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Price (USD)$ 0.4227
Circulating SupplyUFT 62.33M
Volume (24h)$ 2.44703M
Market Cap$ 26.32278M
Low/High 24h$ 0.4125 - $ 0.4283
Change (24h)-$ 0.000182
The DeFi market is rich in projects aimed at borrowing and lending crypto. Crypto-financing allows crypto investors to borrow loans in cash or cryptocurrencies by offering digital assets owned by them as collateral. Crypto lending also enables the lender to remain the owner of the crypto asset. Many have heard of Compound, Aave, or Crypto.com. One platform that is designed to combine crypto trading with crypto loans is UniLend. This service is designed to do something that other protocols don’t do: it started offering the freedom to trade any ERC20 tokens. In essence, the UniLend Finance platform is a multichain, permissionless lending and borrowing protocol for all available digital assets. Let’s see what this popular DeFi service has to offer.
UniLend, a decentralized lending and borrowing protocol, was launched in 2020 and has since become a popular trading option on Binance and other major crypto exchanges, including Uniswap, Hotbit, etc. The Unilend Finance protocol is built on top of the Ethereum blockchain. However, it works on the general Proof-of-Work consensus. The protocol offers multiple features to its users to create an immersive experience. The features collectively make it possible to create a one-stop DeFi platform.
UniLend describes itself as “a permissionless decentralized protocol that combines spot trading and money markets with lending and borrowing services through smart contracts”. Whereas other DeFi protocols support a limited number of cryptocurrencies, “anyone can list any ERC20 asset on UniLend for trading and lending/borrowing”. The protocol claims its main goal is to open up the DeFi industry to hordes of multi-billion-dollar ERC20 tokens, currently excluded from it. It allows users to deposit any such tokens as collateral for lending and borrowing, as well as trade their assets in-platform.
Users who wish to borrow any supported digital assets from UniLend must pledge collateral to be locked in the protocol. This is done using the same mint function used for supplying assets. Collateral earns interest while in the protocol; however, users cannot redeem or transfer assets when used as collateral. These assets must be overcollateralized, and the collateralization ratios are determined by the protocol, which can be controlled through the governance process.
Borrowers owe an interest rate on the asset they are borrowing, which keeps adding to the user’s borrow balance every block. So while a borrow is open, the borrow balance keeps increasing.
The platform is also regularly opened up for audits that support its credibility. In October 2022, the platform launched UniLend V2. The lending and borrowing scenario should be 100 times what it is today and UniLend, with its V2. It brought the dual asset pools for lending and borrowing with price feed oracles and gas optimization. In February 2023, Algalon AI and UniLend entered into a partnership to bring UniLend’s technology to AI.
AMM stands for Automated Market Maker. AMMs eliminate the need for a centralized authority that does market-making activities. Therefore Unilend uses DEX and AMM along with it. In doing so, Unilend allows its users to list any token without seeking clearance from higher authorities. Thus making Unilend permissionless. This also creates liquidity in the market for any trading pair.
The V2 of the platform offers a number of features that crypto users may find useful, as such:
UniLend’s native token, UFT crypto, is primarily used for governance purposes – meaning holders are required to vote on proposals that need majority consensus to be implemented. Users of the platform, such as liquidity providers, also receive voting power in the form of UFT token as a reward. According to CoinMarketCap, where the token ranks #757, the market cap of UFT token equals $12,257,671, and its circulating supply is 31,052,564 UFT. Because UFT is based on the Ethereum (ETH) blockchain, it is a token, rather than a coin. When UFT first came onto the open market in October 2020, it was worth about $0.75. It experienced some peaks and troughs over its first few months, but things changed, largely for the better, in early 2021.
In addition to being listed on Binance, GateIO, Uniswap, and many major exchanges, UFT token got listed on Huobi Global Exchange. As Huobi is one of the largest crypto exchanges, this will increase UFT exposure to Huobi’s hundreds of million users and bring them to the world of permissionless borrowing and lending.
According to various sources, UFT crypto is destined to rise in price. PricePrediction promises that the token will cost $1.27 in 2025, while by 2030 its price will soar to $8.00 at its peak. DigitalCoinPrice experts promise the token a steady future with it reaching $7.62 by 2032. Generally, the opinions of various experts are rather positive when it comes to the future of UniLend’s token. However, when considering a UFT token price prediction, it’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin or token’s price will be in a few hours, and even harder to give long-term estimates. Any cryptocurrency is subject to price changes, and UFT crypto is no exception.
In the past, UniLend formed 50+ partnerships and witnessed phenomenal growth in the usage of Unilend V1 with 25+ asset lending pools and $10 million worth of Flash Loans utilized across Ethereum, Polygon, and Binance Smart Chain. UniLend V2 will allow any crypto user to start lending and borrowing of any 12k+ ERC20 tokens, just like anyone can start trading any token on a decentralized exchange without any approval or permission. If the platform continues to expand like this, it is destined to become one of the largest borrowing/lending crypto protocols in the industry, while its token may rise in price significantly.
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