By Kenny - Bitcoin Expert - 29-05-2021
Red Kite, a PolkaFoundry-based Decentralised Finance (DeFi) platform, has recently partnered with UniLend (UFT). Red Kite is a multi-chain Initial DEX Offering (IDO) platform. Red Kite currently runs on Binance Smart Chain and Ethereum (ETH) and supports both of the platforms projects. Red Kite is a DeFi platform where users can access IDO tokens across multiple chains. According to Red Kite, there are possibilities of moving into Polkadot (DOT) and supporting the network's projects.
Recently, Red Kite has joined forces with UniLend to access the protocol's pooling resources which will help UniLend while also enhancing Red Kite's system. According to UniLend, Red Kite will be improving UniLend's Flash Loan feature as part of the collaboration agreement. In return, Red Kite, including all of the company's IDO projects, will be able to access all lending and loans services on the UniLend platform. The inclusiveness of Red Kite utilising UniLend's services also extends to any future IDO projects that Red Kite launches.
Reportedly, Red Kite will also further improve the liquidity on UniLend so the platform's lending pools will have more tokens with more liquidity. UniLend users who lend their crypto tokens through the pools will receive better incentives from the Flash Loans protocol. Users can buy UFT tokens, the protocol's native crypto market investment, to use for lending, governance, and voting on the platform. The two companies have stated that there will be more projects for the collaboration that is currently in progression. Investors can buy UniLend UFT on popular cryptocurrency exchange platforms like Binance and BC Bitcoin.