Unilend and DYFN Partner Up to Revolutionize DeFi on Polygon

UniLend is one of the most well-known projects in the DeFi sector. Now, the venture intends to improve its proceedings by partnering with DYFN. The goal of the partnership is to list $UFT on the DYFN exchange.

UniLend has earned a well-known stature in the DeFi sector with its flash loans and lending proceedings. The function cultivates considerable attention as it allows users to capitalize on arbitrage prospects without providing upfront capital. Such opportunities come into play due to the price fluctuation between AMMs (automated market makers). The functionality can only be facilitated if the assets are listed on numerous exchange platforms. This is where the partnership comes in, as it will list UniLend’s native token on the DYFN exchange.

Additionally, a DFYN-UFT farm will also be created within the DFYN ecosystem, where 700 DFYN tokens will be rewarded every day. The rewards will be offered to users stalking DFYN-UFT liquidity provider tokens for the upcoming two months.

DFYN is also a well-established multi-chain decentralized automated market maker. The AMM was introduced on the Polygon network and currently operates there. DFYN plans to expand its proceedings to Avalanche, HEC, Algorand, BSC, etc., very soon.

The partnership seems natural as DFYN allows speculators and traders to yield farm for LP rewards, lock single-assets to stake $DFYN, and even swap tokens. Its multi-chain goals align with UniLend’s objectives to operate on numerous chains. DFYN will become the second decentralized exchange on the Polygon Network to list UFT. As the listing will help UniLend’s flash loan functionalities, their delight regarding the development is a given.

Considering the partnership mutually beneficial is viable as it will not only help the platforms but the industry as well. DFYN holders will avail of the functionality to lend tokens on UniLend protocols and earn $DFYN. It will also result in providing liquidity for UniLend’s flash loan functionality.

Every token holder lending on UniLend can directly deposit in its liquidity pools. As the pools are connected to the flash loan protocols, they act as a liquidity source for every user. It will help DFYN holders to lend any token to the platform to earn esteemed rewards and fees.

As UniLend offers a simplified lending process, most users flock towards the platform. The process can be summed up in three simple steps:

  1. Go to UniLend’s official lending section.
  2. Browse the top section containing four options, namely, Redeem, Airdrop, Lend, and Reward.
  3. Tap on the Lend option, stake the tokens and tap the Redeem option to get them out of the lending pool.

DFYN and UniLend have decided to join hands recently. The partnership will see the UFT token listed on DFYN’s exchange. It’ll also help DFYN holders gain flash loans on UniLend. Both ventures are delighted about the development, and experts believe it’ll help the industry too.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button