State of the UNION: December 11th

Welcome to the inaugural State of the UNION issue. This biweekly (that is, every two weeks, not twice every week) will recap the happenings across all UNION’s layers (technical, partnership, social, etc.). It may be long, short, forward looking, or backward looking but its purpose remains the same: provide transparency.

Prepping the Geyser

As shared on December 3rd, UNION will distribute all 50 Million UNN tokens that were originally set aside for the token sale as rewards for Uniswap liquidity providers of UNN/ETH.

The program will last for 180 days, during which all 50 Million UNN tokens will be distributed at a constant rate every block.

In other words, every day 277,778 UNN will be distributed to liquidity providers that stake their qualified Uniswap LP tokens in our Geyser. As rewards allocations are calculated every block, providers can withdraw anytime and claim their rewards.

The Geyser is based on AMPL’s battle-tested and time-proven Geyser. Details on how to access and use will be shared early next week.

Disclaimer: The Yields and Rewards here are purely from our testing setup and while the calculations are accurate, they do not represent real data.

The Geyser is in final stages of testing on Ropsten. LP tokens generated from our Ropsten instance of Uniswap have successfully been deposited and withdrawn, and rewards correctly accumulated. Our next step is to release to production for a final “live” test with a fake UNN token and then launch in tandem with the Uniswap liquidity pool seeding. When?! Read on.

Unleashing the UNN Token

Below is the timeline for launching the UNN token.

Monday December 14th

UNION will allocate the tokens to purchasers’ wallets, where they will be locked. While locked, the UNN token cannot be transferred except by the UNION foundation.

Thursday December 17th 14:00:00 UTC

1. The initial UNN/ETH pair will be seeded on Uniswap with $50,000 at $0.035 ETH equivalent / 1 UNN. For clarification, this is $50,000 equivalent ETH and $50,000 equivalent of UNN. The exact ETH amount per UNN will be set based on ETH price at time of seeding. The initial liquidity pool will be periodically increased based on stability parameters and participation from other liquidity providers.
2. Tokens allocated to purchasers will be unlocked.
3. Geyser will launch.

Team Token Locks

The core team will lock their tokens for 6 months starting from December 17th.

We thank everyone for their support and look forward to shipping UNION’s innovative protection products.

For more info, follow us at:

Twitter: https://twitter.com/unnfinance

Telegram: https://t.me/UNNFinance

Telegram ANN: https://t.me/UNNFinanceANN

Discord: https://discord.gg/f5EQ4AH