All about UFT: Type of Blockchain, Where to Buy / Exchange, How to Store / Price Prediction

UniLend is a permissionless decentralized finance (DeFi) protocol for decentralized trading and lending/borrowing services. It differentiates from other similar protocols in the number of supported crypto assets. While other protocols support around 30 tokens and coins, UniLend allows anyone to list any ERC-20 asset for trading and lending/borrowing.

According to UniLend’s whitepaper, this platform “is bridging that gap by combining the decentralization aspect of enabling any ERC-20 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.”

The UFT Token

The UniLend protocol uses the UFT token for governance. Holders can vote on proposals about different factors relating to the functioning of the protocol. Users who actively engage in lending, borrowing, and trading on the UniLend platform are rewarded with UFT tokens. This way, UniLend encourages the use of its services and promotes distributed governance. The UFT token is also used to reward liquidity providers via liquidity mining, in addition to a percentage of trading and borrowing fees.

UFT is an ERC-20 token based on the Ethereum blockchain. However, it also runs on Polygon and the BNB Chain (BEP-20 token). As of November 26, 2023, UFT was the 898th most valuable cryptocurrency by market capitalization, according to CoinMarketCap.

Where to Buy/Exchange UFT

Several exchanges list the UFT token for trading. Binance is the largest centralized exchange where you can buy and swap this token. If you prefer a decentralized exchange (DEX), Uniswap is the most common platform to exchange the UFT token. You can also buy and exchange this token on LetsExchange.io at competitive rates without hassle. You can swap this token for over 4,000 other cryptocurrencies on our platform.

How to Store UFT

Since UFT is an ERC-20 token, you have plenty of options to store this crypto asset. Any wallet compatible with Ethereum will store UFT. The top choices include Ledger, Trezor, TrustWallet, Exodus, and Trustee. The type of wallet depends on several factors, such as the amount of UFT you want to store and the period. There is consensus that hardware wallets offer the highest security level. Hence, a hardware wallet is the best option if you plan to keep large sums for long periods. For other applications, a mobile wallet could be all you need. Leaving your UFT funds on a centralized exchange is the least recommendable option.

UFT Price Prediction

As of November 26, 2023, the UFT token traded at around $0.27. No significant price move will likely occur in the remainder of this year. In 2024, PricePrediction expects UFT to sell at $0.4 on average, with a maximum of $0.5. According to DigitalCoinPrice, the maximum UFT price in 2024 will be $0.7. In such a case, a UFT investment at the current trading price would increase its worth by +159% next year.

In 2025, the UFT price will continue to expand, trading at an average of $0.6 and a maximum of $0.7, according to PricePrediction. For its part, DigitalCoinPrice predicts a maximum price of $0.96. If the latter is fulfilled, a UFT investment at the current $0.27 per token could grow by +255%.

Long-term predictions picture a brighter future for the UFT token. DigitalCoinPrice expects UFT to trade at $2.8 on average, with a maximum of $2.9. PricePrediction indicates an average price of $3.8, which could reach a maximum of $4.4. Hence, investing in UFT at the current $0.27 could lead to a return of +1,529% in 2030.

Conclusion

UniLend is a protocol that aims to provide trading and lending/borrowing services using any ERC-20 token. Currently, similar protocols support around 30 crypto assets only. So, this protocol can have an edge over its competitors. However, UniLend’s token, UFT, has performed poorly for almost two years. While experts think this asset will eventually recover, it will take several years to see price levels similar to what we witnessed before 2022. In conclusion, UFT could be a good long-term investment.

Disclaimer

Please keep in mind that the above information is based exclusively on our observations and is provided for informational purposes only. It doesn’t constitute any kind of financial advice nor represents an official forecast. Cryptocurrency is a highly volatile asset, and you are investing in it at your own risk.