UniLend is a permission-less decentralized protocol that combines spot trading and money markets with lending services through Smart Contracts. The existing DeFi platforms have shown a huge demand for decentralized trading with over 6000 tokens currently listed in CoinMarketCap. However, the current DeFi platforms such as Compound, Aave, Market DAO support less than 30 assets.
This leads to a huge demand for a protocol that supports a wide number of assets in a decentralized and permission less way. UniLend is designed to address this untapped market and fuel the blockchain ecosystem by opening up the DeFi Space for all tokens.
Benefits of using UniLend.
- The Current DeFi Platforms act as Gatekeepers by deciding which assets would be allowed to be a part of their pool. This stops the majority of the DeFi Tokens from being a part of this ecosystem. This untapped Ethereum based market has a market capitalization of $16.7B as compared to $16.58B of the existing supported place in DeFi.
- Even Multi-Asset Pools also expose lenders to all kinds of risks associated with the included assets, with no collateral against which their funds can be lent. Using UniLend, any ERC20 token will be able to list without any entity controlling the listing process, making UniLend’s features accessible to every token.
- The native utility token of UniLend will be UFT, Unilend Finance Token. The token will have multiple use cases for governance, platform utility, and much more. Some tokens offer limited lending and borrowing with a limited set of tokens such as ( Maker DAO and Aave ). While others offer the freedom to trade any ERC20 token but neglect the lending and borrowing aspect. UniLend bridges that gap by offering all these services
- Trading Price (past 24 hr): $2.44 USD (INR 179 approx)
- Global Market Cap (past 24 hr): $35,277,319 USD
- Global Trading Volume (past 24 hr): $4,635,649 USD
- Circulating Supply: 25,557,500 UFT
- Max Supply: 100,000,000 UFT
- Total Supply: 100,000,000 UFT
The integrated smart contract of UniLend for both features of the protocol allows both trading and DeFi capabilities to operate in the same protocol. This solves the liquidity and liquidation issue which was limiting the growth of DeFi adoption to a broader market.
Due to the permissionless nature of the protocol, users have the capability to list any Ethereum based asset on UniLend. An asset listing on the UniLend protocol’s smart contract instantly creates and lists on markets for lending, borrowing, and spot trading.
Key Features of UFT
- Permission-less Listing
- Lending & borrowing
- Native Utility Token
- User Interface/ User Experience
Giveaway Schedule on WazirX (Starting Tomorrow)
- Wednesday, 7th April: AMA with Vishal Kothari (Community Lead) and Ayush Garg (Marketing & Operations Lead). Learn everything about UFT and win total prizes of $150.
- Thursday, 8th April — Saturday, 10th April: 48-hour long Highest Trader Kaun Marathon with prizes of ₹5,72,750 ($7,500) worth UFT for top 150 traders.
- Thursday, 8th April: Quiz in our Telegram group with prizes of $500. Show off your UFT knowledge in a fun quiz session and win.
- Friday, 9th April: Trivia contest on WazirX Instagram page with prizes of $50. Learn interesting trivia about UFT and win.
- Thursday, 15th April — Saturday, 17th April: 48-hour long Highest Trader Kaun Marathon with prizes of ₹5,72,750 ($7,500) worth UFT for top 150 traders.
Participate in a live AMA with Vishal Kothari (Community Lead) and Ayush Garg (Marketing & Operations Lead) to learn everything about UFT.
When: Wednesday, 7th April, 5 PM IST
$100 for top 10 questions selected from Twitter
$50 for top 5 live questions from Telegram group
Highest Trader Kaun Marathon: UFT/INR
Get ready for Highest Trader Kaun Marathon with double the fun & double the prizes!
What’s new in the contest?
- We are running two Highest Trader Kaun Marathon contests.
- Each contest will be non-stop for 48 hours.
- Yes, you can participate in any or both contests any time between the contest duration.
- For each contest, total prize is of ₹5,72,750 (~ $7,500 USD) worth UFT. You can win prizes based on your trading performance for the entire 48-hour long trading contests!
Contest 1 timing: Thursday, 8th April, 9 AM — Saturday, 10th April, 9 AM IST (non-stop)
Contest 2 timing: Thursday, 15th April, 9 AM —Saturday, 17th April, 9 AM IST (non-stop)
We are hosting a fun quiz session about UFT. Show off your UFT knowledge and win prizes.
When: Thursday, 8th April, 6 PM IST
That was all Folks ??, see you in the next article.