1. Project Introduction
Unbound Finance is a Cross-Chain Aggregator Layer For AMMs
Unbound finance is a decentralized, cross-chain liquidity protocol that is building the next money lego by unlocking the liquidity from AMMs. The protocol is the ‘First-Ever-Debt-Free Liquidity Provision System’ that collateralizes LP Tokens to generate synthetic assets including UND and uETH. The protocol charges no interest rates and is liquidation-free.
2. Proposal Summary, Motivation and Key Details
Unbound Finance is proposing that UND pools be included in the Rainmaker Liquidity Mining program to help improve liquidity for selected UND token pairs on the KyberDMM protocol. This is applicable to Ethereum and Polygon networks.
Users can mint UND stablecoin by staking LP tokens of select pools from DEXs such as Uniswap or KyberDMM on the Unbound platform.
With their new UND tokens, users would need a venue to trade or add liquidity for UND tokens. KyberDMM will be the first venue to access UND liquidity, which would bring plenty of volume and fees to the protocol.
During the campaign period, liquidity providers who add liquidity (deposit tokens) on the eligible UND pools on KyberDMM will receive LP tokens that can be staked on the Yield page for additional KNC token rewards.
Value-added process:
KyberDMM liquidity providers can visit Unbound’s platform and deposit their LP tokens to Unbound’s ‘liquidity lock contract’, which mints UND while immediately depositing the LP tokens to KyberDMM’s farming contracts for KNC rewards.
As part of the campaign launch, there will also be joint marketing efforts with Kyber Network.
Process outline:
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AMM LP tokens of all DEXs gets deposited first on the Unbound platform.
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Users mint the UND stablecoin. (For stable coin LP tokens, the loan to value is as high as 80%)
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Users take UND and visit Kyber to add liquidity to UND/USDT, UND/KNC and UND/UNB pools.
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Kyber DMM LP tokens (USDT/USDC, UND/USDT, UND/KNC, UND/UNB) will be whitelisted on Unbound. Users can lock up these LP tokens on Unbound again and mint more UND and take them back to Kyber.
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Every time a user locks LP tokens in Unbound’s systems, the user can choose the farming pool where they want to farm the tokens. For every user, per farming pool a new smart contract wallet is deployed from Factory (called a yield wallet). Since the LP tokens are deployed to the farming contract from a user-specific contract wallet, he can claim accumulated rewards from the contract directly. So the user will continue getting the USDT/USDC rewards on Kyber DMM even when they lock up those LP Tokens on Unbound since those LP tokens will be parked back on KyberDMM. Basically, for users, rewards get doubled.
Example:
a) Rewards from the USDT/USDC pools on KyberDMM.
b) Lock up USDT/USDC LPTs on Unbound to mint UND of 80% value of their LPT.
c) Add liquidity to UND /USDT, UND/KNC and UND/UNB pools to get more rewards.
Key reasons why Unbound is an ideal candidate for Rainmaker Liquidity Mining:
Unbound Finance as a DeFi project has a lot of support, with 15k+ followers on Twitter and 5500+ Telegram members. It’s also backed by well-known funds in the space such as
Pantera,
Arrington Capital,
CMS,
Ledgerprime,
Hashed,
Hashkey
and many more.
It has some industry veterans on board as investors which include:
Loi Luu - Founder & CEO of Kyber Network,
Sandeep Nailwal - Co-founder and COO of Polygon,
Maxim Blagov - Co-founder and CEO of Enjin,
Thanh Le - Founder of Coin98,
Stefan George - Co-founder and CTO of Gnosis,
Ninor Mansor - Partner at Arrington XRP Capital,
Amrit Kumar - President at Zilliqa,
Sahil Dewan - Co-founder of Harmony,
Long Vuong - Founder and CEO of TomoChain,
Jack Herrick - Founder of Wikihow,
Daniel Stockhaus - Co-founder of Polkastarter,
Julien Bouteloup - Founder of Stake Capital and Curve Finance Core Team Member,
Barek Sekandari - COO of Fantom Thomas Bailey - General Partner of Bitriver
Unbound understands the powerful benefits KyberDMM provides e.g. high capital efficiency and is keen to have KyberDMM as the first venue for UND liquidity during its launch phase. Coupled with KNC liquidity mining incentives, this would bring plenty of volume and fees to KyberDMM. Similar to Kyber, Unbound is venturing into different chains and will continue to channel liquidity into KyberDMM.
Unbound smart contracts have been audited by :
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Their first security audit and threat modeling exercise STRIDE was done by **Peter Kacherginsky,** a principal blockchain security researcher with a major crypto exchange and incident responder who helped us in identifying the threats such as flash loan attacks in our platform’s infrastructure and successfully executed our first audit.
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The second audit was completed with Securing, who reproduced the flash loan attack threat as pointed out by Peter Kacherginsky during the first audit. We resolved the issue by adding a block limit lock mechanism and implementing a new oracle structure.
As per the block limit mechanism, any interaction with our smart contract will lead to locking up the SC for 3–5 blocks with respect to the address used. This will disable minting and unlocking to be performed in the same block, eventually mitigating any flash loan attack scenarios. The block limit can be changed or removed as per requirements.
As a part of the new price oracle solution for Unbound, we decided to use a geometric mean of Chainlink and Uniswap’s TWAP to provide a more accurate price feed and to reduce dependency on a single price oracle.
- The Third audit was recently conducted by Whitehat Lucash-dev, a recipient of the Whitehat Scholarship at Immunefi, one of the highest-paid bug bounty hunters at Hackerone.
Unbound Finance is targeting approximately $15 M+ in liquidity to be deposited across the participating UND pools (AMP=200).
- UND/KNC
- UND/USDT
- UND/UNB
In the near future, Unbound will also look at creating and incentivising liquidity pools for the UNB governance token on KyberDMM after the token sale has been completed.
In return, Unbound Finance would like to request $500k in KNC incentives for a 4 month liquidity mining campaign on Ethereum chain Kyber DMM split between:
- UND/KNC
- UND/USDT
- UND/UNB
3. KNC amount requested
250k KNC
4. Amount of tokens project is contributing
60% of the minting fee that Unbound will generate will be given as rewards to
UND/KNC, UND/USDT and UND/UNB pools.
Along with this, once $UNB goes live, we will also give $500k in rewards to UND/KNC, UND/UNB and UND/USDT pools on Kyber DMM. Unbound Finance will thus give more rewards Kyber (Matching KNC rewards 1:1 plus UND minting fee goes to KNC Pools.)
Unbound governance token is not live yet.
5. Network
Ethereum
6. Token pair option
Others
7. Vesting
30 day vesting
8. Campaign start date and duration
Start date is flexible and the duration will be 8 months.
9. Project Details
Website: https://unbound.finance/
Twitter: https://twitter.com/unboundfinance
Logo file: Unbound full.png - Google Drive
Token Contract address: NA (Token not live)
CMC: https://coinmarketcap.com/currencies/unbound/
Unbound Dollar price today, UND to USD live, marketcap and chart | CoinMarketCap
CoinGecko: NA (Not live yet)
10. Partnerships.
Unbound has entered into partnership with Polygon, Harmony, Zilliqa, Tomochain, Curve, Coin 98, Swissborg, Frontier, DFYN, Efinity, Gnosis, KSM Starter and many more. Tokens of these projects will be launched with UND and those LPs will also be whitelisted on Unbound to mint UND. Community members of all these projects can add liquidity in their preferred project’s pools and mint UND and come to Kyber DMM to add liquidity in UND pools.
You can start expecting major volume and transactions on the below pools:
UND/ETH
UND/MATIC
UND/ONE
UND/ZIL
UND/TOMO
UND/TOMO
UND/CRV
UND/C98
UND/FRONT
UND/GNO
UND/KSMT
Along with these, we will continue collaborating with multiple projects to launch their tokens with UND and we will recommend all these projects to launch these pools on Kyber DMM. Even if the project launches these pools on some other DEX, we will be whitelisting these pools for users to deposit their liquidity pool tokens on Unbound, mint UND and go to Kyber DMM to trade with UND or stake in the UND/USDT, UND/UNB and UND/KNC pool.
11. Terms and Conditions
Liquidity Mining
Part A: 2 -months LM campaign with a 125K KNC(~$250K) and 60% of UND minting fee reward for 3 UND pools. Target min. TVL $15M.
UND/USDT
UND/KNC
UND/UNB
Part B (conditional; depends on Part A): If Unbound hits the target TVL of $15M, KyberDMM will unlock the remaining 125K KNC for the 3rd and 4th month.
If Part A doesn’t hit the target TVL of $15M, the campaign ends temporarily after 2 months.
Part C:
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If part A conditions are not met, $250k in UNB rewards will be given to the 3 pools mentioned above for 2 months after completion of month 2 (Part A).
Total LM Campaign = 2+ 2 months. -
If part A conditions are met, $500k in UNB rewards will be given to the 3 pools mentioned above for 4 months after completion of 4 months (Part B).
Total LM Campaign = 4+ 4 months.
Exclusivity:
For the first month, KyberDMM will be the only official LM partner on Ethereum.
Promotions:
- 1 main CTA button on the Unbound app/site for adding UND liquidity for Ethereum chain with links to KyberDMM.
- Marketing communications on Unbound social channels to direct UND LPs to farm on KyberDMM.
