UniFarm initiates merger with asset-backed NFT platform ‘OpenDeFi’

NEW DELHI: Global collaborative wealth creation platform UniFarm with native token $UFARM has announced that it will absorb asset-backed non-fungible token (NFT) platform ‘OpenDeFi’ with native token $ORO to access a wider audience catering to both NFT and crypto ecosystem.

OpenDeFi will be absorbed into UniFarm to create a single ecosystem offering services such as staking, lending, borrowing, along with NFT and Metaverse.

Founded in 2021, UniFarm is a group staking platform that allows users to maximize their returns on their tokens and allows projects with a new token to be able to grow their tokens.

Supporting chains such as Binance Smart Chain, Ethereum, Polygon and Avalanche, UniFarm provides investors and decentralized finance (DeFi) projects to create value by allowing them to stake one token and farm numerous other tokens hence increasing their returns and diversifying their portfolio.

Whereas, OpenDeFi is a platform that encourages tokenization of real-world assets, providing financial services in a decentralized mechanism, and also enabling the community-based development of early-stage DeFi projects through its DAO ecosystem. It aims at contributing to the developments of the DeFi ecosystem in an innovative way for wealth creation as it allows global trading and at the same time earning interest on tokenized assets.

Growing at 70% month-on-month, UniFarm, with this merger, aims at creating a wider ecosystem that caters to the strengths from both platforms all in one place.

Since, both OpenDeFi and UniFarm have a common aim of wealth creation but in different directions, UniFarm with this merger, intends to revolutionize NFTs by harnessing the power of collaboration with asset-backed group NFTs.

On the other hand, UniFarm intends to harness the technology behind NFTs to enable holders exclusive access, and collaborative community building, with significantly improving the experience of buying, minting, and selling NFTs.

With the merger, the utility token for both companies will also merge into one with $UFARM being the sole utility token.

Commenting on the merger, Mohit Madan, CEO and Founder, UniFarm said, “Both UniFarm and OpenDeFi have a common objective of wealth creation but into different spheres. Reminiscing our journey and how far we have come from launching our first cohort in 2021 to successfully launching 36 cohorts across BSC, Polygon, ETH and AVAX with $100 million + staked so far. Not just that, we have also come up with our own launchpad ‘UNIFARM Launch for the upcoming and most promising IDO launches.”

Tarusha Mittal, COO & Co-Founder, UniFarm, added, “This merger will absorb $ORO into $UFARM creating a larger utility for our users and improved capture of value. We wish to make UniFarm a one-stop solution for all things Crypto, NFT and Metaverse.”

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