drive Union LP holders to Bancor. At the time of this writing, there is just under two million dollars in total liquidity in the WETH/UNN Uniswap pool.
- U-CDS can be integrated into the Bancor ecosystem for a protection pool against hacks and other identifiable user risks.
- U-CDS can be integrated into the Bancor ecosystem for a protection pool to secure balances staked by Bancor users.
- Union currently utilizes various geysers to reward LP providers. In the event Bancor can support such a program, Union would make a dedicated rewards geyser for UNN Bancor LP providers to further incentivize UNN Bancor liquidity.
Public Announcement
Bancor and Union shall jointly announce the UNN whitelisting and that their teams are working jointly towards incorporating C-OP into the Bancor platform.
Voting Instructions
- Vote FOR to add UNN to the Bancor whitelist, with 20,000 BNT in single-sided staking capacity.
- Vote AGAINST to deny UNN whitelisting status.