Several crypto projects have been changing the Defi space over the last few months and UniLend ranks amongst the top of the list. UniLend is a permissionless decentralized system that uses smart contracts to link spot trading and money markets with lending and borrowing services.

A few months ago, the platform released several changes in its protocol and introduced UniLend V2, which positioned the platform for more growth and influence in the Defi space. The update allowed users to lend and borrow any ERC-20 token, just as they can now trade any token on a decentralized exchange (DEX) without permission.

UniLend, an Exciting Community

The announcement of UniLend V2 sent the community into excitement. UniLend Finance’s v2 is widely regarded as the most decentralized money market system in the crypto community. UniLend’s v1 is already live on three popular blockchains: Ethereum, Binance Smart Chain, and Polygon, with v2, set to launch on all three soon.

Chandresh Aharwar, UniLend’s CEO and co-founder, responded to the excitement about the UniLend v2 with a tweet. He wrote, “The current untapped market cap sits around $500 Billion. We are building future of #DeFi @UniLend_Finance. Welcome to the permissionless world.”

UniLend, following Polygon, has established itself as one of India’s most promising projects. Prior to co-founding UniLend, Chandresh was the marketing and strategy director at Matic, now Polygon.

When he first announced UniLend to the world last year, the total value of assets locked in decentralized finance (DeFi) was just around $15 billion, but it has now risen to more than $90 billion. UniLend is tapping into a market worth more than $500 billion, up from $16.7 billion last year.

What’s in the Features?

With its ground-breaking features, UniLend now has a fair chance of capitalizing on the multi-billion dollar crypto market and reaping the benefits. The platform’s groundbreaking characteristics would allow it to handle the lending and borrowing of over 9000 assets. UniLend’s platform exploded after the permissionless listing of any token went online, and it is currently fully equipped, supporting over 25 cryptocurrencies for lending and non-collateralized borrowing via flash loans.

Here’s a look at some of the key features of the exciting UniLend V2:

Non Fungible tokenization: since lending/borrowing positions have been tokenized into debt non-fungible tokens, users can trade them in open marketplaces. This is one of the main reasons why users flock to the UniLend platform, especially now that NFTs are the most popular crypto concept.

Gas optimization: Suryansh Kumar, the protocol’s chief technical officer, and founder, asserts that high gas optimization approaches have been employed to make UniLend Finance’s basic lending and borrowing services financially viable.

Permissionless listings: UniLend’s permissionless structure brings extra benefits to the platform, providing it with a competitive advantage. UniLend customers can build new pools utilizing an intuitive user interface that lets them use any combination of tokens, on-chain oracles, and unique pool settings such as liquidation thresholds, loan-to-value ratios, and interest rate curves via their permissionless listings.

On-chain pricing feed: The on-chain price feed is another important element of the platform. The UniLend protocol established a proof method to assist users in identifying asset positions and obtaining pricing data from on-chain market data.

Security and credibility: UniLend’s v1 lending and flash loans version has been audited by Certik, a leading smart contract auditor, to demonstrate its credibility and security.