CryptoLocally, the world’s first truly decentralized peer-to-peer trading platform, has decided to list UFT, the native token offered by UniLend, on its platform. UFT (UniLend Finance Token) is also the governance token of the UniLend protocol.
CryptoLocally is also known for its unique shared governance model called GIVernance while UFT has now become the second digital asset to be listed in the platform approved by the community through this governance model.
What makes this development special is that CryptoLocally has now become the first P2P platform to offer UFT. Traders will thus be able to leverage its easy-to-use, secure, and community-run P2P platform.
CryptoLocally and UniLend: A Promising Partnership
The move towards listing UFT has come nearly a month after a partnership between CryptoLocally and UniLend was announced. With this collaboration, CryptoLocally intends to integrate ERC-20 based staking into their Finance Wallet, expand the possibilities of P2P exchange by pioneering new DeFi integrations, and eventually help cultivate a P2P community in India. Clearly, the partnership holds immense potential and is vital to CryptoLocally’s initiative to provide users with ways to earn staking rewards on their digital assets.
Being the first P2P exchange to integrate DeFi into its ecosystem, CryptoLocally has also been working towards integrating proprietary technologies to bring more functionality and capabilities into its platform.
More About UFT
UniLend’s native token, UFT, gives its holders the power to participate in governance, such as deciding on several factors pertaining to the proper operation and functioning of the UniLend protocol. It also has use cases relating to platform utility.
UniLend, on the other hand, is a decentralized and permissionless DeFi protocol that combines its lending and borrowing services with money markets and spot trading powered by smart contracts. Therefore, it can offer both DeFi and trading features within the same protocol and this allows it to solve the liquidity and liquidation issues that were becoming an obstacle for the expansion of DeFi.
The recent move to list UFT on CryptoLocally’s platform seems to align with the long-term interests of both UniLend and CryptoLocally. Their common goal is, after all, of building and growing P2P communities over the world.
Disclaimer: Coin Crunch partners with multiple projects for consulting and marketing initiatives. Our editorial however remains uninfluenced by our partners unless specifically mentioned. For more details about our policies, please check out this disclaimer.