1 Year Journey of the UFT Token

6 min readOct 20, 2021

UniLend Finance has seen phenomenal growth in development and global outreach after the outset of the concept behind UniLend in 2020.

UniLend’s native token UFT (UniLend Finance Token) is the centre of UniLend’s Ecosystem. The functions of UFT will assist UniLend and its decentralized community in unlocking the true potential of decentralized finance.

One year ago, UniLend entered the market with a 300x oversubscribed public sale for our governance token $UFT. The public sale got over in a matter of 30 seconds and was a huge success. As a result, we receive a lot of traction from the community around the world.

So let’s deep dive into the vast pool of $UFT tokens.

Utility

UFT is the indigenous utility token of the UniLend platform designed to enable the decentralized governance of UniLend whilst incentivizing both platform users and liquidity providers, which enriches the continued growth of a robust participant ecosystem.

Governance

UFT token will be used to facilitate governance of the UniLend protocol. The HODLers of UFT will have the power to vote on several factors related to the proper functioning of the protocol, such as the collateralization ratio for specific assets, the addition of base pairs etc.

Liquidity mining/yield farming

The stakeholders and maintainers of the UniLend protocol liquidity providers will be rewarded for their services with UFT tokens, along with a percentage of trading and borrowing fees.

User participation incentives

Participants of the Ecosystem using UniLend for lending, borrowing, or trading will get rewards for participation with UFT tokens to encourage the platform’s services and facilitate distributed governance.

Supply

As a decentralized protocol governed by community governance, the wide Distribution of UFT is of utmost importance. Therefore, the UFT token distribution model and release schedule are designed for immediate, mid-term, and long-term value capture to grow a robust, vibrant, engaged ecosystem.

The initial circulating supply of $UFT was 10,800,000 (10.8% of the total supply), with an initial market cap of $1,620,000 based on the public sale price.

UniLend entered the market with a 300x oversubscribed public sale for our governance token $UFT. The public sale got over in a matter of 30 seconds and was a huge success.

Insights:

Seed Round and Private Sale: Token allocations in the Seed Round and Private Sale are for significant investors who will be actively contributing to UniLend’s success in numerous ways and keeping the tokens for a longer-term.

Public Distribution is intended for the widespread Distribution of UFT tokens to promote the broad decentralization of UniLend governance and a large supporter base.

Protocol Distribution: To develop and grow the UniLend protocol user base, Protocol Distribution tokens are incentives in liquidity mining and yield farming.

Marketing, Ecosystem, and Reserve tokens are utilized gradually and strategically to increase worldwide awareness of UniLend, facilitate valuable collaborations, exchange listings, and bootstrapping DEX & CEX liquidity, industry events, and so on.

Team tokens: As an incentive to stay dedicated to the project’s success, team tokens will be gradually released until April 2023.

Security and Alignment tokens will be used to fund efforts to maintain the UniLend protocol’s maximum stability and security through activities such as bug bounties, security audits, and so on.

Our Funding Round

We established a great network of early supporters during our fundraising rounds who will help to UniLend’s long-term success. UniLend successfully raised $3.1M in seed and private sale rounds with the overwhelming support of strategic investors.

UniLend is backed by some of the industry’s most renowned venture capitalists, including Woodstock Fund, 3Commas, AU21 Capital, Coin98 Ventures, and Krypital Group.

Along with solid VCs, UniLend is supported by leaders such as Sandeep Nailwal and Jaynti Kanani (Co-Founders of Polygon), Danish Chaudhry (Head of Bitcoin.com Exchange), and many more.

We’re inspired to see that our vision for a new era of inclusive DeFi has resonated with the highest calibre of seasoned investors and industry players. Together with our strong community and partner network, we’re all on the way to unlocking the true potential of decentralized finance.

Exchange Listing

UniLend’s native token $UFT has always been a highly liquid asset available for spot, margin, and futures trading on various popular exchanges.

It was a fascinating moment when $UFT got listed on the world’s largest cryptocurrency exchange, Binance. Our Binance listing significantly increased the awareness around UniLend.

This listing was a significant achievement towards our mission and validation of the idea of unlocking the true potential of #DeFi and our ability to bring in this new age of the DeFi revolution.

UFT is now listed on more than 13 major centralized and decentralized exchanges worldwide including AscendEX, MEXC, Gate.io and many more. UFT is also listed on top regional exchanges such as Probit in Korea. WazirX and CoinDCX, which have a massive presence in India and support the $UFT vision.

$UFT is now listed on more than 13 major centralized and decentralized exchanges across the world. We recently listed $UFT on AscendEX Global, one of the prominent crypto exchanges with UFT/USDT trading pairs.

UniLend can be found on significant crypto tracking websites like Coingecko and Coinmarketcap.

UniLend’s $UFT also got listed on Binance Bridge which became a significant step in cementing UniLend’s place in the #BSC ecosystem and enabling the interoperable aspect of DeFi.

There are so many ways to trade $UFT on exchanges.

UniLend’s Multi-Chain DeFi Narrative

Since our launch, UniLend has made its mark across the DeFi industry, expanding our product to 3 leading blockchains; Ethereum, Polygon and Binance Smart Chain.

Needless to say, UniLend has supporters from all the communities mentioned above. There are more than 6800 $UFT token HODLers across Ethereum, Polygon and Binance Smart Chain. Not to mention a vast community holding $UFT on Binance.

Community Incentives for UFT Holders

UniLend team has always been keen on incentivizing our long term supporters. And on many occasions, we have released rewarding community activities to our believers.

UFT tokens can be lent, and users can earn rewards on them on our dApp.

Currently, more than 2.5M UFT tokens have been lent out by community members on UniLend’s lending product.

We also introduced Binance Savings to appreciate our community members. More than 300k UFT tokens were locked in Binance Savings, earning rewards.

The support of its community members measures the progress of a successful project, and we are graciously thankful for everyone who has been supporting us in our mission.

Unlocking the True Potential of DeFi

UniLend has come a long way in its aim to welcome everyone into the world of DeFi, and we’re happy to share that with our supporters.

$UFT with its utilities will assist the UniLend community and decentralized Ecosystem in unlocking the true potential of decentralized finance. This is just the beginning!

Stay tuned for more exciting UFT listings, utilities, and much more.