The Union Foundation is officially announcing that the Union token will be ERC20 compatible, and available on Ethereum. This, alongside the development and deployment of Crosschain Governance on EVM chains, will maximize infrastructure support, reduce liquidity fragmentation, and enable the smoothest UX for Union ecosystem participants to access and utilize the Union token.
As a truly crosschain network, designed to link every chain across every ecosystem, it’s important that the Union token is truly crosschain as well. As an ERC20 token on the largest and most developed blockchain ecosystem in the world, Union gains access to a myriad of benefits.
Key benefits include:
DeFi From Day 1
As an ERC20, the Union token can immediately plug into a wider DeFi ecosystem. This paves the way for partners like Escher to provide Day 1 support for the Union token (more on that coming soon). It also gives Union ecosystem participants access to the largest and most battle-tested DEXs, lending and borrowing protocols, derivatives platforms, and etc.
This means instant composability with major EVM DeFi protocols and EVM-compatible chains, as well as lower liquidity fragmentations and a better user experience for those utilizing the Union token.
In short, everything that Crosschain Governance unlocks for staked tokens, this does for the non-staked version of the Union token.
Mature Tooling and Infrastructure
The tooling and infrastructure on Ethereum is the most mature in the industry, especially when it comes to token operations. Multisig solutions like Safe provide sophisticated transaction simulation and management capabilities, hardware wallet integration is seamless, and the smart contract infrastructure for vesting, airdrops, and token distribution is advanced and proven.
As an ERC20, the Union token will have access to all of this immediately.
Smooth UX and Onboarding, for Users and Institutions
Everyone in crypto is familiar with ERC20 tokens, EVM wallets, and EVM-style operations, which means reduced friction for both retail and institutional users. Anyone who is interested in utilizing the Union token will be able to do so using the interfaces and workflows they’re already plugged into.
This ensures a smoother user experience, and removes barriers to entry to users who are unfamiliar with Cosmos infrastructure, paving the way for wider adoption of the Union token for any number of use cases.
It also doesn’t exclude the use of Cosmos infrastructure, or that of other ecosystems—as the truly crosschain token of an interoperability network, the Union token is designed to be compatible with the native wallets and infrastructure of every ecosystem it integrates with. Union shifts the borders between blockchains into pathways—in other words, it makes them interoperable.
Lead Up to Mainnet
For a technical deep dive on both Crosschain Governance and the details behind launching the Union token as an ERC20, read Union Research’s new report titled Crosschain Governance.
This article is part of the lead up to Union’s mainnet. Expect more news from the Union Foundation relevant to the Union ecosystem in the near future.