UniLend V2 Mainnet User Guide: How to Lend & Borrow Any Token

5 min readFeb 12, 2024

UniLend V2 is now live on Ethereum Mainnet. Check out the UniLend V2 here: https://v2.unilend.finance/

This guide will outline the steps users must undertake to effectively use the Lending/Borrowing portal on the UniLend V2 Mainnet. Throughout this walkthrough, we’ll specifically demonstrate the process on the Ethereum Mainnet and UFT/USDC pool, providing a hands-on experience for our users to become familiar with our revolutionary protocol and turn their digital assets into productivity powerhouses.

Important Note: While the UFT/USDC pool is not currently live on the protocol, we have chosen this pool as an example to explain the features of the V2 protocol.

Step 1: Install Metamask (if not already a user)

Visit Metamask — metamask.io/download.html and select the Browser you use. Click on Install to Proceed

Create a new wallet if you do not already have one

After agreeing to T&C, set a strong password

Do not forget to save and validate your secret word code

Step 2: Connect to the Ethereum Network

In Metamask, open the dropdown and click Ethereum Network

Step 3: Begin Lending and Borrowing

With UFT/USDC pool taken as an example, let’s examine a step-by-step guide for using the lending and borrowing feature on the UniLend V2 protocol.

Lend

First, connect your wallet by clicking on the connect button in the top right corner. Select MetaMask. Your wallet will automatically connect the wallet to Ethereum Network by default.

2. Select UFT/USDC pool.

3. Select UFT to start lending.

4. Start by approving the desired amount to initiate the lending process. Enter the amount you wish to lend, then click “Approve.” Be sure also to confirm and approve the specified amount within your wallet.

5. Upon approval, the “Approve” button will automatically transition to “Lend.” Subsequently, re-enter the lent amount and proceed by clicking the “Lend” button.

6. Confirm the transaction from the Metamask popup.

7. Once the transaction is executed, you can see your liquidity on the screen as well.

Borrow

Once you have successfully supplied your asset in a liquidity pool, you can borrow the alternate asset from the same pool.

Select USDC to borrow.
Click on the “Borrow” tab.

3. Enter the number of USDC you wish to borrow.

4. Click on the “Borrow” button.

5. Approve the transaction from the Metamask popup.

6. Once the transaction is executed, you can also see your borrowed amount on the screen.

Repay

Go to the UFT/USDC pool.
Select USDC to repay the debt.
Click on the “Repay” tab.

4. To commence the repayment process, begin by approving the amount you intend to repay, or utilize the “Max” button to repay the total sum. Enter the desired repayment amount and click “Approve.” Ensure to confirm and approve the specified amount within your wallet as well.

5. Approve the transaction from the Metamask popup. Once the transaction is completed, your repayment will be successfully processed.

Redeem

Go to the UFT/USDC pool.
Select UFT to redeem.
Click on the “Redeem” tab.

4. Enter the amount you wish to redeem or click on the “Max” button to redeem the total amount.

5. Confirm the transaction from the Metamask popup. Once the transaction is successfully completed, the redeemed amount will be reflected in your wallet.

Voilà! With UniLend V2, just like that users can effortlessly lend and borrow any token. Don’t hesitate to give it a try and share your thoughts with us.

This guide aims to empower your token’s capabilities with our cutting-edge lending and borrowing functionality, providing a fantastic opportunity for generating passive income from dormant tokens in your wallet.

Share this experience with your peers and let them know about UniLend V2. If you have any questions, feel free to reach out to us through our social media channels.