Necessity is the mother of invention
Our journey in Decentralized Finance began with the launch of OroPocket, at the stroke of midnight on 1st January 2020. Our vision was simple - empowering users to "own their money".
Instead of parking their money with banks, users could keep them in assets (such as gold, silver, stocks, ETFs, real estate etc.) and spend it in real-time using a bunch of financial services such as an asset-backed debit card, instant loans, earning yield on assets etc.
This enabled the users to get 100% insurance on their "money" and the ability to beat inflation.
We received good traction for our product and soon decided to turn it into a completely decentralized offering with OpenDeFi Finance. The Open nature of OpenDeFi could enable adding various asset classes and empower developers to build financial services on it.
Unlike a bank, we're open. Just plug and play.
Soon after the launch, we partnered with over 20 startups and reputed companies to expand and thus began the development journey of OpenDeFi and the launch of its governance token $ORO.
During this period, we realized that several startups are raising capital, and most of them raise capital to build products. While they're building, there's no real utility of the token, and hence the price kept falling. We decided to solve this problem for ORO.
We spoke with several partners and founders who were facing similar challenges. We got back to the whiteboard and started working on a solution. With a basic framework, we reached out to some of our close associates, and they were more than willing to experiment. This is how the first cohort of UniFarm was born with $ORO, $MATIC (now Polygon), $REEF, $CNTR, and $FRONT.
We're ever so grateful to them and their community for the overwhelming response and amazing feedback. Thus UniFarm was born.
With this whitepaper, we introduce UniFarm, an innovative farming solution.
At the time of writing this whitepaper, UniFarm already has a TVL of $8.4 million.