Step by step guide for Permissionless access on UniLend Finance
Unilend Launched the biggest product update for the entire DeFi community. Unilend is now permissionless and bringing support to any ERC20 asset for lending and flash loans.
Evolution of DeFi with permissionless
The current state of DeFi limited the access to lending of the majority of DeFi projects. But the permissionless nature of UniLend brings the decentralized access to protocols in DeFi to list their tokens without the need of UniLend’s permission or intervention.
This true nature of DeFi will allow projects to start their liquidity pool on UniLend and allow the lending of their tokens and provide rewards to their community.
How to access permissionless nature of UniLend
In this example we will create a lending pool of DAI on ethereum chain and give a demo of adding and redeeming liquidity to the pool.
Visit UniLend Dapp on the https://app.unilend.finance/ and connect your wallet and access the Ethereum chain.
Look for DAI token in the already created pools in the UniLend dapp. Since DAI liquidity is not yet available on UniLend we will create our own pool and add liquidity to it.
1/ Select the token from the Dapp to access the token and their liquidity on UniLend.
2/ Click on the manage icon at the bottom of the token list and access more from coingecko or custom token address.
3/ Enable the Coingecko list to fetch access to more than 7000 tokens for permissionless listing.
4/ Look for DAI token in the search list again and import it to start a new pool of DAI on UniLend
5/ Or Import a token from address if the information of the token is unavailable from Coingecko.
In this example we have imported a token from address 0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0 of Matic token on Ethereum
6/ Create a lending pool and add liquidity to start earning APY over the added liquidity.
7/ Project and Community adds reward tokens to the reward pools and distribute rewards for the contributions by the community in lending pools.
Permissionless on Polygon
We launched our products on Ethereum in March this year, only a few weeks later we integrated on the biggest and most widely adopted L2 solution Polygon. We have successfully become the most cost-efficient Flash loan Provider for WMATIC tokens with more than $1 million value locked.
The efficiency and low gas fees on Polygon make it more accessible for protocols on Polygon to start their permissionless lending now on UniLend.
