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Ethereum Insurance

What is the UNN token used for?

How Union protocol uses the UNN token. Union protocol is a peer-to-peer insurance protocol for decentralized finance.

UNN token is


UNN is the governance token for Union Protocol.

UNN token is used for


  • Liquidity mining
  • Governance
  • Holders are entitled to discounts on UNION protection premiums.
  • Loans will be available against UNN holdings.

How could value accrue to the UNN token?


Governance tokens can provide cashflow to token holders through protocol fees.

Locking

  • Tokens are locked for liquidity mining.
  • Tokens are locked for governance.

Fees

  • Premiums for insurance
  • Loans (potential)

What is Union Protocol


A peer-to-peer insurance protocol for decentralized finance.

How Union Protocol works


Union protocol provides multi-layered coverage for:

  • Layer1 risk
  • Smart contract risk
  • Exposure risk
  • Transaction completion risk

The UNION Protocol uses the following building blocks:

  • Governance process to protect a) the validity of
    claims and b) the solvency of pools to meet coverage claims.
  • A decentralized secondary market to manage risk for protection writers as well as for
    protection buyers.
  • Multi-token protocol separates governance from the market dynamics of
    protection buying and writing.
  • No KYC

It uses a three-token-model:

  • UNN tokens are for governance only.
  • uUNN tokens are received by policy buyers and represent their right to protection and coverage amount.
  • pUNN tokens are issued to protection writers in proportion to the percentage of the “protection pool” that they power.

Buyers and writers of protection can trade uUNN and pUNN tokens in UNION’s secondary market with the aim of spreading risk.

Governance

  • UNN can be locked for different terms ranging from 1 month – 4 years.
  • Staked UNN will earn rewards proportional to locked terms (with additional
  • incentives to be announced)

Read more here.

UNN tokenomics


Max supply: 1 000 000 000

  • 30% – Network, ecosystem and marketing: 300m
  • 20% – Team & advisors: 200m
  • 11.35% – Treasury: 113.467m
  • 9.33% – Seed funding: 93.333m
  • 20% – Private funding – second round: 200m
  • 4.32% – Private funding – third round: 43.2m
  • 5% – UNN Geyser: 50m

Read more here.

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UNN token price


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