The First-Ever UniLend Permissionless Flash Loan: A Case Study
- Our first flash loan was recently discovered on etherscan.io, and we’re very excited to share the details!
- The user took a loan for $403,936, which was 150,000 UFT at the time
- The flash loan fee was only $201
- It cost 88,209 in gas for our transaction, which is significantly less than using Aave for the same transaction, which would approximately cost 200,000 in gas
- UniLend’s fee is only 0.05% in comparison to Aave’s fees at 0.09%
It’s a proud moment to witness the start of a long road to come. We’ve come across the first UniLend flash loan transaction and what we’ve found is astounding. This successful transaction can be viewed on etherscan.io.
Our team knows there’s a lot more work to be done. This is just the beginning of an ecosystem that will offer the industry’s most inclusive and cost-effective flash loans product, alongside a vast array of other comprehensive DeFi functionality.
Check out our flash loan interface on GitHub here.
Stick around as we dive into the details of the first ever flash loan processed via UniLend, we think you’ll be happy you did.
Our First Flash Loan Under a Microscope
When we looked into the details of the flash loan, we found that the user took an impressive $403,936 loan, which at the time was 150,000 UFT.
UniLend flash loan transaction. Source: https://etherscan.io/tx/0xc6c2add63c0dc951d2598c43f1993f66d91bbfa3791186945c574e5c7d3b5179
It’s astonishing to see our creation in action, and the numbers are even more astounding. Only 88,209 in gas was spent and our fees are ultra-low, at only 0.05%. The user therefore only paid 75 UFT at the time, which means they only paid $201 to borrow this massive amount. Imagine paying a significantly higher fee using Aave, users would approximately pay 200,000 in gas for the same transaction.
Furthermore, the first user just saved massively on fees. If they were to use a competing protocol like Aave they would’ve paid a 0.09% fee for the same transaction.
UniLend is already giving back to our community by offering a much more affordable solution for advanced DeFi strategies.
Unlocking the Future of DeFi
Moving forward we expect to see our flash loans user base increasing massively, mainly because our flash loans are permissionless and much more cost-efficient than any other solution on the market. In time we’ll continue to upgrade our protocol and pursue staying in the lead by keeping our nose to the grindstone.
Rest assured that UniLend will continue researching new and state-of-the-art ways to update our existing protocol. There’s no time like the present to join our vibrant global community. Click our official social platform links below to join us on this momentous adventure.