Arguably Ethereum’s biggest scaling solution Polygon is witnessing an explosion in number of transactions after adoption coming from Defi projects. The biggest driving force for this growth is super low gas fees, even lower than Binance Smart Chain which claims to be an affordable alternative to Ethereum Blockchain.
In the series UniLend Finance, which aims to provide permissionless lending and borrowing solutions, announced adoption to Polygon with their Flash Loans product which is already live on Ethereum mainnet. Unilend’s UFT is already bridged on polygon and trading on Quickswap with UFT/ETH, UFT/QUICK pair.
The interesting part is that UniLend will provide Flash Loans of MATIC tokens from the starting. Chandresh Aharwar, founder and CEO of UniLend Finance gave this information in one of his tweets which is gaining popularity on twitter. Before starting UniLend, he held the position as VP Strategy and Marketing at Matic (now Polygon).
MATIC is generally the main pair with tokens listed on Polygon Dexes. Flash Loans of MATIC can revolutionise Defi space on Polygon with more money market players also shifting focus to it. Currently Aave which is the biggest lending and borrowing solution does provide the Flash Loans for Matic, but UniLend charges 0.05% to Aave’s 0.09%, that’s almost half the cost.
Biggest of Defi projects such as Aave, Sushiswap, 1inch etc already moved to polygon. With this comes a wave of users which never used products like flash loans due to the entry barrier of high fees. Aave has reported more than 10 thousand Flash Loans transactions on Polygon since launch.