Pioneering DeFi protocol UniLend Finance has recently launched the Alpha version of their platform, known as ‘Initium’. Since coming out of stealth mode and announcing their mission to revolutionize DeFi in August 2020, the industry has waited with bated breath to see if UniLend could deliver on their lofty goal of building the first-ever comprehensive DeFi protocol. We now have an answer.
UniLend’s permissionless decentralized protocol combines spot trading functionality with lending and borrowing services within the same platform. Any user will be able to list any ERC20 token on UniLend, opening the door to decentralized trading, lending, and borrowing for any Ethereum-based asset. Platform users will be able to take advantage of multiple financial incentives, including liquidity mining and platform fees.
With the launch of their Alpha, UniLend is well on the way to fulfilling their aim of ‘unlocking the true potential of DeFi’, and the team is gearing up for an even more momentous 2021.
Broadening the Scope of Decentralized Finance
DeFi is gaining huge traction, however current DeFi protocols only support at most roughly 30 of the 6000+ crypto-assets in existence. Newly launched assets making big waves in the industry, such as GRT and 1INCH, along with many high market cap assets with vibrant communities such as CRO, BNB, HT and OKB currently cannot be utilized for decentralized lending and borrowing. UniLend is bridging this gap by enabling any token, and thus its holders, to participate in the DeFi revolution.
The UniLend team estimates that allowing more cryptocurrencies to participate in the DeFi free market via permissionless listings could potentially increase the liquidity of the DeFi ecosystem by more than $30 billion USD.
UniLend is not restricting their scope to traditional crypto assets; they are also expanding the horizons of decentralized finance by welcoming real-world assets to DeFi. UniLend is making preparations to offer trading, lending, and borrowing of synthetic real-world assets beginning with gold and silver. This will increase UniLend’s total addressable market by an additional $15 trillion.
Taking the Wider Industry by Storm
The disruptive nature of UniLend has not gone unnoticed by major industry players, leading to significant growth of the UniLend ecosystem over the past few months. The UniLend team has consistently been forging partnerships with a range of crypto service providers, including OpenDeFi, CyberFi, 3Commas and StaFi, to increase functionality and improve the user experience within UniLend. In addition, exchanges and platforms have been lining up to integrate UniLend protocol to offer DeFi functionality for their own users, such as ProBit and CryptoLocally.
Perhaps the most impactful partnership forged by UniLend thus far is that with India’s largest crypto exchange, CoinDCX. The exchange has entered into a strategic partnership with UniLend to provide their users with new DeFi capabilities, powered by UniLend, from directly within CoinDCX exchange. This includes UFT farming, with more developments in the pipeline. Now UniLend’s Alpha is live, this integration has begun.
With their Alpha release, the UniLend team is laying the groundwork to foster the growth of a complete DeFi ecosystem. No other protocol on the market can provide the means to empower new projects with full DeFi functionality of their tokens from day one of listing. It is likely, therefore, that UniLend will join the likes of Uniswap as a standard platform for new token launches, and the team is already in talks with multiple projects on this front.
The Birth of the Next Phase of DeFi
The Alpha launch is just the beginning for UniLend. According to their roadmap, which the team has consistently stuck to thus far, Q1 of 2021 alone will see the release of their Beta followed closely by their fully-fledged mainnet launch. In addition, the upcoming quarter will see the implementation of liquidity mining and Fusion Farming, an innovative mechanism by which UniLend users will be able to attain multiple tokens via liquidity mining for newly listed assets.
The growing popularity of DeFi is a testament to the huge demand for decentralized trading, lending, and borrowing as the world slowly continues to realize that the future of finance is decentralized. However, the current major DeFi protocols are inherently limited in their ability to bring the next wave of users and fresh capital into DeFi.
Next-gen DeFi players are redefining decentralized finance, and UniLend is shaping up to be a major building block in the next phase of the decentralized revolution. UniLend’s Alpha launch is the next major milestone of this journey.
Disclaimer: This is a paid post and should not be taken as news/advice.
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