Unbound Finance Builds Derivative Layer On QuickSwap
We are thrilled to announce that Unbound Finance has joined forces with Quickswap to enhance the liquidity efficiency on the Polygon network. With $700+ million liquidity, over $46 million of daily trading volume and tens of thousands of users daily, QuickSwap is one of the largest DEX on Polygon!
Unbound Finance is a decentralized, cross-chain lending protocol that enables LPs to use their otherwise idle crypto assets (LPTs) to borrow interest-free crypto loans in the form of synthetic assets including UND stablecoin and uETH. Through these synthetic assets, Unbound aims to unlock the liquidity concentrated in DeFi DEXs and enable the easy flow of this liquidity from one chain to another without physically removing it. Unbound’s main intent is to open and create new avenues for earnings and investments without affecting users’ existing liquidity, thereby improving the overall efficiency of the Defi space.
As a part of the collaboration between Unbound and QuickSwap, Unbound will initially whitelist the LP tokens of QuickSwap’s USDT/USDC pool enabling users to borrow interest-free stablecoin loans by collateralizing these tokens on Unbound. While doing so, users will still accrue the fees through liquidity provisioning on QuickSwap. Additionally, users will also be able to stake the collateralized LP tokens in QuickSwap’s USDT/USDC farming pool through the Unbound platform and continue to earn rewards therein.
QuickSwap would also be the first venue to access UND liquidity on Polygon. This means that users can use the minted UND tokens to provide liquidity to the UND/USDC pool on QuickSwap to earn Quick rewards.
- Provide liquidity to the USDT/USDC pool on QuickSwap
- On Unbound, “Mint” UND stablecoin by collateralizing QuickSwap’s USDT/USDC LP tokens
- Go to the “Farm” tab and stake the collateralized LP tokens back on QuickSwap to earn farming rewards
- Take the minted UND to QuickSwap and provide liquidity to the UND/USDC pool to earn additional rewards
Unbound is already live on the Ethereum mainnet. Our integration with QuickSwap is significant as we quickly prep ourselves for the upcoming mainnet launch on Polygon.
QuickSwap is a permissionless, next-generation decentralized exchange (DEX) and automated market maker (AMM) based on Ethereum, powered by Matic Network’s Layer 2 scalability infrastructure. QuickSwap is a fork of the originator of Automated Market Makers in the now rapidly expanding DeFi sector of the Cryptocurrency industry, Uniswap. Both, of course, are magical. Only, rather than settling for the magic of unicorns, QuickSwap has opted for the magic of dragons. By utilizing Layer 2 for transactions, QuickSwap users will be able to trade any ERC20 asset at lightning-fast speeds with near-zero gas costs.
Unbound Finance is an Ethereum based lending protocol that uses the liquidity of Automated Market Makers as collateral. Users are bound by highly secured, perpetual smart contracts and are free from the risk of their collateral being liquidated. Currently Unbound supports AMMs across various multi-chain platforms like Uniswap, Curve.fi, Bancor and Mooniswap.
Key features highlighting Unbound’s foundation include
Liquidation-free liquidity provision system
Creating a no debt position when assets are minted
Factory Smart Contracts
Decentralized, cross-chain stablecoin UND
Minting synthetic assets like uETH
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