UniLend is Now Live on Polygon
UniLend’s comprehensive and cost-effective flash loans product along with lending protocol is now live on Polygon.
Follow step-by-step guide below for each process to fully understand the various scenarios discussed.
Before you can lend on Polygon, you’ll have to enable your wallet for transactions on the network.
Step-by-Step Guide
🔸Step 1: Switch to Polygon
When you first access protocol, you will need to connect to the Polygon Network instead of Ethereum, which connects by default.
Then, a new window will open, prompting you to choose your network. Select Matic.
🔸Step 2: Selecting Your Prefered Wallet
The next step is to connect your wallet. Select the “Connect Wallet” icon at the top right corner of your screen. Click this icon to choose from an array of supported wallets.
🔸Step 3: Adding UFT’s Token Address on Polygon to MetaMask Wallet
🔸Step 4: Using the UniLend Lend Function (Staking)
The reason a user will use the “Lend” function is to stake their UFT holdings to receive staking rewards. In this case, users will need to already have a small amount of MATIC in their MetaMask wallets, to pay for the gas cost of the transactions, and UFT for lending.
🔸Step 5: Using the UniLend Redeem Function
The “Redeem” function will be utilized to redeem the tokens you have lent out to the protocol, or in other words take back your staked tokens from the UniLend liquidity pool. If you remove your liquidity from the UniLend liquidity pool then you will no longer receive rewards.
🔸Step 6: Using the UniLend Reward Function
The reward function allows anyone to add rewards to the already existing rewards that stakers will receive for lending out their tokens to our flash loan pool. This can be utilized for various new and incentivizing reasons.
🔸Step 7: Using the UniLend Airdrop Function
The airdrop function is slightly different from the reward function. This function will be used to automatically equally distribute tokens to all of the liquidity suppliers of UniLend pools. This new innovative feature can also be used by anyone.
What is UniLend?
UniLend is a decentralized protocol that combines spot trading & AMM with lending and borrowing services through smart contracts.
What is Polygon?
Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem.
📰 INFO:
https://unilend.medium.com/unilend-is-now-live-on-polygon-prepare-to-lend-your-uft-95f91fc2213c
