DeFi-based cryptocurrency UniLend Finance (UFT) soared 250% in the past month to hit a six-month high, becoming one of the most traded coins on Binance, a major swap of digital assets.
UniLend, a decentralized lending and lending protocol launched in 2020, it fell from $0.16 on August 28 to $0.56 on September 17, according to Coinmarketcap. However, in the past 24 hours, UFT fell 3.6% at 0.35 dpikars, with a trading volume of $15.67 million.
Although the token it has fallen 44% so far this year and more than 90% from its all-time high From $4.47 on Feb 23, 2021, UFT has started to see an increase in interest in recent weeks. It became one of the top 15 cryptocurrencies according to research trend on the Binance exchange, as of Monday.
UniLend was the 10th most searched asset in the swap of crypto-currencies, a ahead of the popular memecoin DOGE. With a total market value of $11 million, Binance said UFT dominates trading volumes on its exchange, accounting for up to 72% of the total.
As of this writing on Tuesday, this area was down 60%. Data from Coinmarketcap shows that UFT is owned by 5,750 addresses of portfolios, with the top ten holders accounting for over 91% of the total asset supply, suggesting that it is concentrated in a few hands.
UniLend Finance claims a community of over 100,000 on various social media sites like Twitter, Telegram and Discord.
What is UniLend?
According to its website, UniLend describes itself as “a decentralized permissionless protocol that combines the trade cash and money markets with borrowing and lending services through smart contracts“.
While other DeFi protocols support a limited number of cryptocurrencies, “anyone can list any ERC20 asset on UniLend for trading and lending/borrowing,” he said.
The protocol indicates that its main objective is to open the decentralized financial industry to hordes of multi-million dollar ERC-20 tokens, currently excluded from DeFi. It allows users to deposit these tokens as collateral to lend and borrow, as well as trade their assets on the platform.
UniLend’s native token, UFT, is primarily used for governance purposes, which means that holders must vote on proposals that require majority consensus to be implemented. Platform users, such as liquidity providers, also receive voting rights in the form of UFTs as a reward.
Why him infatuation?
Since its launch, UniLend Finance has continued to develop its ecosystem through partnerships. It was included in DEXTools a month ago and declared on September 24 that over three million users of Delta Investment Tracker, an app that provides real-time tracking of crypto portfolios, “now have access to UFT.”
“Users can now easily follow UFT on major Exchanges, receive notifications on the latest news about UniLend and much more,” the protocol posted on Twitter. It has also signed agreements with over 50 partners, including Binance, Algo Blogs, UniSwap and others.
But it’s the imminent release of UniLend V2 which recently sent the market into a frenzy.
In order to take advantage of the “loans and loans market $500 billion,” UniLend claims its upgraded version “will allow anyone to embed a token in the protocol and immediately access DeFi services without any barriers.”
“UniLend V2 will open collateral for all assets using our unique dual asset pool approach,” he said in a blog post. “[La] dApp will allow a pair of two ERC20 assets to combine without permission and start lending/borrowing.
UniLend Finance said that “by removing the standard approach taken by large DeFi protocols, we will be the first to support every ERC20 asset to lend/borrow without impacting or risking the pools.
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