The decentralized finance (DeFi) market is growing quite rapidly. As of December 2020, it has a total value locked up to $15 billion! Only a few popular crypto assets have made their contribution.
The crypto industry is flooded with a variety of crypto assets in the last decade. Most of those altcoins are locked outside the DeFi ecosystem. Experts believe that lack of support is responsible for this situation.
Many new platforms are trying to address this issue. Still, no platform supports a wide range of cryptocurrencies.
UniLend is a decentralized finance protocol. It provides easy access to the entire array of cryptocurrencies offered in the DeFi market. It has launched the UFT token for governance purpose. Continue reading to learn more about this DeFi protocol and the benefits of investing in its native token.
What is the UniLend UFT coin?
Being a newly launched DeFi protocol, UniLend offers a platform for spot trading and lending/borrowing services. It currently supports only 30 crypto assets. However, it offers the user the power to list any ERC20 coin. Others can lend, borrow, and trade that newly listed coin.
It is on a mission to bring worth $29 billion ERC20 tokens to the decentralized finance ecosystem. Most of those crypto assets are excluded from the DeFi space at present time. It will be the first DeFi protocol to do that if it successfully opens the door for unlisted ERC20 tokens.
As you know, many new DeFi projects have emerged with unique solutions. Most of them have left a wide range of crypto assets out of the ecosystem. There are thousands of crypto tokens listed on various crypto exchanges. The DeFi protocols hardly support 30 assets!
You will find lending and borrowing services on other DeFi protocols, but for just a few crypto coins. Protocols, which provide support for ERC20 token trading, don’t offer lending and borrowing service!
The UniLend protocol is going to close that gap. The user can use this platform to list an ERC20 token and use it as collateral for lending and borrowing. The user can also trade the listed coin in the UniLend platform.
The UFT token
UniLend has launched its UFT token mainly to help with the governance of the protocol. Token holders get the power to decide several factors associated with the smooth functioning of the ecosystem.
Token holders can propose improvements, changes, and the decisions are made according to consensus. Liquidity providers are key people in the ecosystem. They guarantee the sustainability of this DeFi protocol by offering liquidity. UniLend rewards liquidity providers with its native UFT coin.
Join UniLend and use it for trading, lending, and borrowing ERC20 tokens. You will gain the UFT tokens to be a part of the governing community. Thus, you will not only use this DeFi protocol for profit but also be responsible for its progress.
The UFT coin distribution
The UniLend DeFi protocol is going to offer 10,800,000 native tokens for the initial supply. It will be the initial circulating supply, which is going to increase gradually. It has allocated 2,000,000 UFT coins in total for public distribution. 1,000,000 coins will be sold to common buyers and then 1,000,000 tokens will be reserved for liquidity.
This platform is going to allocate more tokens in the future for fundraising. However, there won’t be a big price difference. UniLend is going to maintain a fair coin distribution to draw more investors and users.
How to buy UniLend UFT coins?
UniLend’s practical use cases include ERC-20 token trading, lending, and borrowing. It is going to list way more tokens than other DeFi platforms. Therefore, it can become a beneficial destination for crypto trading.
Its native token is currently available on some selected altcoin exchanges. You can buy it if you follow the below-explained steps:
Create an account on a cryptocurrency exchange
Both beginners and seasoned crypto investors need to have an account on a cryptocurrency exchange to buy altcoins. Go online and find a top-rated cryptocurrency exchange. Check its features and ongoing offers.
Now, click on the join or register button to join the chosen platform. KYC process might be included in the joining procedure, so complete it and then move forward.
Deposit your funds
You have to buy a popular cryptocurrency, such as Bitcoin, Ethereum, Litecoin, etc. The exchange will automatically provide a money deposit option or you can find it on the dashboard. Choose your fiat currency and money deposit method and then transfer your funds.
It is not possible to buy the UFT coin directly by exchanging your fiat currency. Therefore, you should buy Bitcoin, Ripple, or Ethereum first. Check the latest price and then make the trade. It will be transferred to your crypto wallet and then you can buy the UFT coin.
Buy the UFT coin on an altcoin exchange
Suppose your exchange doesn’t offer crypto-to-crypto service, you have to switch to an altcoin exchange. Pick any reliable exchange you like and then transfer your cryptocurrencies to that exchange.
Now, find the exchange page and search for the UFT coin pairs. Pick the number of coins you want to exchange and then proceed ahead. It will take a while to convert your initial cryptocurrency into UFT coins! The exchange will process the transaction and transfer coins into your wallet.