What Is Jenny Metaverse DAO Token (UJENNY)?

Jenny Token (UJENNY) is the metaverse DAO (decentralized autonomous organization) and social token on the Unicly network. Unicly protocol is an entirely decentralized, community-driven NFT (non-fungible token) fractionalized platform where users can participate from all around the world. In order to help these users to participate in the network, Unicly introduced its cryptocurrency, the Jenny token. The Jenny token is an ERC-20 token that has a dual purpose as it is a shard token and governance token and is minted on the Unicly protocol. A shard token is a coin used to govern the Infinity Protocol. A governance token is a token that empowers its owners to participate in the voting to shape the future of a protocol.

The ecosystem of the UJENNY token allows token holders to become DAO members. DAO intends to be responsible for acquiring NFTs and adding them to the vault controlled by Unicly Protocol’s smart contract. The NFTs can only be released if consenting Jenny tokens holders reach a certain threshold and instruct the smart contract to unlock the vault. The platform aims to offer governance rights over critical decisions made by Jenny DAO to token holders through direct voting and designation of multisig signatories to the DAO’s treasury. 

Further, the Unicly community can offer to whitelist the token for liquidity mining. In the case of liquidity mining, token owners can have the opportunity to provide liquidity and receive Unicly’s governance token (UNIC) as a reward. The platform aims to keep aside a portion of the funds raised by trading tokens to acquire NFTs and transfer to a DAO called “Jenny DAO” controlled by the community. The Jenny DAO intends to have multi-sig wallets controlled by critical members of the jenny community.

According to its litepaper, Jenny token (UJENNY) has multiple utilities. Token owners can become influencers over the DAO’s use of funds. Users can manage the funds held in the Jenny DAO wallet from time to time and make decisions to acquire NFTs using those funds. All jenny token holders can vote on fund management and governance decisions. UJENNY token owners can have exclusive access to chat groups, NFT thought leaders, and industry research. 

History of Jenny Metaverse DAO Token (UJENNY)

Behanmin Rameau and Jae Chung are the core team members of the JENNY ecosystem who head the network. The litepaper of the asset was published on May 21, 2021. Further, the platform's token has a total supply of 10,000,000 UJENNY.