Union’s Demo Release: A Polygon Experimental Network [APENET]

This demo version has deposit limits (500 DAI via the frontend & 1,000 DAI via direct contract calls), uses a non-transferable faux Union token (FUN) as a governance token, and has centralized admin & pause controllers. In addition, Polygon allows users to experiment with smaller amounts that wouldn’t be economically viable on L1 Ethereum.

ome of the key risks we are looking to identify and mitigate:

• Smart Contract Risk
  While we follow best practices, there could be an unforeseen bug in the code. There really is no substitute for thousands of people trying to break it, either purposely or accidentally, especially when our protocol could interact with others (e.g. AAVE, DAI, flash loans), in interesting ways.
• Economic Risks
  It is possible for the code to work as designed but the economic assumptions result in non-optimal outcomes. While we’ve run agent-based simulations with Gauntlet to test a lot of our assumptions in-silico, people don’t always behave as you’d expect.
• Community Risk
  There are a number of parameters, such as Rate and Risk controls, that are currently controlled by governance either because they’re qualitative or calculating them on-chain is currently prohibitively expensive. Unlike in collateralized systems, where the Rate is purely a function of supply and demand, the Rate in the initial uDAI market is also a function of expected credit risk, which you can’t know until people default.
• Naive User Risk
  It is possible for the protocol to work as designed but people’s expectations diverge from reality. For example, there could be the false belief that having the ability to trust permissionlessly means you should trust everyone.

All of the above risks are the highest in the first few months after a main-net launch. To ensure those who fully understand the risks associated with the protocol (and could educate those they vouch for) are the first participants on Union Mainnet,, we’ll be giving first access to those who participate in APENET.

Onboarding Steps:

1. Bridge some Matic & DAI to your Polygon wallet
2. Make sure your wallet is set to the Polygon network RPC
3. Connect to the demo app at https://union.finance/
4. Stake some DAI to earn the 1 FUN token you’ll need to burn to register.
5. In order to become a member and borrow on Union, you currently need 3 members to vouch for you. If you don’t know any current members, you can ask for vouches in the #request4vouch channel in the Union discord: https://discord.com/invite/cZagzJ3p8G
6. Once you have 3 vouches & 1 FUN token, click the ‘become a member’ button.
7. You should now have a credit line! What will you use it for?
8. Don’t forget to repay at least the minimum payment every payment period(14 days for the first month).
9. Report Bugs here → via this google form or on discord.
10. Follow us on twitter @unionprotocol for updates. And tag us if you use your credit line for anything interesting. 🙂

SOURCE: https://medium.com/union-finance/unions-demo-release-a-polygon-experimental-network-apenet-53734093e281