UniLend is a permissionless DeFi protocol that combines spot trading services and loan/loan functionality on the same platform. While other DeFi protocols only support 30 assets, anyone can list any ERC20 asset on UniLend for decentralized trading and lending.
In this article, we will discuss:
What is UniLend (UFT)?
UniLend is a permissionless comprehensive DeFi protocol. While other DeFi protocols only support a limited number of assets, anyone can list any asset on UniLend supported blockchains (currently Ethereum and Polygon) to access comprehensive DeFi functionality for those assets. This includes Decentralized Trading, Loan/Loan and the industry's most cost-effective flash loans.
In addition to cryptocurrencies, UniLend will also support a number of real-world synthetic assets and derivatives (including major FAANG stocks and precious metals such as gold and silver).
Through comprehensive DeFi functionality, permissionless listing mechanism, and partnerships with leading innovators blockchain, UniLend is unlocking the full potential of decentralized finance at a level never before seen in the industry.
How does UniLend (UFT) work?
Existing DeFi platforms are limited as they act as gatekeepers in selecting which projects will be part of their pool, meaning that other viable assets are locked out and unable to participate in the DeFi ecosystem. UniLend does not behave this way and allows for a permissionless listing that allows any ERC20 token to be listed, making it a decentralized and fairer platform.
In conjunction with permission-free listing, the UniLend platform incorporates spot trading functionality for its users, allowing them to trade their assets on the platform, which means that users do not have to leave the platform for this specific requirement. These two unique features make UniLend a very attractive product as they are the first DeFi platform to do so.
UniLend is filling a gap left in the industry by combining the decentralization aspect of allowing any ERC20 to be used as collateral for loans and borrowings, providing flexibility for users to also trade their assets on the platform. Ultimately, UniLend aims to unlock the full potential of digital assets for their owners.
Other platform features:
- No Permission – Any ERC20 token can be listed without any entity controlling the listing process, making UniLend features accessible to all tokens.
- Loans & Loan – Users have the ability to unlock the functionality of their token to borrow to receive an interest rate and to borrow by paying an interest rate.
- Liquidity – By providing liquidity for trading assets and loans on the UniLend platform, users can receive fees commensurate with their participation in the liquidity pool.
- Trading – A matching trading pair will also operate on the UniLend platform to include decentralized spot trading functionality for platform users.
- Lending – Use the Flashloan protocol to borrow unsecured loans, utilize arbitrage opportunities, collateral exchange and reverse charge.
- Governance – Participate in the governance of the community that will decide the future of the platform through a consensus model.
Team behind UniLend (UFT)
As for the team responsible for the Unilend project, they have a wealth of experience that I strongly believe will help bring the platform to fruition. Co-founder and CEO Chandresh Aharwar was vice president of marketing and strategy for Matic Network, another successful and popular project based on cryptocurrencies. He therefore brings a lot of knowledge and experience to the table from his work at Matic.
Suryansh Kumar is the CTO and prior to this protocol co-founded MetaTransact, which is also another cryptocurrency platform that allows users to pay gas fees in tokens instead of Ether. And Tarun Malik, who is its CPO, also co-founded MetaTransact along with Suryansh. Together with the other team members, UniLend can achieve great things in the Defi realm.
UFT token
UniLend's native utility token is the UFT, UniLend Finance Token. The token has multiple use cases for governance, platform utility, and more.
UFT is primarily used to facilitate governance of the UniLend protocol. A number of factors related to the proper functioning of the protocol will be decided by UFT holders through proposals that require majority consensus to be implemented.
Liquidity providers are a key component to ensuring the sustainability of a decentralized financial protocol by facilitating liquidity within the protocol. They will therefore be rewarded with UFT tokens through liquidity mining, in addition to a percentage of trading and lending fees.
Platform users who use UniLend for lending, lending or trading will be rewarded with governance power in the form of UFT tokens to not only incentivize the use of the platform's services, but also to facilitate distributed governance.
What is the Price Forecast for UniLend Finance (UFT) cryptocurrency?
The price of UniLend Finance is predicted to reach a high level of $1.392 throughout 2022.
As early as 2023 according to our crypto price prediction index, in 2023 UniLend Finance (UFT) may reach a maximum level of $2.678, with the average trading price of $1.992.
In 2025 according to our crypto price prediction index, UFT is expected to cross an average price level of $3.229. The expected minimum UniLend Finance price at the end of the current year should be $2.981. Furthermore, UFT can reach a maximum price level of $3.291.
Where to buy the UFT token?
UFT cryptocurrency can be traded on the following exchanges:
- Binance
- Gate.io
- MEXC
- Global Hotcoin
Conclusion
UniLend's mission is to open up the DeFi space up to $29 billion in ERC20 tokens that are currently excluded from DeFi, hence its motto 'unlock the true potential of decentralized finance'. UniLend clearly made an impact in the DeFi space from the start. In that time they have made important partnerships and integrated with numerous exchanges, it shows that they are strong in the DeFi sector.
