What is UniLend (UFT) | What is UniLend token | What is UFT token
What is Unilend?
UniLend is a permission-less DeFi protocol that combines spot trading services and lending/borrowing functionality within the same platform. Whereas other DeFi protocols support only ~30 assets, anyone can list any ERC20 asset on UniLend for decentralized trading and lending/borrowing.
UniLend’s mission is to open the DeFi space up to the $29B of ERC20 tokens which are currently excluded from DeFi, hence their motto ‘unlocking the true potential of decentralised finance’.
Introducing UniLend
The existing DeFi platforms act as a gatekeeper in allowing which projects to be a part of the their pool; thereby barring the majority of assets from participation in the DeFi ecosystem. Multi-asset pools also expose lenders to risk associated with all of the included assets with no control over the collaterals against which their funds can be lent.
UniLend is a permission-less decentralized protocol that combines spot trading services and money markets with lending and borrowing services through smart contracts.
source : Crypto Power Talk
How is UniLend different to other DeFi protocols?
Existing DeFi solutions have left the majority of digital assets outside of the DeFi ecosystem. There are over 6000 tokens listed on coinmarketcap. However, other DeFi protocols support less than 30 assets. Some protocols offer lending and borrowing with a limited set of tokens while others offer the freedom to trade any ERC20 assets but neglect the lending and borrowing aspect.
UniLend is bridging that gap by combining the decentralization aspect of enabling any ERC20 to be utilized as collateral for lending & borrowing whilst providing the flexibility for users to also trade their assets in-platform. Ultimately, UniLend aims to unlock the full potential of digital assets for their owners.
What is the purpose of UniLend’s native UFT token?
UFT token is primarily used to facilitate governance of the UniLend protocol. A number of factors relating to the proper functioning of the protocol, will be decided by UFT holders via proposals which require majority consensus to be implemented.
Liquidity providers are a key component in ensuring the sustainability of a decentralized finance protocol by facilitating liquidity within the protocol. They will therefore be rewarded with UFT tokens via liquidity mining, in addition to a percentage of trading and borrowing fees.
Platform users who use UniLend for lending, borrowing or trading will be rewarded with governance power in the form of UFT tokens to encourage not only use of the platform’s services, but also to facilitate distributed governance.
Announcing the Launch of UniLend Finance Token (UFT)
UniLend is excited to announce that October 15th at 2PM UTC, UniLend Finance Token (UFT) will be listed on three major decentralized exchanges, including Uniswap!
Our Uniswap trading pair will be https://info.uniswap.org/token/0x0202be363b8a4820f3f4de7faf5224ff05943ab1
The functions of UFT will assist UniLend and its decentralized community in unlocking the true potential of decentralized finance. Read more about the use cases of UFT in our Litepaper.
Launch Information
Here’s what you need to know to prepare for the token launch:
The first token listings will happen approximately at approximately 2PM UTC, 7:30 PM IST October 15th. We’ve created a countdown timer for the event.
UniLend Finance Token is now live on the Ethereum mainnet. The token address for UFT is 0x0202Be363B8a4820f3F4DE7FaF5224fF05943AB1. Be cautious not to purchase any other token with a smart contract different from this one (even if it has the ticker ‘UFT’, as this can be easily faked). We strongly advise all of our community members to be vigilant and stay safe throughout the launch. Don’t let the excitement get the best of you.
The initial listing pair for UFT on each DEX will be UFT/ETH. When listings occur we’ll post each new DEX pool address to our Telegram channel, so people know where to go.
Participation Requirements
The base pair for pools will be UFT/ETH. KYC is not required to purchase UFT from decentralized exchanges, nor is there a minimum or maximum purchase requirement. Just be sure you have enough ETH in your wallet to cover the transaction fees.
The tokenomics for UFT can be found on the article here. Lots of excitement and emotion is to be expected around the token launch, so let us make UniLend Finance’s distribution plans explicitly clear:
- There will be no lockup period for UFT purchased during the Public Sale.
- Tokens sold during the Seed Round will be gradually unlocked until April of 2022.
- Tokens sold during the Private Round will be unlocked in phases until July of 2021.
- Tokens allocated to the team will be gradually unlocked until April of 2023.
On Community
Perfect fairness in any launch is a challenge to achieve. But as token distribution becomes more broad, as we structure the distribution thoughtfully, and as we take the proper precautions, we can prevent many things formerly said to be “unfair”. Some of the ways we have done so include:
- The smart contract address of UFT is publicly available for anyone to verify.
- There’s always the possibility that a single actor can attempt to accumulate the lion’s share of UFT. Being listed across multiple decentralized exchanges right out of the gate, gives buyers and sellers multiple markets to interact on.
- IEOs depend on centralized exchanges but we are a DeFi project from top to bottom.
- CEX auctions also rely on centralized exchanges. As a DeFi project it’s vital we have a broad on-chain distribution from the get go.
- We believe launching on multiple DEXs, and not disclosing all of those DEXs in advance, will help to prevent bots and front-runners seeking to take advantage of anyone, or corner the market.
There are pros and cons and challenging hurdles to overcome when launching a token. We’re optimistic our approach will help give everyone a fair shake on the open market.
A Final Note
Please stay safe. Do not trust any information about the UFT launch unless it comes from our official channels.
In closing, we’d like to sincerely thank each one of our backers and thank our community for supporting us. As a community driven ecosystem you have been a vital part of our success, and here’s to the future of UniLend Finance! 🥂
Binance Will List UniLend (UFT) in the Innovation Zone
Binance will list UniLend (UFT) in the Innovation Zone and will open trading for UFT/ETH and UFT/BUSD trading pairs at 2021-02-23 9:00 AM (UTC). Users can now start depositing UFT in preparation for trading.
What is UniLend (UFT)?
UniLend is a permissionless DeFi protocol that combines spot trading services and money markets with lending and services through smart contracts. UniLend simultaneously enables any ERC-20 token to be utilized as collateral for lending and borrowing whilst providing users the ability to also trade their assets in-platform. Users can correspondingly earn fees in proportion to their liquidity pool stake through liquidity provision.
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