Unbound Finance Live on BNBChain

Published on: 31.05.2022

Unbound Finance Live on BNBChain — marks a significant milestone in the protocol’s quest to build a “composable, capital-efficient solution for the DeFi ecosystem”.

The launch will essentially expose the thriving Unbound community to the edges of the BNB smart chain’s open, permissionless, high-speed infrastructure and cross-chain DeFi mechanisms. They are building an optimized lending platform. That will enable DeFi capital providers to earn profits over and above their existing yield by leveraging the liquidity locked in AMM pools. Through this release, network users across various BNB Smart Chain-based Dexs can now benefit from the protocol’s innovative yield enhancement technology. Users will be able to acquire interest-free crypto loans with an infinite maturity and no risk of collateral liquidation. By borrowing against their LP tokens, users can mint additional funds to use in the form of UND stablecoin, while their collateralized assets continue to generate swap fees on the underlying liquidity pool. And now announcing Unbound Finance Live on BNBChain.

To begin with, users can mint UND by collateralizing LP tokens of PancakeSwap’s BUSD-USDT, BUSD-USDC, BUSD-DAI and USDC-USDT liquidity pools along with the BUSD-USDT pool from KyberSwap. The mainnet has been initially rolled out with a maximum lock of $1M on UND minting.

Supported Pairs:

Unbound will initially support LP tokens of BUSD-USDT, BUSD-USDC, BUSD-DAI, USDC-USDT pools from PancakeSwap and BUSD-USDT pool from KyberSwap on the BNB Smart Chain.

Note: Support for other DEXs and pools will be added gradually.

The launch of the protocol on the BNB Smart Chain mainnet will enable network users to access the following functionalities of the Unbound platform.

Collateralize LP tokens to mint UND stablecoin

Liquidity providers on PancakeSwap and KyberSwap can lock up LP tokens of the aforementioned liquidity pools as collateral on Unbound to borrow crypto loans of upto 80% collateral value. Despite locking up their tokens on Unbound, users will continue to earn their passive income from liquidity provisioning to the DEXs.

Farming Collateralized LP tokens Back on PancakeSwap

Liquidity providers on PancakeSwap will be able to earn additional rewards. By staking their already collateralized LP tokens back in the supported yield farming pools of the Dex. Through the Unbound platform. For each user, the protocol will deploy a new smart contract wallet from Factory (called a yield wallet). Enabling users to claim their accumulated rewards directly from the contract.

Liquidity Provisioning to UND Pools

The Earn feature of Unbound will enable UND holders to further compound their yield. By providing liquidity to the UND pools. On multiple Dexs across the BNB Smart Chain.

Users will be able to withdraw their collateralized assets at any time without any restrictions. By simply repaying the borrowed UND loan. The UND returned will be burned in the process. The LP tokens will be transferred back to the user’s wallet.

About Unbound Finance

Unbound Finance is an Ethereum-based lending protocol that uses the liquidity of Automated Market Makers as collateral. U Currently, Unbound supports AMMs across various multi-chain platforms like Uniswap, Curve Finance, Bancor, MBinance Smart Chain Testnetooniswap etc.

Website | Twitter

About BNBChain

BNB Chain remains a community-driven, open-sourced and decentralized ecosystem. The support of its community of users, developers, validators and delegators is vital to its health. With BNB Chain gaining major technical updates, it’s time for the community to take a flight towards MetaFi.

Website | Twitter