Dear $UNCX Community and stakeholders,
Before reading further, the team would like to wish you the best for 2023! It has been an incredible year on our side considering the overall industry conditions, and we are ready for what is coming 🚀
Today, we are delivering a couple of updates related to our native token, namely $UNCX. Our last post in regards to the utility asset was following the FTX collapse and the measures taken on our side.
💡If you haven’t already, we recommend reading the article here!
Without further due, time to share the news & updates! We HIGHLY suggest our members spread this piece around within & outside of the community.
The information shared below is critical to enjoying the current and upcoming features of our utility token.
1/3 — Liquidity Rebalancing on ETH and BNB Chain
The liquidity is roughly distributed 55% on BNB Chain, and the remaining 45% on the ETH chain.
$UNCX utility is currently concentrated on the Ethereum Network (especially regarding staking). We are therefore applying a liquidity rebalancing to our current pools in favor of the ETH network. The combined liquidity pool depth will remain unchanged.
Rebalancing new values:
💧85% of the $UNCX liquidity will now live on the ETH chain and the remaining 15% on the BNB chain.
💡Holders willing to bridge back $UNCX from BNB Chain to the ETH network to access deeper liquidity can use one of the available bridges deployed (Multichain, or OmniBridge)
🔒Rebalanced pools Liquidity locks direct links:
2/3 $UNCX Staking rewards are changing
Currently and for the last 9 months, $UNCX stakers were enjoying payouts in $USDC & $UNCL, being simultaneously rewarded on the Ethereum Network. To put things simpler, if you were staking $UNCX you could enjoy rewards both in $USDC and $UNCL.
From January 2023 and onwards, $UNCX stakers will enjoy rewards in $UNCX (changing from $USDC) and $UNCL (remaining unchanged) on the Ethereum Network.
$UNCX tokens to be rewarded to stakers will EXCLUSIVELY come from buybacks.
The team will not use reserves or tokens already bought back over time.
📊 The monthly $UNCX buyback amount (in terms of USD value) will match the former $USDC allocated figure (≈150'000 USDC per month). Buybacks will be performed randomly over time to ensure there’s no trading around these events.
🚦 This decision has been taken to ultimately benefit our utility token community while ensuring regulatory compliance in the EU and overseas. It is key for us to start 2023 in the best way possible!
I will take the opportunity here to thank everyone involved in that process, they will recognize themselves while reading this.
3/3 — How/when will these changes apply (read!) ?
Currently, the $USDC and $UNCL reward pools are over for the month of December 2022. Stakers can harvest their rewards as usual.
➡️$UNCL reward pools will be replenished as usual. No changes to perform, and no need to subscribe to a new reward pool. ‘Business as usual’ 😉
➡️$USDC reward pools will not be replenished as per the announcement in the article(2/3, see above). No changes to perform, subscribed stakers can simply harvest their last rewards from the pools in $USDC.
🆕$UNCX reward pools
$UNCX reward pools will be created on a monthly basis and will require our community to ACTIVELY subscribe to each of them manually over time.
The subscribing action is necessary as each reward pool might have a different block emission ratio depending on $UNCX price action being subject to the open market fluctuation over time. This also plays in favor of the active & engaged community members.
Each pool will be created 10 days in advance (by the 20th of the current month for the next month's reward stream, allowing a minimum of 10 days to subscribe — the team will make sure to convey information and reminders on all our socials).
Once subscribed, stakers can harvest/withdraw their rewards whenever they would like to do so (no time limit, just like it works now).
To summarize things simpler : as a $UNCX staker, you will need to subscribe to the $UNCX reward pools created over time on a monhtly basis. If you forget to subscribe, rewards could be missed. We now require your attention once a month at least as a $UNCX staker.
IMPORTANT note for January 2023 :
The month of January, as it is already started, will be a boosted 2 weeks period of rewards you do not want to miss! 🚀
Reward emission will start on January 16th and stakers are required to subscribe to their respective reward pools before that date. It is already possible to subscribe to the reward pool. The return APY will be adjusted and is currently showing a dummy value.
Useful quick links (connect your wallet and stake/subscribe from there):
We sincerely hope these changes will please our $UNCX community.
Token stakeholders will (and need to!) also understand this update allows us growth taking into account specific legal & regulatory aspects for 2023 onwards.
It is also worth mentioning here that we as a community will now experience a rather permanent buyback pressure on the $UNCX markets, which might as well be convenient during this ‘descending’ phase of the macro market cycles.
Buybacks also will enhance our liquidity depth, which ultimately benefits the entire community.
Last but not least, rewarding our ecosystem participants and specifically stakers with $UNCX is on our book for the healthiest circulating token supply distribution.
PS : Q1 is packed with updates, stay with us. We will share some news in that regard very shortly.
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