UniLend’s UFT Token is Now Available for Trading on QuickSwap
- UniLend’s UFT token can now be traded on Polygon’s biggest DEX — QuickSwap
- We’ve added two trading pairs to QuickSwap — UFT-ETH & UFT-QUICK and provided the seed liquidity for each
- To welcome UniLend, QuickSwap has rewarded our pairs with a total of 7 QUICK/day in their liquidity mining rewards program
- The commencement of UFT’s trading on QuickSwap marks the beginning of UniLend’s highly-anticipated launch on Polygon
- Please check the trading link: https://info.quickswap.exchange/token/0x5b4cf2c120a9702225814e18543ee658c5f8631e
At long last, UniLend’s highly anticipated launch on the Polygon Network is imminently upon us. To prepare for this momentous occasion, we first had to enable UFT for the bridge to Polygon (which we did yesterday). The next step was to add liquidity to an exchange so that UFT could be traded on Polygon’s layer 2. Naturally, we chose QuickSwap — the biggest DEX on Polygon — to partner up with first.
Although bridging to layer 2 DeFi for the first time can seem intimidating for many users, it’s actually much easier than you might think, and once you do so, you can transact for near zero fees. For those who are unfamiliar with the process, check out our step-by-step guide to help walk you though. We promise you won’t regret it.
QuickSwap Welcomes UFT with Liquidity Mining Rewards
UniLend is thrilled with QuickSwap’s warm welcome of the UFT community.
While UniLend provided the initial seed liquidity of $200k for our UFT-ETH pair and $40k for our UFT-QUICK pair, QuickSwap agreed to incentivize our community to move over additional liquidity by offering a total of 7 QUICK rewards per day.
- 3 QUICK/day will be distributed among liquidity providers for the UFT-ETH pair
- 4 QUICK/day will be distributed among liquidity providers for the UFT-QUICK pair
- At QUICK’s current value of $1020, that’s a total of $7140/day and $49,980 in the week
- These rewards are available now
- In addition to the QUICK rewards, liquidity providers will also be rewarded with 0.25% of the trading fees for the pair. These rewards are paid in the two assets in the pair
* Please note that providing liquidity for a DEX always carries some risk of impermanent loss.
How Do I Get in on those Rewards?
After you’ve bridged your UFT over to Polygon, the first step is to add liquidity to your desired pair. To do that, you will need to have equal parts UFT and whichever other asset you’re providing for. In this example, we will show you the process with QUICK.
Click the “Pool” tab in the upper left hand side of QuickSwap’s Interface.
A new window will open. Select UFT from the top drop down menu, and QUICK (or ETH) from the bottom drop down. Enter the amount of UFT you’d like to add, and the corresponding amount of the other asset will automatically update. Then click, “Approve UFT”.
MetaMask will open, and you should click “Confirm”.
Next, back on QuickSwap’s Interface, click “Supply”.
And finally, “Confirm Supply”.
Congratulations! You are now earning your share of the 0.25% trading fees the pool collects, but the next step is to get those QUICK rewards. To do that, you’ll visit the “Rewards” tab.
Next, find the pool you’re providing for and click “Deposit”.
Watch here, for a full video tutorial on this process.
Whether UFT token holders want to provide liquidity for trading on QuickSwap or not, we’re thrilled that they provided the option, and we look forward to our expanding relationship with the most dominant DEX on Polygon.
The Final Frontier
Now that token holders can easily bridge their UFT and buy, sell, and trade on Polygon, the final step is for UniLend to launch our suite of DeFi products, including our staking and flash loans protocols on Ethereum’s most utilized layer 2 — Polygon. It won’t be long now. Stay tuned for more details!
At UniLend, we believe that to unlock the true potential of decentralized finance, we all need to work together to build the best tools. Fast and nearly-free trading platforms like QuickSwap are necessary to achieve our goal of making decentralized finance available for everyone. We hope our community will join us in celebrating this monumental step forward towards UniLend’s launch on the Polygon Network.
There’s never been a better time to join our energetic and enthusiastic community. If you’re into DeFi and looking to join a movement, then you’ve come to the right place. A grand historic technological shift has just begun. Come join UniLend’s growing global community to contribute your enthusiasm about decentralized finance with a group who shares your interests. Stop by any of our social platforms today to connect with thousands of people just like you.