I want to start this message by thanking the Unification community for the support of Proposal #12, now that it has officially passed and 25,000 FUND has been transferred from the community wallet for the development of Weavr. Over the next few months we will be developing and deploying one one of the most powerful and transformative primitives for Unification to date. 

Since Unification was launched in 2020, I’ve always been looking for different ways to support and grow the ecosystem. Over these years, Unification has built a robust set of products, FUND, XFUND, OoO, VoR, UNODE, which are used by a diverse set of protocols and projects.

Around the same time Unification launched, I also became a member of the Frax DAO. Just last year I joined 2 other DAO members to form Flywheel DeFi, a media company exclusively covering the Frax ecosystem. For those who may not know Frax, it is a partially collateralized algorithmic stablecoin based on Ethereum, and its TVL is second only to DAI. At its core, Frax is working towards dominating the three key segments of crypto finance, liquidity, lending, and leverage. And through executing on that mission, it has created a broad set of “stablecoins,” FRAX, FrxETH, FPI and soon to be launched FrxBTC.

FrxETH is the newest addition to Frax’s stablecoin suite and I believe it's the best design for providing both liquidity and staking rewards. We are bringing their model to Unification to specifically pursue integrations of aFUND and sFUND into DeFi on Ethereum. 

While the Frax LSD system is strong, it does have its risks when applied to FUND. It will lead to centralization of power by the validators that Weavr runs and most likely will attain the largest voting share on the Unification network. It also does not include other validators in its current design. It will not be fully decentralized at first and will rely on a set of trusted multi-signatures for security until its operations can be automated.

But even with all of this, I still think the tradeoffs are worth it. aFUND will be listed on Curve, with future gauges planned and potentially bribes and other incentives boosting yields. Lending markets give access to well needed loans and leverage. Other networks and protocols can use sFUND and aFUND in their ecosystems and open up new opportunities for Unification as a whole. 

I have to admit that my motivations for this are inherently selfish. As a node operator, I locked up my capital in 2020 with no intention of ever removing it. Unfortunately this means that all of the capital appreciation FUND has seen would have been eternally unavailable to me unless I abdicated my role as validator. With the upcoming launch of Weavr, I’ll be able to transition my stake into a new primitive asset that I can borrow and gain leverage against. I’m not alone in this pursuit and I’m sure many of you will welcome the unlocked capital efficiency of Ethereum based DeFi. 

Weavr is also choosing Unification specifically because it can provide oracle services. We plan to expand to other networks in the future and we plan to leverage Unification as the oracle of choice for all future primitives we deploy. We cannot access DeFi without Unification, it's the key to our growth.  

Weavr has an excellent team of crypto veterans and industry insiders who will work to develop the company from the ground up. I want to say thank you again for your support. We will keep you updated with our timeline and budget over the next several weeks. 

Kind Regards,

Samuel McCulloch 

Aka Big Boss Capital

@weavr_fi