With a Market Cap of $7,379,098 and a fast growing investor base $UFT is one of the most searched DeFi projects which you might have heard of. Today, we will cover some of it’s top features sourced from medium, Unilend.finance, CoinGecko, Coinmarket Cap, Whitepaper etc.
What is an ERC-20 Token ?
One of the most significant Ethereum tokens is known as ERC-20. Over the years, it has emerged as a technical standard; it is used for all smart contracts on the Ethereum Blockchain for token implementation and supplies a set of rules which all Ethereum-based tokens must follow.
Along with the above mentioned benefit, this particular token empowers developers of all types to accurately predict how new tokens will function within the entire Ethereum system. This actually makes it easy for exchanges to list new tokens and for developers to proceed with their work knowing that each and every new tokenised project won’t need to be redone as long as it follows the ERC-20 standard.
As of today, most of the token developers have fallen in line with the ERC-20 rules, meaning that most of the tokens released through Ethereum initial coin offerings are ERC-20 compliant. UFT is no different. It’s also an ERC-20 based token.
UFT is now live on the Ethereum main-net. The token address for UFT is 0x0202Be363B8a4820f3F4DE7FaF5224fF05943AB1. The users should stay cautious not to purchase any other token from any other smart contract other than the one mentioned above.
For traders in India, you can trade of buy $UFT as of now using CoinDCX and pay using INR. In future, the token might be listed across other exchanges like WazirX and BitBNS and we will keep you updated on that news.
What is UniLend?
Already we have written an article about the basic idea of UFT. Here let’s continue that in a bit more detail. If you are a new trader wanting to understand the fundamentals in simple terms, then keep reading.
UniLend is a permission-less decentralized protocol that combines spot trading services and money markets with lending and borrowing services through Smart Contracts. Already, we have discussed what is a Smart Contract but if you are not sure about a Smart Contract, then Google is the best place to find the answers.
The integrated smart contract for both features of the protocol allows both trading and DeFi capabilities to operate in the same protocol. This solves the liquidity and liquidation issue which was limiting the growth of DeFi adoption to a broader market.
Due to the permissionless nature of the protocol, users have the capability to list any Ethereum based asset on UniLend. An asset listing on the UniLend protocol’s smart contract instantly creates and lists on markets for lending, borrowing and spot trading.
Key Features of UFT
- Permission-less Listing
- Lending & borrowing
- Native Utility Token
- User Interface/ User Experience
You can read more about these points sourced from UniLend Blog on medium.
Lastly, to end this post. Enjoy some of the memes 🙂
That was all for this article, we will keep updating you more about this token in future. If you want to add any more points to this blog, you can send me a message on Telegram with your suggestions. (@promitsaha)
Also, you can check out another great article by Everything Crypto Pro here.