UniLend Finance partnership with Covalent, its implication to Defi.
UniLend Finance partnership with Covalent, its implication to Defi.
To provide users with improved data analytics and transparency, Unilend partners with Covalent. Before we get into the collaboration proper, it’s worthy of note to state briefly what Covalent entails and what unilend entails as it aids comprehension in the collaboration.
About Covalent
Covalent provides a unified API to bring complete transparency and visibility to assets across all blockchain networks. Covalent’s proprietary technology enables a “no-code” solution that solves a vast array of use-cases for wallets, exchanges, custodians, and taxation, amongst others. In addition, their API allows easy access to data that is normalized, unified, and granular.
About UniLend Finance
UniLend is a decentralized protocol that combines spot trading & AMM with lending and borrowing services through smart contracts.
From the forgoing, we can reduce the collaboration already. Covalent will provide a unified API bringing visibility to billions of blockchain data points while UniLend will use Covalent’s API services across Polygon and Binance Smart Chain. Let’s look at the collaboration in details.
The collaboration
UniLend allows permissionless listing of any crypto asset to enable lending and borrowing, unlocking the true potential of DeFi. In addition, this partnership with Covalent will enable Unilend to get data about highly complex movements and operations in a collated manner.
Covalent provides unified APIs to bring complete transparency and visibility to assets across all blockchains. Their rich indexing and query technology smoothly supports a wide range of use-cases and fuses our work at UniLend.Covalent’s API services would be employed to query blockchain data across Polygon and Binance Smart Chain for a seamless experience.
Creating a Seamless User experience
UniLend is not only a next-gen protocol offering the industry’s most comprehensive suite of DeFi services; they’re also an ecosystem of participants coming together to power #DeFi 2.0. In addition to using Covalent’s rich indexing capabilities, her integration will provide a new avenue of awareness generation from their growing community and user base.