Creator and advocate of liquidity locking, UniCrypt, is putting its foot forward to make bigger splashes in the DeFi industry. While it has continued to see progressive success in its business of liquidity locking, UniCrypt has opted for a revolutionary move to expand its business to new horizons.
Now operating as UNCX, the project’s revolutionary development has been accompanied by a rebrand and a website upgrade. Hence, the UNCX network is now the new creator and advocate for liquidity locking. This mechanism allows project owners to store their liquidity provider tokens into trustless smart contracts for a set & renewable period. This reflects the growth the UNCX network is experiencing and the new projects it has planned to deliver on the market.
Initiated in mid-2020, liquidity locking has been designed to focus on allowing project owners to deposit their liquidity provider tokens into secure smart contracts for a predetermined and renewable time. By doing so, they relinquish the fraudsters’ ability to withdraw liquidity unexpectedly and abscond with funds. As such, liquidity locking is considered a proactive measure against malicious DeFi practices, such as the “rug-pull” scheme, which is prevalent in the industry.
Since the emergence of the liquidity locking mechanism, the adoption of this system has surged significantly in the last six months. Recently, investors now encourage the use of the mechanism, increasingly demanding that projects they invest in implement liquidity provider token locking—all thanks to the UNCX network. Platform users expect this approach to discourage many scams and ultimately become the standard practice.
According to the announcement, UNCX Network is not content with just liquidity locking and is dedicated to constructing and advancing services that prioritize security. Hence, this explains the inspiration behind its move.
Also, among the platform’s offerings are an on-chain automated launchpad, token vesting, staking and farming as a service, and an upcoming innovative minter. Although the team has not revealed all the services and projects they have been quietly developing, it is well-known that the seventh iteration of their platform will be unveiled in just a few months.