Uft Coin: A Smart Investment Decision Or Not?

UniLend (UFT) is a permissionless decentralised finance (DeFi) protocol that combines spot trading and lending/borrowing functionality within the same platform. It is built on the Ethereum blockchain and uses smart contracts to combine money markets with trading services. UniLend's native UFT token is used to facilitate governance of the protocol and as a convenient mode of settlement between participants. As of May 2024, the price of UniLend is around $0.40, with a market cap of about $30 million. In this paragraph, we will explore whether UniLend (UFT) is a good investment option and analyse its potential for growth in the cryptocurrency market.

UniLend's price predictions for 2023-2030

UniLend (UFT) is a permissionless decentralised finance (DeFi) protocol that combines spot trading services and lending/borrowing functionality within the same platform.

UFT is currently trading at $0.411411. Here are some predictions for its price going forward:

UniLend Price Prediction 2023

Based on one prediction, the price of the UniLend UFT is predicted to reach a minimum price of $0.40, with a maximum price level of $0.75 in 2023. The average price throughout the year is expected to be around $0.575.

UniLend Price Prediction 2024

The UFT coin might face significant price change during 2024. On the downside, the minimum price level of UniLend will be around $0.60. While on the upside, the coin may register considerable growth, and the maximum price will be around $1.05, with an average trading price of around $0.825 throughout 2024.

UniLend Price Prediction 2025

The minimum price of the UniLend token will be $0.95, and the maximum price level will be around $1.35. The average price of UniLend will be $1.15 in 2025.

UniLend Coin Price Prediction 2026

The minimum price of the UFT coin is expected to be $1.25. The maximum price will be $1.65 while maintaining an average price of $1.45 in 2026.

UniLend Price Prediction 2027

The price of UniLend is predicted to reach a minimum level of $1.50. The UFT token price can get a highest price level of $1.95. The average price throughout the year will be around $1.725.

UniLend Finance Price Prediction 2028

The average price will be around $2.025. The maximum UniLend price might be around $2.25, and the minimum UFT price might be around $1.80.

UniLend Price Prediction 2029

The UFT price will be at a maximum level of $2.55 for the year 2029 and may have a minimum value of around $1.95 by the end of the year.

UniLend Price Prediction 2030

The token may trade in a range of $2.60 to $3.05, where the former is the minimum price and the latter is the maximum price for the year 2030. At the same time, the average price of the UFT coin might be around $2.825.

UniLend's price history

UniLend (UFT) was launched in October 2020 with an initial price of around $0.75. In its first few months, UFT experienced some volatility, but this changed in early 2021 when the cryptocurrency market entered a significant boom phase. On 23 February 2021, UFT reached its all-time high of $4.39.

Following this peak, UFT's price cooled down but remained above $1 until late May, when market conditions caused a decline. UFT spent the summer of 2021 in a downward trend before recovering in August. However, it was unable to sustain its position above $1 and ended the year at $0.625.

The year 2022 was challenging for UFT, along with the rest of the crypto market. The token experienced price declines throughout the year, reaching a low of $0.07 in May 2022—its all-time low. Although there were some brief recoveries, UFT ended the year at a low price.

As of May 2024, UFT is trading at around $0.39 to $0.44, with a 24-hour trading volume of $2 million to $2.5 million. Its market cap is approximately $30 million to $34 million, and it is ranked around #700 to #800 in market cap ranking.

Overall, UFT's price history has been characterised by an initial peak in early 2021, followed by a prolonged downward trend until 2024, with some brief recoveries along the way.

UniLend's mission and how it works

UniLend is a permissionless DeFi protocol that combines spot trading services and lending/borrowing functionality within the same platform. UniLend's mission is to open the DeFi space to the $29 billion of ERC-20 tokens that are currently excluded from DeFi, hence their motto, "unlocking the true potential of decentralised finance".

UniLend aims to address the problem of gatekeeping in the DeFi space. According to the whitepaper of UniLend, there is a requirement for a decentralised protocol that can support more digital assets. UniLend developers aim to contribute to the DeFi space by allowing more tokens to be a part of it. Despite a huge number of cryptocurrencies, only a handful are made to be part of most DeFi platforms, which hinders many assets from participating in and contributing to the blockchain space.

UniLend is different from other DeFi protocols because it bridges the gap between decentralised lending and trading. Some protocols offer lending and borrowing with a limited set of tokens, while others offer the freedom to trade any ERC-20 assets but neglect the lending and borrowing aspect. UniLend combines the decentralisation aspect of enabling any ERC-20 to be utilised as collateral for lending and borrowing while providing the flexibility for users to also trade their assets on the platform.

The UniLend Finance Token (UFT) is the primary utility token for the UniLend platform. It can be understood as a transferable representation of the functions attributed to the protocol. The goal of UFT is to be used as a convenient mode of settlement between participants of the platform. The token also provides incentives to users who want to contribute to the ecosystem. UFT assists in the governance of the platform. Users who hold the token can vote regarding the functions of the protocols as well as any necessary changes to the same. The changes also encourage transparency by requiring majority consensus to accept a proposal.

The purpose of UniLend's native UFT token

UniLend is a permissionless DeFi protocol that combines spot trading services and lending/borrowing functionality within the same platform. The purpose of UniLend's native UFT token is to facilitate governance of the UniLend protocol. UFT holders can vote on proposals for changes to the protocol, with a majority consensus required for implementation.

The UFT token also has several other use cases. It is used to reward liquidity providers, who are essential for ensuring the sustainability of the protocol by facilitating liquidity. They will be rewarded with UFT tokens and a percentage of trading and borrowing fees. The tokens are also used to incentivize platform users who use UniLend for lending, borrowing, or trading. These users will be rewarded with governance power in the form of UFT tokens to encourage the use of the platform's services and facilitate distributed governance.

UFT is a utility token designed as a convenient mode of settlement between participants of the UniLend platform. It is intended to be used to help people run the platform, and its holders can vote on proposals for changes in the network. The token also provides incentives to users who want to contribute to the ecosystem.

The UFT token is based on the Ethereum blockchain and is, therefore, a token rather than a coin. It has multiple use cases, including governance, platform optimizations, and providing incentives for users.

How UniLend compares to other DeFi protocols

UniLend is a permissionless DeFi protocol that combines spot trading services and lending/borrowing functionality within the same platform. It differentiates itself from other DeFi protocols in the following ways:

• Permissionless listing of tokens: UniLend allows anyone to list any ERC-20 token for decentralised trading and lending/borrowing. In contrast, other DeFi protocols support only a limited number of assets (usually around 30), hindering many assets from participating in the blockchain space.
• Bridging the gap between trading and lending/borrowing: Some protocols offer lending and borrowing but with a restricted set of tokens, while others offer the freedom to trade any ERC-20 asset but neglect the lending and borrowing aspect. UniLend combines decentralised trading with lending and borrowing within the same platform, thus unlocking the full potential of digital assets for their owners.
• Dual asset pools: UniLend introduces pools for dual assets, similar to the UniSwap liquidity model. These dual asset pools prevent the tokens in a specific pool from being affected by price and liquidity fluctuations in other pools.
• Non-fungible tokenization: UniLend tokenises lending/borrowing positions into debt non-fungible tokens (NFTs), enabling users to trade their lending/borrowing positions in open markets.
• On-chain price feed: UniLend has built a proof mechanism to fetch the price feed from on-chain market data to determine asset positions.
• Gas optimisation: UniLend has implemented high gas optimisation approaches to make its core functionalities of lending and borrowing financially viable.
• Multi-chain operability: UniLend provides its comprehensive set of DeFi services on multiple networks such as Ethereum, Binance Smart Chain (BSC), and Polygon.

Overall, UniLend strives to create a space where the functionalities of the DeFi system coexist with trading capabilities, addressing the problem of gatekeeping in the DeFi space by allowing more tokens to be part of it.

Frequently asked questions