A detailed summary of how Unit Network's plans on rebasing its token.
After considerable discussion, analysis and review the Unit Network core team have approved a motion to rebase the UNIT token that will take place July 2022 so as to equalise the average buy price for all depositors and UNIT buyers along with a host of other benefits found in the FAQ below. We’d like to assure all UNIT / USDU holders and community members that despite current market conditions this motion has been passed to optimise for the longevity and success of the protocol, ensuring that all team members, investors and community who have contributed to Unit Network are able to claim additional UNIT tokens to compensate for the dilution of their current holdings. Most importantly:
- 1.All crypto previously locked in the UNIT treasury via private sales will remain untouched
- 2.All Unit Network users, including the core team, pioneers and advisors will be affected by this adjustment
- 3.Any depositor / buyer who is unhappy with this adjustment may request a complete refund of the crypto they deposited
- 4.The ability to mint USDU with UNIT has been disabled to improve collateral stability
Please read over the information below carefully to understand how the UNIT tokenomics are being adjusted, how it will affect your portfolio and why this is a very positive change for the future of Unit Network.
To ensure all depositors and cash bonus recipients are fairly compensated for the value they have delivered after the UNIT rebase, a total 100,000,000 UNIT will be claimable based on:
- Total crypto deposited by user (honouring the USD value at the time of deposit)
- Total operational bonuses (earned from an invited buyer) user received to date
The claimable allocation of each user is calculated on their percentage share of all time deposits to Unit Network ($13,421,789 USD at the time of deposit) + total operational bonuses received ($1,342,178 USD at the time of distribution) divided by 100,000,000 UNIT.
This means that all UNIT buyers and depositors will have an average buy price of $0.134 per UNIT regardless of what price they previously purchased UNIT.
To ensure all Unit Network core team and advisors are fairly compensated for the bonuses they received an additional 20,000,000 UNIT will be factored into their claimable amount based on: Total UNIT token bonuses user received to date.
Note: This only includes bonuses derived from referrals purchasing, not bonuses sent to users in good will
The claimable allocation of each user is calculated on their percentage share of all time bonuses issued (4,800,000 UNIT), divided by 20,000,000 UNIT
The Unit Core Team strongly believe it is important to model the tokenomcis in a way that optimises for sustained team and user growth while ensuring that the UNIT token has better distribution and an improved floor price moving forward. Additional benefits considered:
- Provides more headroom for institutional backing
- Aligns market cap with current protocol progress
- Equalises the average buy price of all users
- Allows far more capital to be locked in the UNIT treasury • Ensures the protocol is resilient during bear markets
Within Unit Network any user is able to:
- Bond Stake: Lock UNIT to earn additional UNIT each week
- LP Stake: Add UNIT to the exchange pool to earn exchange fees
- Buy / Sell: Trade UNIT to leverage price action
- Redeem: Sell UNIT back to the treasury to redeem a percentage of the value held
- Vault: Lock UNIT to receive crypto loans