PRESS RELEASE. UniLend Finance published their protocol update blog introducing UniLend v2. The Binance Innovation Zone project has earlier this year enabled Lending for every token along with Flash Loans.
The team published an initial blog explaining various innovative features in their upcoming version, which will equip UniLend to handle Lending and Borrowing of more than 9000 assets. The protocol went live with the Permissionless listing of any token this august. As a result, it already has more than 25 cryptocurrencies live for Lending and uncollateralised borrowing through Flash Loans.
This Major protocol update will equip UniLend to tap into the untapped $1 trillion+ crypto market cap without significant competition. First, let’s take a look at the Key Features of the UniLend V2:
- Dual Asset Pools – UniLend v2 introduces pools for dual assets similar to the UniSwap liquidity model. Dual asset pools prevent the tokens in a specific pool to be immune to price and liquidity fluctuations of assets in other pools.
- Non-Fungible Tokenisation – The tokenisation of lending/borrowing positions into debt NFTs enables the users to trade their lending/borrowing positions in open markets.
- On-Chain Price Feed – The protocol has built a proof mechanism to fetch the price feed from on-chain market data to determine assets position.
- Gas Optimisation – According to CTO and Founder Suryansh Kumar, the protocol has taken high gas optimisation approaches that make the UniLend Finance core functionalities of lending borrowing financially viable.
- Security – UniLend’s v1, Lending & Flash Loans version is audited by leading smart contract auditor Certik.
UniLend Finance’s V2 is sought as the most decentralised Money Market protocol by the community. UniLend’s V1 is already live on three prominent Blockchains Ethereum, Binance Smart Chain and Polygon, and anticipating that V2 will also be live on all of them.
Chandresh Aharwar, CEO & CoFounder of UniLend, Tweeted:
The current untapped market cap sits around $500 Billion 😁
Welcome to the permissionless world 🙌 https://t.co/Dkz4shaatJ
— Chandresh Aharwar (@chandresh1091) October 11, 2021
It is worth noticing that Chandresh was leading Marketing and Strategy at Matic (now Polygon) before Co-Founding UniLend. When he introduced UniLend last year to the world, the Total value of assets locked in DeFi was just around $15 billion, which now has grown more than 6x to $90 billion+. And the market UniLend is tapping into is soaring above $500 billion from $16.7 billion last year.
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