At a high level, the UNITS protocol consists of three main mechanisms:
Convert - An on-chain two-way conversion between wrapped bitcoin (WBTC) and Micro Bitcoin (muBTC) Tokens
Bond - An active short-term investment strategy.
Stake - A rewards mechanism for community members that acknowledge the importance of keeping their tokens staked.
What is the UNITS DAO token?
The UNITS DAO token is the UNITS protocol governance token which carries the UNIT symbol. The UNIT token holders will be the decision makers for the UNITS DAO protocol Ecosystem.
How do I participate in the UNITS protocol?
You can participate in the UNITS protocol by supplying liquidity, bonding, staking and voting.
Supplying WBTC in return for muBTC (you can always convert it back to WBTC at the same ratio of 1,000,000 muBTC = 1 BTC).
Staking muBTC to earn rewards in UNITS tokens.
Staking UNITS tokens to earn additional UNITS tokens as rewards.
Voting and participating in shaping the UNITS protocol strategic decisions, the community will raise proposals and control the direction of the echo system as the project progresses.
Why "Micro" Bitcoin?
We have chosen to convert Bitcoin into 1,000,000 units in conjunction with the Bitcoin community vision of $1M BTC price.
Therefore we have used Micro (µ) which is a unit prefix in the International System of Units (SI), denoting a factor of one millionth (10⁻⁶). The prefix name is derived from the Greek μικρός (mikrós), meaning small.
The Micro Bitcoin token symbol and short name is muBTC, derived from the Greek letter μ (mu) which is the symbol for the micro prefix. which is pronounced as miu.
Who Created the UNITS protocol?
The UNITS protocol was imagined and executed by a distributed anonymous team, composed of two senior and well experienced blockchain developers, a financial crypto expert and a top crypto strategist.
Who runs the UNITS protocol?
No one. The UNITS protocol is DAO-governed. All decisions are formed by community members on the forum and made by token holders through snapshot voting.