UniLend is a protocol building on top of Ethereum. The team currently has no plans to migrate to a different chain, but they explored the Binance Smart Chain Integration and Layer two options. Any ERC20 token will be able to list without any entity regulating the listing process, making UniLend’s features available to every token. Users have the ability to unlock their token’s functionality for lending to obtain 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. Users can also use Flashloan protocol to borrow uncollateralized loans utilize arbitrage, collateral swap and self-liquidation opportunities. Participation in community governance which will decide the future of the platform through a consensus model is also possible.
Use of Native tokens in the ecosystem:
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.