Unit Network
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Vaults

Unit Network / Wallet / Vaults
Please note that the Vaults are not yet live. We are aiming for launch late Q1 of 2023 and appreciate your patience in the meantime.

Overview

As Unit Network deals with many cryptocurrencies that are not native like Bitcoin, Ethereum etc. we have built an innovative mechanism to manage these assets, allowing them to be used on our platform without centralised wrapping or bridges which create security vulnerabilities and centralised custodial risks.
All crypto sent to Unit Network is distributed (loaned) to external user wallets via the Vaults with UNIT serving as the reserve asset. This enables decentralised wrapping / unwrapping, reduces selling pressure and creates a ‘float’ that Vault participants can use to re-invest in other projects while still owning their UNIT

Use

  • Crypto Loans: Lock your UNIT in any crypto vaults (BTC Vault, ETH Vault, DOT Vault etc.) as a reserve asset to take out crypto loans with no interest, no expiry date and margin calls and a variable LTV based on risk profile of user.
  • Decentralised Wrapping: Deposits to Unit Network are then sent directly to the external wallet addresses of the Vault owners who have locked their UNIT tokens as a reserve asset. Wrapped tokens are then generated and sent to the user who has made the deposit request.
  1. 1.
    To assist explanation we will look specifically at the Bitcoin (BTC) Vault seen below.
Crypto: All the crypto vaults available to UNIT token holders. Click a Vault to explore specific details​
  • 164 BTC ($3,122,797) = The total quantity of Bitcoin held on Unit Network and the current USD value
  • 32% = Percentage of share of total Vault value
UNIT - Reserve Asset Backing
  • 18,939,806 UNIT ($9,796,869) = The total quantity of UNIT staked in the Bitcoin Vault and the current USD value
  • 314% = Reserve asset backing of the Bitcoin Vault

How to borrow crypto with the Vaults

  1. 1.
    Select the Wallet page from the left navigation panel and choose Vaults​
2. Choose the crypto you would like to receive as a loan for locking up your UNIT from the dropdown menu.
3. Add a trusted, external wallet address that will receive the loaned crypto, if you have already added a trusted address please ensure that it is correct. We are not able to recover funds that are sent to wrong address
4. Add the quantity of UNIT that you'd like to lock as a reserve asset. Click 'Add UNIT To Vault' and confirm when prompted.
5. Upon success you will see your vault staking history and a total of UNIT held
Last modified 12d ago