Injective is joining forces with UniLend to unlock new yield farming opportunities for users who will soon be able to utilize Injective’s derivative products on the UniLend ecosystem for borrowing and lending. In addition, INJ will be added to the UniLend platform.
UniLend is a decentralized money market that seeks to enable any ERC-20 token to be used as collateral for borrowing and lending functions. The platform has also been working with a number of other Injective collaborators such as ChainLink and Stafi.
This opens up a great degree of flexibility for the DeFi markets as a whole. Injective helps in the creation and trading of any derivative market. UniLend can help to amplify the use cases of these derivative products further by allowing these assets to also be lent and borrowed in an innovative manner.
In recent months, Injective has released a number of novel markets, such as decentralized stock futures and decentralized FX futures, that were never before seen in the crypto industry. Now these derivative products can be lent out by users which provides an avenue for additional capital generation through interest payments.
“Injective has truly helped to pioneer a fully decentralized cross-chain derivatives ecosystem that the DeFi ecosystem desperately needed. They will be a valuable component of UniLend as we continue to pursue the addition of new derivatives for our lending platform. This will help to usher in a new era of lending products that will be instrumental in accelerating the adoption of DeFi products globally,” said Chandresh Aharwar, Co-founder and CEO of UniLend.
Moving forward, the Injective community will also look to create new derivative products that can utilize assets currently being used on UniLend.
“Injective is working to create some of the most robust derivative products within crypto. This collaboration with UniLend will help to further our goal of integrating our markets with a unique lending facility that can spur further growth within the DeFi markets as a whole,” said Eric Chen, Injective Labs CEO.
This strategic integration with UniLend will propel Injective on the mission to bringing forth a truly democratic financial system.
UniLend is a permissionless DeFi protocol that combines spot trading services and lending/borrowing functionality within the same platform. UniLend is combining the decentralization aspect of enabling any ERC20 to be utilized as collateral for lending & borrowing whilst providing the flexibility for users to also trade their assets in-platform. Ultimately, UniLend aims to unlock the full potential of digital assets for their owners.
Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.