UniLend Finance Token (UFT/USDT – Trade it Here) is a token created by a relatively small but fast growing blockchain project in the Decentralized Finance (DeFi) industry named UniLend Finance. The project was launched in 2020 on the Ethereum blockchain with the idea to create a platform where users can trade more assets than those offered in other large projects. In this article, we will discuss everything you need to know about UniLend Finance plus a guide on how to buy UFT tokens.
Introduction of the UniLend Finance
It is a multichain protocol for permissionless Lending & Borrowing all ERC20 tokens. The developers aimed to create a platform that has thousands of assets and to achieve that, they created a system that allows permissionless listing and one that allows lending and borrowing and trading among users. Here are key features of UniLend Finance :
Any ERC-20 token will be able to list without any party controlling the listing process, making UniLend’s features accessible to every token.
Lending & Borrowing
Users have the capability to unlock their token’s functionality for lending to receive an interest rate and for borrowing by paying an interest rate.
By providing liquidity for asset trading and loans on UniLend platform, users are able to receive fees in proportion to their liquidity pool stake.
A corresponding trading pair will also operate on the UniLend platform to include decentralized spot trading functionality for platform users.
Use Flashloan protocol to borrow uncollateralized loans utilize arbitrage, collateral swap and self liquidation opportunities.
Participate in community governance who will decide the future of the platform through a consensus model.
Who created the UniLend Finance Token (UMT)?
After launching the UniLend Finance platform back in 2020, Chandresh Aharwar & Tarun Malik who both serve as the Founder & Co-Founder launched the native utility token of UniLend, the Unilend Finance Token or in short, UFT on 15th October 2022.
What is the purpose of the UniLend Finance Token (UMT)?
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.
UniLend Finance Token (UMT) Tokenomics
The initial issue was 31,052,564 tokens on the Ethereum blockchain platform. UFT reached the highest price (ATH) of 3.77 USDT on March 14, 2021. The lowest price since the date of ATH was 0.072 USDT on May 12, 2022. The 30 days performance sees the highest price at 0.54 USDT on September 17, 2022 and lowest at 0.167 on September 29, 2022. Its current performance is 0.3297 USDT (by September 28, 2022) with a market cap of $10,296,494.
How to buy UniLend Finance Token (UFT)?
You can buy UniLend Finance Token (UFT) on MEXC by the following the steps:
- Log in to your MEXC account and click [Trade]. Click on [Spot].
- Search “UFT” using the search bar to see the available trading pairs. Take UFT/USDT as an example.
- Scroll down and go to the [Spot] box. Enter the amount of UFT you want to buy. You can choose from opening a Limit order, a Market order or a Stop-limit order. Take Market order as an example. Click [Buy UFT] to confirm your order. You will find the purchased UFT in your Spot Wallet.
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