Several crypto projects have shifted the Defi landscape in recent months, and UniLend is at the top of the list. UniLend is a permissionless, decentralized system that connects spot trading and money markets with lending and borrowing services through smart contracts.
The platform made significant protocol updates and developed UniLend V2 a few months ago, positioning it for more development and influence in the Defi field. Users can now lend and borrow any ERC-20 token, as well as trade any token on a decentralized exchange (DEX) without permission, thanks to the update
UniLend Announce V2’s Name
After asking its users to suggest thrilling names for the V2, the community took to its Twitter to announce the name of UniLend V2 noting that it would be called, “ Omnis.” According to the platform, more than 10,000 names were submitted by community members but Omnis was the closest representation to the community’s vision.
UniLend wrote, “ Omnis is the Latin word for “every” which matches perfectly with our vision to introduce Permissionless Lending & Borrowing to every #ERC20 tokens. The name was suggested by Rishank Sharma which stood out the best for its core message, creativity & understanding!”
A Growing Community
Unilend has been making crucial changes since its launch in a bid to give its users a thrilling experience. UniLend V1 was a one-of-a-kind solution that made low-cost Flash Loans a reality while also introducing lenders to the notion of Automated Rewards Distribution. As a result, more than 50 collaborations were developed and huge growth in the use of Unilend V1, with 25+ asset lending pools and $10 million in Flash Loans spanning Ethereum, Polygon, and Binance Smart Chain.
The announcement of UniLend V2 sent the community into excitement. UniLend Finance’s v2 is widely regarded as the most decentralized money market system in the crypto community. Chandresh Aharwar, UniLend’s CEO and co-founder, responded to the excitement about the UniLend v2 with a tweet. He wrote, “The current untapped market cap sits around $500 Billion. We are building the future of #DeFi @UniLend_Finance. Welcome to the permissionless world.”
UniLend has positioned itself as one of India’s most promising initiatives, following in the footsteps of Polygon. Chandresh was the marketing and strategy director at Matic, which is now Polygon, before co-founding UniLend.
The entire value of assets locked in decentralized finance (DeFi) was just under $15 billion when he first disclosed UniLend to the world last year, but it has since soared to over $90 billion. UniLend is entering a market valued at more than $500 billion, up from $16.7 billion the previous year.