Unilend Gearing up for Alpha Launch in December 2020!

UniLend was conceptualized and designed from the ground up with the aim of truly revolutionizing DeFi by providing the industry’s first comprehensive, permissionless DeFi protocol. This is no small feat. Achieving such a goal takes thoughtful planning, dedication, and strategic execution.

We’ve therefore crystallized our roadmap to keep the community abreast of our progress and plans to build out our protocol as we advance forward on our mission to unlock the true potential of DeFi.

Conceptualisation and Architecture Ideation

As UniLend is a completely unique protocol designed to combat the issues of the current DeFi space, multiple inherent challenges were identified during this phase and the UniLend team began exploring ways to optimally overcome these complications in Q3 of 2020.

After extensive research and ideation, an integrated architecture solution which will support both trading and lending functionality was finalized. UniLend’s trading pool will provide the liquidity needed to support lending and borrowing; this will filter out illiquid assets and provide the liquidity needed to support lending functionality.

Development Begins

UniLend Swap Feature (Completed)

The UniLend swap feature consists of an automated market making pool which negates the need for centralized components and maintains the liquidity needed to support trading in addition to lending and borrowing, in a completely decentralized manner.

UniLend Lending Smart Contract (Completed)

UniLend’s lending smart contract works differently to existing lending protocols and it thus required completely custom development. This was completed in Q3 of this year.

As opposed to a multi-asset pool system currently utilized by existing DeFi protocols, UniLend protocol consists of separate pools for different assets (multi-pool system). Creating separate pools for each token is an essential architecture-level advancement that opens up UniLend for permissionless DeFi options whilst limiting exposure of lenders and borrowers to any potential risks associated with all tokens in a specific pool.

Integrating Swap with Lend Component (In Progress)

We are currently in the process of integrating our custom swap and lend smart contracts with one another. This combination is a crucial aspect of UniLend which sets it apart from other leading DeFi protocols. The integration will allow for:

• Liquidity-based lending and borrowing
• Liquidation component integration
• Simulations of pool percentages and other scenarios for lenders

UniLend Alpha Release

UniLend’s Alpha release is scheduled for launch in December 2020. This is the initial iteration of the UniLend protocol/platform, enabling a select group of users to test our lending and borrowing functionality whilst identifying any initial bugs or vulnerabilities. Lending/borrowing will initially be launched with fixed interest rates.

Bug Bounty Program

Upon our Alpha launch, we’ll be inviting all hackers, attackers, security researchers and engineers to take part in our incentivized Bug Bounty Program to help us ensure the utmost security and robustness of our protocol.

Liquidity Mining/Staking

Liquidity providers are a key component in ensuring the sustainability of a decentralized finance protocol by facilitating liquidity within the protocol. Beginning in Q1 of 2021, we will implement our liquidity mining functionality in the UniLend Alpha release to refine the mechanism.

Once the fully-featured platform is launched (see below), liquidity providers will be rewarded for their services with governance rights in the form of UFT tokens, in addition to a percentage of trading and borrowing fees.

Protocol Optimization

UniLend will undergo necessary optimizations needed to refine the protocol after our Alpha launch. Optimizations will be conducted in areas including collateralization ratios, liquidations, and UI/UX improvement.

UniLend Beta Release

UniLend Beta release will entail the launch of a production-level platform which includes all the comprehensive features of UniLend protocol. The platform will undergo rigorous beta testing to ensure all the edge cases are covered and the platform is optimally secure.

Comprehensive Audit Report Release

At UniLend, security is our utmost priority. We have been working with the best audit teams in the industry since the early days of the project and UniLend will undergo comprehensive audits to ensure the platform is secure and not prone to any vulnerabilities. We will share these audit reports with the community.

UniLend Mainnet Launch

The fully-featured UniLend protocol/platform will launch towards the end of Q1 of 2021. By this point the protocol will have been battle-tested and will offer all of its comprehensive features, including decentralized trading, lending/borrowing, and liquidity mining, running on mainnet. UniLend will now be accessible to anyone and everyone for all DeFi functionality.

Integrations & UniLend Ecosystem Expansion

Once UniLend is launched on the Ethereum mainnet, we will then be ready to integrate the UniLend protocol into third-party products and services for the wider community to discover and utilize.

• Wallets: UniLend’s trading and lending/borrowing functionalities will be integrated natively into various leading DeFi wallets, including Frontier. Many more to be confirmed.
• Aggregators: DEX aggregators will list UniLend’s trading pairs to allow their users to utilize UniLend seamlessly from their interfaces.
• Partner Platforms (External Integrations): UniLend protocol will be natively integrated into various partner platforms which wish to utilize our functionality natively within their own platforms to expand their DeFi offerings. Confirmed partners so far include Crypto Locally and several major exchanges which we are excited to announce in the near future.
• Partner Platforms (Internal Integrations): Partner platform integrations also include platforms which UniLend is collaborating with to integrate added features or services within our protocol. This includes welcoming real-world assets to UniLend via OpenDeFi, bringing advanced trading tools to UniLend users via CyberFi, and enabling our users to utilize 3Commas’ suite of sophisticated trading tools.

Fusion Farming

Fusion Farming is a mechanism by which users will be able to attain multiple tokens via liquidity mining for certain assets. We will run Fusion Farming campaigns for certain projects’ tokens which are listed on UniLend. During these campaigns, users who provide liquidity for specific tokens will be able to secure both UFT and the token in question via liquidity mining.