UniLend is Expanding to Layer 2 Networks to provide the Best DeFi Experience

TL;DR

UniLend’s multi-chain protocol will soon expand to include Polygon in conjunction with Ethereum.
UniLend aims to expand its strong DeFi ecosystem on Polygon.
Anyone with assets on ETH Layer 2 — Polygon will be able to utilize UniLend’s protocol for decentralized trading, lending, borrowing, flash loans, yield farming and much more.
UniLend joins other DeFi heavyweights like Aave, SushiSwap, Curve, ParaSwap etc by expanding our platform to Polygon.

The world of decentralized finance is buzzing, and while Ethereum may be the king, many have turned to alternative blockchains to resolve the issue of high gas fees. This makes Polygon particularly attractive for new users because not only do they offer next-to-zero gas fees and a seamless user experience, but Polygon is also uniquely situated as a layer 2 scaling solution for DeFi’s reigning monarch.

Recently, Polygon has experienced rapid growth with new users and platforms migrating to the platform daily. For these reasons, UniLend will soon be launching an iteration of our protocol on Polygon, in addition to our existing platform on Ethereum.

UniLend intends to offer comprehensive DeFi functionality for the Polygon community. All ETH and ERC20 token holders with assets bridged to Polygon will be able to use their assets for decentralized trading, lending, borrowing, flash loans, yield farming, and much more.

As a community-first project, we’re excited to contribute to Polygon’s rapidly-expanding community and to offer UniLend’s existing users a more efficient user experience.

Polygon: A DeFi Titan in the Making

With more platforms and users expanding to the Polygon ecosystem every day, now is the time to harness that energy and ride along with them. Those who have been following recent crypto news know that mass adoption is already occurring on Polygon for many reasons. Among them:

✅ An easy-to-use bridge

✅ Near-zero gas fees

✅ Massive volume

✅ Strong and growing user base

Due to the many advantages that Polygon offers, this Ethereum commit chain is quickly becoming a notable name in the DeFi space.

We’re proud to be joining the Polygon family, and we look forward to delivering a comprehensive suite of DeFi services for the Polygon community!

Why Launch on Polygon?

Seamless User Onboarding

One of the many reasons Polygon has been gaining so much traction lately is their bridge which makes interoperability with Ethereum easier than ever. The bridge makes onboarding to Polygon completely seamless, and it’s integrated with popular wallets like Trust and MetaMask.

Therefore, unlike with some other chains which require the use of proprietary wallets and present a difficult user onboarding experience, onboarding new users to Polygon is very simple. This enables more of the crypto community with the opportunity to interact with the high-performance, low-fee Polygon Technology and the protocols upon it, like UniLend.

In the future, we believe we’ll see even more interoperability features with our UFT token.

Next-to-Zero Gas Fees

From its inception, UniLend has prided ourselves on being in touch with our community. In recent months, we’ve heard the cry for more affordable and efficient options than are currently available on the Ethereum mainnet. One significant advantage of operating on Polygon is the ability to offer comprehensive DeFi functionality for existing ETH, ERC20, and ERC771 token holders with next-to-zero gas fees.

Matic fees are fractions of a penny, meaning that most users can trade, lend, borrow and more on the platform with minimal MATIC to transact in. Generally, DeFi users struggle with the issue of prohibitive gas fees due to network congestion on Ethereum’s mainnet. Polygon’s low-fee, high-performance network solves these issues, which enables more users to dip into the many options decentralized finance offers.

Massive Volume

Polygon has gained significant traction lately with platforms like Aave and Curve launching on the protocol. In the last two months alone, more DeFi projects have migrated to Polygon than any other network. DeFi project growth and Polygon’s user base are all advancing faster than standard in the industry.

According to DeFiPulse, the total value locked (TVL) in DeFi on Polygon has grown from $526 million on April 1st to over $4 billion in less than two months. Additionally, this growth shows no signs of stopping anytime soon, making Polygon the fastest growing DeFi ecosystem in the space.

Additionally, Polygon’s users have executed more than 50 million total transactions, which indicates rapid and unprecedented growth. The daily transaction volume is currently trending at close to 3 million per day.

Rapidly Growing User Base

By now, it should be apparent that by onboarding to Polygon, UniLend is joining one of the fastest growing DeFi communities. Polygon currently has over 500 thousand unique addresses operating on the network. The unique addresses metric is one of the most effective for demonstrating user growth. Polygon also offers the added benefit of likability throughout the Ethereum ecosystem since it’s not competing with Ethereum but rather adding to its value. Therefore, we believe that Polygon’s impressive growth will continue to stun.

Yield Farms

Lately, Polygon has been making major waves due to yield farms offering amazing returns. Life-changing value is what brings many to the crypto ecosystem to begin with, and UniLend is proud to begin offering services on a network where earning high APY is still possible.

Sneak Peek of UniLend on Polygon: Bringing DeFi up a Notch

UniLend will offer its comprehensive set of DeFi tools and services to the Polygon ecosystem. This includes bringing our permissionless flash loans to Polygon. UniLend’s launch on Polygon will therefore not only be a major step forward for UniLend but also for the overall DeFi ecosystem.

Switching from the Ethereum network to Polygon, and vice versa, will be a seamless process offered directly within UniLend’s interface. With the click of a button, our users on Ethereum will be able to enjoy Polygon’s efficient and nearly-free DeFi experience.

As UniLend is a permissionless protocol, any ETH or ERC-20 token holder will be able to use their assets for decentralized trading, lending, borrowing, yield farming, flash loans, and much more.

Permissionless Flash Loans & Lending

By launching on Polygon, UniLend will give users the ability to take flash loans using any ERC-20 asset. As long as there’s liquidity, UniLend users will be able to utilize flash loans with any asset for new and undiscovered use cases.

Now UniLend users on Polygon will have the power of flash loans at their fingertips, enabling DeFi strategies like advanced collateral swapping, arbitrage, self-liquidation protection, and innovative new use cases yet to be discovered.

Furthermore, users can opt to stake their assets on our platform to be used for flash loans. Flash loans pool lenders will receive their portion of 70% of the fees generated from the usage of our flash loans. These rewards will be distributed based on each user’s pool percentage.

Read our introduction to UniLend flash loans and our technical deep-dive for more information on our flash loans iteration.

Pioneering New Frontiers in DeFi

With DeFi’s rapid evolution, UniLend is committed to holding our place on the cutting-edge of the financial revolution. Given all of our recent progress, we are extremely optimistic about our future. Our expansion to the Polygon Technology is a major step forward in cementing UniLend’s place at the forefront of DeFi.

“As DeFi continues to expand, it will be more and more important for new and existing platforms to integrate a suitable Layer-2 for mass adoption. Because we believe that Ethereum will remain at the forefront of the financial revolution, we have to ensure that its users can access all of its features for reasonable fees. Expanding to the Polygon Technology — as an extension of Ethereum itself — is therefore, a natural next step for UniLend.”

Chandresh Aharwar, UniLend Co-founder & CEO

“At Polygon, we’re committed to equipping users with the most seamless and comprehensive toolset in the industry. We’re thrilled that so many new and existing protocols are expanding to our ecosystem. We welcome UniLend and the former Matic team members who founded it.”

Sandeep Nailwal, Polygon Co-founder and CEO

UniLend is confident that our community is ready to embrace new opportunities and continues to be open-minded. We believe that by expanding at this pace, we’ll easily attract the liquidity and users necessary to become a dominant force in DeFi.

Remember to lead by example and let the world know what we’re doing by joining us in our social endeavours online. You can start today by following us on any of the social platform links down below. Thank you for pioneering new frontiers in DeFi with us!