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UniLend Finance announces integrating Chainlink Price Feeds

UniLend Finance has announced its integration with Chainlink Price Feeds specifically for UniLend V2. This enables the lending and borrowing protocol to fetch accurate prices for select tokens. These are stETH, ETH, USDT, USDC, and LINK. UniLend Finance, in the announcement on X, has called this development a major advancement, adding that it fortifies the reliability and robustness of the protocol.

Chainlink has confirmed the development and added that there have been 11 integrations across seven different chains. These include 4 Chainlink services, including BNB Chain, Arbtirum, Ethereum, Avax, Optimism, Fantom, and Polygon. Other new interactions for Chainlink have been with Fungify, OpenOcea, and Stake DAO, among others.

Members of the UniLend Finance community have responded positively to this development. Most of them have congratulated the team for achieving the major milestone, while others have called it a game-changer for the ecosystem. The reason for being optimistic about the integration is that Chainlink Price Feeds offer accuracy in the prices of tokens. Thereby enhancing reliability when it comes to lending and borrowing functionalities.

That said, the price has not precisely done any good for LINK, the native token of the Chainlink ecosystem. It has been down by 2.94% in the last 24 hours and listed at $19.66 when drafting this article. However, the token price has increased by 14.88% in the previous 7 days and 2.03% in the last 30 days.

The integration with Chainlink Price Feeds comes days after UniLend announced going live on Ethereum Mainnet. The objective was to enhance DeFi’s offering with innovative permissionless borrowing and lending protocol. UniLend has gained a position in the market with its seamless cross-chain infrastructure, security, and efficiency.

UniLend Finance is known for offering an innovative feature – Isolated Dual Asset Pool.

The feature ideally helps users to make sure that there is sufficient security against asset volatility. Hence, it allows lenders and borrowers to mitigate risk with flexible lending options. Users can leverage the feature to create an ERC20/ERC20 pool for assets to proceed.

UniLend recently reported an APY of 20% on lending. It helps users maximize their HODLing on lending UFT. UniLend remains on a growing trajectory. It reported surpassing the $11.5 million+ total value locked milestone. There has been a rise in the adoption of permissionless protocol in the DeFi sphere.

For Chainlink, it continues to establish partnerships in the industry. The most recent one was announced with OpenZeppelin. Strategic in nature, the alliance’s purpose is to help Chainlink BUILD members gain access to Zeppelin’s services and increase the security of their applications.

Members can look forward to events by Chainlink, where the core objective will be to build the network and establish collaborations with like-minded individuals.

UniLend Finance integrating Chainlink Price Feed with UniLend V2 is certainly a game changer. It will be utilized to gain access to reliable price feeds for select tokens – stETH, ETH, USDT, USDC, and LINK. UniLend is likely to expand the list in the future.

Erica Lee

Erica is a finance professional who has over a decade of experience in the finance sector as a management consultant. After years of reporting on forex, stock markets, and finance, she now contributes her strong financial skills with the CoinNewsSpan team. Since 2014, she has been deeply involved in the blockchain and cryptocurrency space. She believes that blockchain technology has tremendous potential to make our lives better.

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