UNION Partners With Waves to Bring Liquidity & Asset Protection to the Waves Ecosystem
UNION is pleased to announce our partnership with Waves, the all-encompassing gateway blockchain technology protocol and dApp ecosystem. UNION will offer its collateral protection product in lending protocols that use Waves’ Neutrino USD (USDN) and smart contract protection for Gravity, Waves’ cross-chain bridge.
“The exponential growth of USDN allowed us to identify the demand for advanced risk management and asset protection products. UNION’s mission to bring full stack DeFi protection that decreases the barrier to entry for retail, while advanced enough for institutional investors, is accurately aligned with our approach. As we step into 2021, our integration through Gravity will be a vital-for-growth milestone to reduce multi-layered risks in our ecosystem.” Sten Laureyssens, Strategic Advisor for the Waves Association.
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Waves is a gateway blockchain protocol that focuses on a developer-friendly infrastructure for blockchain innovation, smart assets, and inter-chain communication. Waves Protocol is enveloped by a thriving technology ecosystem, including Gravity, the blockchain-agnostic and cross-chain communication and oracle network, and Neutrino the algorithmic price-stable assetization protocol.
The near-term cooperation between UNION and Waves will initially include a series of liquidity provision programs featuring a UNN/USDN liquidity pool on Uniswap, a UNN/USDN pair available on Wave’s Swop.Fi AMM DEX, and support for the UNN/USDN pair on UNION’s Geyser. The exact exchange rate will be determined at time of pair creation based on the prevalent market price.
The collateralization protection product will comprise an optional feature for collateral deposits into Waves’ new lending product — Waves Lending. Users that deposit collateral into Waves Lending will be prompted to select over collateralization protection (OC) for a premium. In the case of a liquidation trigger, should the OC ratio fall below a specific threshold, the UNN protection product will be called to fill the portion of the OC protected while the borrower pays the remaining difference.
UNION will also collaborate with Waves on issuing a smart contract protection instrument for Gravity’s cross-chain protocol in Q1 2021. The product will provide additional security around the technology, not including human factors like node collusion. While Gravity utilizes mathematically proven MPC security for its assets held in decentralized custody, we recognize the benefits of offering an additional layer of protection for people who will utilize Gravity’s cross-chain bridge.
The intuitive user experience of the OC and Gravity protection products mimics buying an electronic device online, where users are prompted at checkout to purchase protection on their device for a small premium. Similarly, deposits through Gravity, $USDN related dApps or even future Waves lending protocols, will initiate a prompt to add the specific protection product for a premium or forgo the protection before finalizing the deposit. UNION will render an intuitive integration and UI for the product, simplifying the asset protection process for Waves users.
“Waves has built an innovative vertical stack of Defi blocks with its mix of cross-chain, lending, stablecoins ($USDN), and DEX solutions to become the one-stop shop for retail and institutional players alike. Waves’ complete DeFi solution with broad market reach is the perfect platform for building UNION’s complete DeFi protection. We look forward to advancing the industry together in 2021 with an inclusive, safe, and accessible portal.” – John Liu, CPO of UNION.
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