A lot is happening recently in terms of partnerships and integrations at RedStone. To get you up to speed, we are continuing our partner series with introductions of the latest protocols, utilizing RedStone to leverage their use cases. Now, the series gets a brand new hashtag #RedStonePowered, proudly representing the growth of the RedStone ecosystem. We can assure you that you will see more and more of it in the near future!
Today, we present to you a brief introduction of our latest partner UniLend as well as a bit of behind-the-scenes material directly from its founding team. All of the necessary resources for further reading are also available below. Ladies and gentlemen, meet UniLend!
What is UniLend?
UniLend is a multichain permissionless Lending & Borrowing protocol for all ERC20 tokens. Whereas other DeFi protocols support only a limited number of assets, anyone can list any asset on UniLend’s supported blockchains (currently Ethereum, Polygon, Binance Smart Chain and Moonriver) to access comprehensive DeFi functionality for those assets. This includes decentralized trading, lending/borrowing, and the industry’s most cost-effective flash loans. The main functionalities of the protocol include:
- DeFi Lending & Borrowing
UniLend utilizes a permissionless listing mechanism. This unique tool will allow users to lend, borrow and collateralize any tokens they have. Users can enable their token’s functionality for lending to get an interest rate and borrowing to pay an interest rate.
- DeFi Flash Loans
UniLend will be the first DeFi protocol to provide permissionless listing for flash loans. Additionally, UniLend’s chain agnostic nature is well positioned to make it a pioneering flash loans protocol on many networks.
- Permissionless Listing
UniLend will empower users by allowing them to list any token without requiring permission from any authority, so that they may provide liquidity for, and trade any crypto asset they want.
Cooperation with RedStone
Redstone is now supporting UFT (native token of the UniLend ecosystem) price feeds on all EVM-compatible chains. The goal? Enabling a wide range of DeFi applications to integrate UFT quickly and securely into their ecosystem thus increasing UFT utility across DeFi space.
You can take a closer look at the price feed here:
For UniLend, our partnership is also a major advancement towards launching UniLend V2 OMNIS. This update is going to bring numerous DeFi innovations such as Isolated Dual Asset Lending Pools, Non-Fungible Liquidity positions, Lossless Treasury Management, Borrowing against the Treasury for DAOs and much more.
Want to learn more about that? Here is a great article to get started → LINK.
Questions to the UniLend team
How did you get into the web3 space?
Prior to founding UniLend Finance, our CEO & Co-Founder Chandresh Aharwar led the Marketing & Strategy position at Polygon (previously known as Matic Network). The idea behind UniLend came when he realized how difficult it was to get the MATIC token listed on AMMs, DEXs, and lending/borrowing platforms. We were seeking a solution, and so UniLend idea was born along with two founding members, CTO Suryansh Kumar and CPO Tarun Malik.
Existing major DeFi platforms such as Aave, Compound and Uniswap offer lending and borrowing functionality to limited tokens ~ supporting less than 30 assets for functionality. This restricts the majority of assets in participation in the DeFi ecosystem, leaving a huge gap (more than 9000 cryptocurrencies). UniLend Finance is bridging that gap by combining the decentralization aspect of enabling any ERC20 to be utilized as collateral for lending & borrowing. UniLend vision is to make every digital asset productive in the crypto space.
What are the beginnings of UniLend?
UniLend successfully raised $3.1M in Seed and Private Sale Rounds. We’re backed by some of the leading Venture Capitalists in the industry, some of whom are Woodstock Fund, 3Commas, AU21 Capital, Coin98 Ventures and Krypital Group. Along with strong VCs, UniLend has some of the leaders supporting us including Sandeep Nailwal & Jaynti Kanani (Co-Founders of Polygon), Danish Chaudhry (Head of Bitcoin.com Exchange) & many more.
What excites you the most about what you’re building?
We’re building the most exciting project in the DeFi space. We believe the next evolution in DeFi is the inclusion of not only any participant but the inclusion of any asset which users wish to utilize. UniLend is making this a reality. It’s been 1 year since our v1 permissionless lending and our flash loans protocols went live on 4 major blockchains: Ethereum, Polygon, BSC and Moonriver.
As our v2 OMNIS launch approaches closer, UniLend is bringing permissionless lending and borrowing protocol for all ERC20 assets. We are developing a Futuristic Base Layer for all DeFi applications.
Where do you see UniLend in 3 years from now?
UniLend’s vision is to build a Futuristic Base Layer for all DeFi applications. Since UniLend v2 OMNIS is permission-less, open-source, and integrable, projects can integrate with our protocol to utilize lending & borrowing utility and build & integrate more services on top of it.
This version expands our potential user base exponentially to the whole crypto space with a new and bigger vision. We estimate that allowing more cryptocurrencies to participate in the DeFi free market via permission-less listings could potentially increase the liquidity of the DeFi ecosystem.