Mainnet Uprising: UniLend Tech Update Q3 2023!

UniLend Finance
5 min readOct 5, 2023

Welcome to our new initiative to keep the community updated with our efforts in developing a new age permissionless and decentralized lending and borrowing protocol. This section will discuss the latest developments and ongoing agenda the UniLend team has been working on.

The UniLend team has been hard at work, and we’re excited to share our recent achievements and what you can look forward to in the near future.

The key highlights are as follows:

  • UniLend achieved a crucial milestone in September by launching our Governance to the community. This is an essential step leading to true decentralization of UniLend Finance.
  • Development of a new age liquidation mechanism.
  • We are revamping the UniLend UI to enhance user experience.
  • UniLend v2 smart contracts are open source and live on GitHub.

Key Milestones Achieved

As UniLend moves towards Mainnet, our engineering team has been wrapping up the testnet developments and gearing up for further developments. Throughout Q3 2023, the engineering team was focused mainly on three directions — the development and execution of Governance, the development of the Liquidation mechanism for the v2 mainnet, and the development of a sophisticated user interface to complement the UniLend vision.

UniLend Governance

The UniLend team has successfully launched our governance framework, allowing our community members to participate in decision-making. With the governance in place, users can now help shape the future of UniLend.

Community growth around our Governance has skyrocketed during the first month after our launch. With eight proposals on our governance forum, the UniLend community is contributing to the development of the UniLend ecosystem.

Introducing UFTG

The UniLend team unveiled the new wrapped token — UFTG (UniLend Finance Governance Token). UFTG is the governance token that wraps native UFT tokens and will require users to participate in the governance. Users will be able to swap 1:1 between UFT and UFTG.

UFTG is the cornerstone of our Governance model. It’s the key that opens the door for community members to actively engage in shaping UniLend’s future. Having UFTG is your ticket to becoming an integral part of our governance processes.

Governance Documentation

It is essential for our esteemed community members to understand the operations of our governance. We have created detailed governance documentation, empowering users to discuss and vote on platform-related matters.

The community members now have a say in shaping the future of UniLend by contributing to our discussion forum and implementing their ideas.

Liquidation Mechanism

Liquidators are behind-the-scenes actors in the DeFi space, keeping the entire system working, and are paid handsomely to do so. Many individuals and funds have been lured by the idea of running liquidation bots to generate income and keep the protocol solvent.

While the DeFi money market has evolved over the years, the liquidation mechanism must also evolve to keep up. The UniLend team has worked on an innovative approach to solve the problem of many liquidations that are supposed to occur during a market crash, maintaining the system.

Our team has created a new concept of Concentrated Liquidations, where a liquidator can potentially liquidate multiple eligible loans within the same transaction rather than doing it on an address-to-address basis. The fundamental idea behind the liquidation remains the same with one added functionality:

  • A bot that is monitoring pending transactions on-chain, finding loans eligible for liquidation
  • A DEX that can be used to sell off the liquidated collateral to gain instant profits
  • A smart contract that allows the liquidation of all eligible loans and the sale of the collateral in a single transaction

This liquidation approach saves time for the liquidators and is highly cost-efficient compared to the traditional liquidation mechanisms.

Liquidation APIs

The UniLend team has created APIs for our Liquidation mechanism for any interested 3rd party to build on and leverage our v2 protocol to potentially generate income and keep the platform running smoothly.

Liquidation Bot

Our tech team has developed a state-of-the-art liquidation bot that will help us maintain the stability of UniLend v2. It ensures that collateralized assets are efficiently liquidated in the event of under-collateralization, minimizing the risks for lenders.

Liquidation Bot Integration with Uniswap

We are working on Uniswap integration with our liquidation bot. Uniswap is one of the most prominent decentralized exchanges in web3. This integration will further optimize the liquidation process and enhance efficiency, minimizing the risks.

Liquidation Dashboard

We are working on a dedicated liquidation UI to make our liquidation process more transparent and user-friendly. This interface will provide users with real-time insights into the liquidation of assets and collateral management.

UniLend V2 Liquidaton Documentation

We are compiling comprehensive documentation for those interested in the core understanding of our liquidation process. This will offer in-depth insights into how liquidation will function on UniLend v2, ensuring transparency and understanding.

A New User Interface

Our UI development is an ongoing project, with plans further to enhance its functionality, aesthetics, and user-friendliness. We have always taken feedback from the community to improve our UI and UX to deliver the best possible experience.

Web3 Library Upgrade

We have upgraded our web3 library to the latest version, enhancing its security, compatibility, and performance. This improvement will ensure a more seamless and secure user experience when interacting with UniLend v2.

New Wallet Integrations

We have expanded our wallet support to make it more user-friendly. UniLend v2 will now support WalletConnect and Coinbase wallet in addition to browser wallets, leading to a seamless user experience.

We are committed to providing a cutting-edge and secure lending and borrowing experience. UniLend v2 smart contracts are audited by Peckshield and Slowmist, and are thoroughly vetted by experienced hackers via Immunefi bug bounty.

These updates and ongoing research and development testify to our dedication to your deFi needs. Stay tuned for more exciting products from UniLend, and thank you for being a part of our journey towards a decentralized future.

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UniLend Finance

UniLend is a Multichain protocol for Lending & Borrowing all ERC20 tokens permissionlessly. Website: https://unilend.finance