October 11, 2022 - 3 min read
SupraOracles is delighted to announce a partnership with UniLend Finance, a multichain protocol enabling permissionless lending and borrowing of all ERC-20 tokens. UniLend provides spot trading, money markets, and lending and borrowing services, all under one decentralized, permissionless protocol.
UniLend is accessible to anyone who owns ERC-20 tokens due to its decentralized nature and permissionless token listing. In addition, the integrated smart contract in the protocol enables trade and DeFi capabilities inside the same protocol, resolving the liquidity and liquidation issue preventing DeFi from being adopted by a wider market.
By supporting and providing specific functionality for various digital assets, UniLend addresses the issues of functionality fragmentation and limited capability. In addition, the UniLend Financial Token (UFT), a native currency for the network, serves as a governance and utility asset.
Together, SupraOracles and UniLend are exploring how SupraOracles technologies may be used in DeFi applications while retaining security and transparency. SupraOracles will also support oracles for additional ERC-20 assets for DeFi operations and assist UniLend in employing oracles for lending and borrowing.
Chandresh Aharwar, CEO of UniLend Finance, commented:
“The adoption of DeFi has to be revolutionized. We aim to lead the way with DeFi 2.0. Our partnership with SupraOracles will enable us to produce a cutting-edge, secure, and reliable solution as we move forward.”
Joshua D. Tobkin, CEO and Co-founder of SupraOracles, commented:
“The goal of UniLend is to help owners of digital assets realize their full potential. On their journey, we will assist them with our oracle services. We intend to boost DeFi usage across a wider market with this partnership.”
SupraOracles combines traditional financial markets with Web3. Our goal is to provide a powerful cross-chain oracle to the developer community. SupraOracles enables interoperability smart contracts to guarantee the future of financial markets by integrating real-world data into public and private chains. The ability to create, deploy and manage data applications that are faster, more agile, and more resilient is also provided by this technology.
UniLend is a permissionless DeFi protocol that combines spot trading services and lending/borrowing functionality within the same platform. Only about 30 assets are supported by other DeFi protocols, however, anybody can list any ERC20 asset on UniLend for decentralized lending and borrowing.
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