UniLend to Launch on Binance Smart Chain: Unlocking the True Potential of DeFi on BSC
- UniLend will soon become a multi-chain protocol with our launch on Binance Smart Chain, in addition to Ethereum.
- UniLend aims to constitute the backbone of a strong DeFi ecosystem on BSC.
- Any BNB, BUSD and BEP-20 token holder will be able to utilize their assets for decentralized trading, lending, borrowing, flash loans, yield farming and much more using UniLend.
- UniLend will be the most comprehensive DeFi protocol on BSC.
- We are ahead of schedule, by expanding to other chains before the timeframe suggested on our roadmap.
In recent months the DeFi ecosystem has not only continued to boom on Ethereum, but has also begun to flourish on newer blockchains. In particular, Binance has recently shifted their focus heavily towards DeFi and their EVM-compatible smart contract enabled chain, Binance Smart Chain, has witnessed unprecedented levels of adoption from DApps and users alike.
Therefore, we will be launching an iteration of the UniLend protocol on Binance Smart Chain, in addition to Ethereum, to unlock the true potential of DeFi for the Binance Smart Chain community.
UniLend aims to constitute the backbone of a strong DeFi ecosystem on Binance Smart Chain by offering comprehensive DeFi functionality for the BSC community. Any BNB, BUSD and BEP-20 token holder will be able to utilize their assets for decentralized trading, lending, borrowing, flash loans, yield farming, and much more using UniLend.
As a community-first project we are excited to bring UniLend Finance to Binance Smart Chain for a more efficient user experience. It is important to note that we’re not leaving Ethereum but rather expanding to BSC, becoming a multi-chain protocol.
Furthermore, UniLend is ahead of schedule, by expanding to other chains before the timeframe suggested on our roadmap.
BSC: A DeFi Juggernaut in the Making
There’s no time like the present to ride the momentum that is clearly surfacing upon Binance Smart Chain. If you’ve been following the recent excitement and continuous updates stemming from the up-and-coming BSC ecosystem, then you probably already know many new and seasoned crypto enthusiasts are flocking to BSC.
The reasons for this huge adoption rally on BSC from DApps and users alike include:
✅ Huge Traction & TVL
✅ High Transaction Volume
✅ Low Transaction Costs
✅ Large User Base
✅ Ethereum-BSC Bridge, etc.
Due to the many benefits of BSC, the chain is quickly becoming a global leader in DeFi. Impressively, BSC has now far surpassed even Ethereum in terms of transaction volume.
We’re proud to be joining the BSC family and look forward to delivering a comprehensive suite of DeFi services for the BSC community!
Why Launch on Binance Smart Chain?
Binance made a huge splash in September last year with their official entry into DeFi by launching Binance Launchpool, bringing yield farming to Binance. Since then, over 155+ DeFi projects have flocked to Binance Smart Chain. DeFi project growth and use of BSC are all moving ahead of industry norms.
According to Defistation, the total value locked (TVL) in DeFi on BSC is almost $13B and climbing rapidly, making BSC one of the fastest growing DeFi ecosystems in the space.
TVL in Binance Smart Chain DeFi. Source: https://www.defistation.io/
Moreover, BSC users have executed a whopping total of more than 130M total transactions , a metric that continues to grow at an unprecedented level. The daily transaction volume is currently trending above 2.6M per day.
Binance Smart Chain Daily Transactions. Source: https://bscscan.com/chart/tx
Affordable Gas Fees & New Possibilities
UniLend has heard the community’s cry for a more affordable and efficient platform. One major perk of launching on Binance Smart Chain is being able to offer comprehensive DeFi functionality for BNB and BEP-20 token holders with extremely low gas fees.
BSC fees are often a few cents (an average of 13 Gwei) for large transactions and are almost negligible for most users. One of the largest complaints in DeFi currently is the prohibitive gas fees due to network congestion on Ethereum. Binance Smart Chain’s low-fee, high-performance network solves these issues, enabling a much broader spectrum of the crypto community to enter into DeFi.
Binance Smart Chain Average Gas Prices. Source: https://bscscan.com/chart/gasprice
Rapidly Growing User Base
By onboarding to Binance Smart Chain, we are joining one of the fastest growing DeFi communities in the space. BSC currently has over 59 million unique addresses operating on the network. The unique addresses metric is one of the most effective for demonstrating user growth. Binance Smart Chain also has the added benefit of brand recognition through the majority of the cryptosphere, and is therefore poised to continue its impressive growth in awareness and users.
Binance Smart Chain Unique Addresses Count. Source: https://bscscan.com/chart/address
Seamless User Onboarding
One of the reasons BSC is able to gain so much user traction is their EVM compatibility and bridge providing interoperability with Ethereum. The bridge makes onboarding to BSC completely seamless, and is directly integrated with popular wallets including Trust Wallet, Binance Smart Chain wallet and even MetaMask.
Therefore, unlike with certain other chains which require the use of proprietary wallets and present a difficult user onboarding experience, user onboarding to BSC couldn’t be easier. This enables more of the crypto community to be able to take advantage of the high-performance, low-fee Binance Smart Chain and the protocols upon it, such as UniLend.
Asset Transfer from Ethereum to BSC Using Binance Smart Chain Wallet
In the future we’ll see further interoperability with our UFT token as more APIs are added to this bridge. It is truly a game changer for our users.
Sneak Peek of UniLend on BSC: Taking BSC DeFi to the Next Level
UniLend will offer the most comprehensive set of DeFi services of any protocol on Binance Smart Chain, including bringing the first ever permissionless flash loans to BSC. The launch of UniLend on BSC will therefore not only be a major step forward for UniLend but also for the overall DeFi ecosystem on BSC.
Switching from the Ethereum network to the Binance Smart Chain network, and vice versa, will be a seamless process from directly within the UniLend interface. In the click of a button, our users on Ethereum will be able to enjoy BSC’s high-speed, low-fee network for a more efficient DeFi experience.
Switching Networks Within the UniLend Interface
As UniLend is a permissionless protocol, any BNB, BUSD and BEP-20 token holder will be able to utilize their assets for decentralized trading, lending, borrowing, yield farming, flash loans, and much more using UniLend.
Binance Smart Chain’s First Ever Permissionless Flash Loans
Though there is currently a lesser-known fork of Aave on BSC which has recently enabled flash loans, they offer only a limited number of supported assets. UniLend will bring the first ever permissionless flash loans to the Binance Smart Chain ecosystem! This means we’re able to unlock flash loans functionality for every BEP-20 token on the market.
We’ll give our users the ability to take a flash loan using any BEP-20 asset. As long as there’s liquidity, UniLend users will be able to utilize flash loans with any asset for new and unimagined use cases.
Now UniLend users on BSC will have the power of flash loans at their fingertips, enabling DeFi strategies like advanced collateral swapping, arbitrage, self-liquidation protection, and innovative new use cases yet to be discovered.
Furthermore, users can opt to have their liquidity staked on our platform to be used for flash loans. Flash loans pool stakers will receive their portion of 70% of the fees generated from the usage of our flash loans. These rewards will be distributed based on each user’s pool percentage.
Pioneering New Frontiers in DeFi
We understand that DeFi is quickly evolving, and we are committed to remaining at the forefront of the financial revolution. We feel extremely optimistic about our future, given that we have made so much progress so quickly. Our expansion to Binance Smart Chain is a major step forward in cementing UniLend’s place at the forefront of DeFi.
“DeFi will span multiple blockchains. Whilst we believe Ethereum will remain at the forefront of the DeFi revolution, we’re starting to see the beginnings of vibrant DeFi ecosystems on various chains, especially Binance Smart Chain. UniLend aims to provide all prominent DeFi communities with the freedom to unlock the full DeFi potential of their assets, no matter which chain they are based on.”
Chandresh Aharwar, UniLend Co-founder & CEO
The UniLend team hopes our community is ready to experience new opportunities and continues to be open-minded. We believe that by continuing at this pace, we’ll easily attract the liquidity and users required to be a dominant force within the DeFi industry.
Remember to lead by example and let the world know what we’re doing by joining us in our social endeavours online. You can start today by following us on any of the social platform links down below. Thank you for pioneering new frontiers in DeFi with us!