UniLend is a blockchain-based network that provides more liquidity to the DeFi ecosystem. In this article, as Kriptokoin.com, “What is UniLend?” We will answer the question. In addition, we will touch on other questions about the project.
What is UniLend? What does it do?
UniLend is a DeFi protocol that combines spot trading services and lending/borrowing functionality on the same platform. The basic idea behind UniLend is to unlock the potential of ERC-20 tokens that are not listed on current platforms. Other projects only allow transactions with the 20 most popular ERC-20 tokens, while thousands of other cryptocurrencies are unavailable. Operating such a limited number of tokens also presents an opportunity to manipulate the markets. But on UniLend, thousands of tokens can be borrowed, loaned and traded. Adding a token to UniLend is simple because it is permissionless, meaning no central entity is needed as an intermediary. Any user can add a token they want to see on the platform. It also creates an ecosystem to host multiple DeFi projects such as UniLend, PolkaBridge, Playcent, Cyberfri and others.
What is UFT coin?
UFT is the project’s native utility token based on Ethereum. It serves as a convenient tool for resolving disputes between UniLend users. Token holders vote to improve the functionality of the protocol: they can decide to add new crypto pairs or change the collateral rates of certain assets. They can vote on important decisions regarding the future of UniLend.
As a way to encourage users to participate in governance, UniLend rewards them with UFT for trading, borrowing or lending through the platform. The creators of UniLend state in the Lite Paper of the project that the token is not returned and is made only for use on the platform: UFT can be exchanged in UniLend, it is used to manage it, but cannot earn interest.
How does UniLend work?
The protocol is designed for everyday use. Therefore, its functions are made easy for users to remove any obstacles. For example, seamlessly combining the trading and money markets allows users to create different money markets from a single spot trading pair. As a result, it enables users to identify risks and refine personalized risk strategies. UniLend is transitioning from having the qualifications of a managed fund to being a self-managed fund. In this case, lenders can decide on the ideal collateralization rate and loan repayment strategy. Additionally, following the path of a self-managed fund allows DeFi users to interact with a wide variety of tokens recognized in the virtual currency world. To increase decentralized lending and borrowing speed, UniLend uses a double pool of assets. Therefore, the network is able to offer its users a seamless DeFi experience.
What is UniLend? How to get UFT coins?
UniLend is currently traded on numerous cryptocurrency exchanges. People who want to invest in the project should open an account in one of the exchanges where the project is traded. Exchanges where UniLend is traded are listed as follows: Binance, MEXC, Gate.io, Hoo. Users who want to invest in the project should open an account on one of these exchanges.
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