Lending · Review
Unilend V2 review
UniLend V2 is an Ethereum lending and borrowing protocol where users supply crypto as collateral to borrow other assets, and it also offers flash loans. Its main caveats are a reported 2024 exploit and no listed audits.
By the DappsAtlas editorial team · Updated
DappsAtlas score
—/10
Not rated
Our verdict on Unilend V2
UniLend V2 suits users who already understand over-collateralized DeFi lending and are comfortable with smart contract risk. Its main strength is a broad lending and flash loan design on Ethereum. Its main caveat is the reported exploit of roughly $197,000 and the absence of listed audits reviewed. Fees and rates are not published in the materials, so check the official site before depositing. Keep position sizes small until audit and incident details are clear.
Score breakdown
How Unilend V2 scores
- Security
- 2.0/10
- Ease of use
- n/a
- Fees
- n/a
- Features
- 4.0/10
Scores run from 0 to 10 and are based only on facts we could verify. Where information was missing we mark the score n/a rather than guess.
What is Unilend V2?
UniLend V2 is a decentralized lending and borrowing protocol on Ethereum. The project describes itself as a permissionless money market, where users supply crypto to a shared pool and others borrow against over-collateralized deposits. It also offers flash loans and trading features.
The protocol launched on Ethereum mainnet in February 2024, according to a launch announcement reported in news sources. DefiLlama lists it under the lending category with a token labelled UFT and no TVL figure in the data reviewed.
The main public record is a reported exploit of roughly $197,000 on Ethereum. The project does not say when it occurred or whether the losses were recovered. Its listing on DefiLlama shows no audits.
How Unilend V2 works
Lending protocols use smart contracts to pool deposits. A user who supplies an asset adds it to a pool, and the pool pays interest that is funded by borrowers. A borrower must first post collateral worth more than the loan, which is what over-collateralized means. If the collateral value falls too far, the position can be liquidated to repay the loan.
Flash loans are a separate feature. They let a borrower take out a loan with no collateral, as long as the loan is repaid within the same blockchain transaction. If repayment fails, the whole transaction is reversed. Developers and traders use flash loans for arbitrage and refinancing, and they are also a common tool in attacks on protocols.
UniLend describes itself as a permissionless protocol, meaning anyone can list an asset. That openness can widen the range of assets available, but it also means the quality of each listed asset affects the risk to lenders.
3 features
Key features
01
Lending and borrowing
Users can supply assets to earn interest or borrow against collateral.
02
Flash loans
The protocol advertises flash loans, which are loans that must be borrowed and repaid within one transaction.
03
Permissionless asset listing
The project describes a permissionless model where anyone can list an asset.
Pros and cons
What we like
- Users can supply assets and borrow against collateral in a single protocol on Ethereum.
- The project publicly describes a permissionless model with flash loan access.
- Its smart contract design is non-custodial, so users keep control of their own wallets.
Watch out for
- A news report says the protocol was exploited on Ethereum for roughly $197,000, and the project does not say whether funds were recovered.
- DefiLlama lists zero audits for the protocol.
- Fees, interest rates and collateral ratios are not published publicly reviewed.
- Team, governance and legal entity are not named publicly.
- Lending and borrowing are over-collateralized, so borrowers must lock more value than they can borrow and face liquidation if prices move.
Unilend V2 fees
Fees, interest rates and flash loan charges are not published in the materials reviewed. The project describes its flash loans as cost-effective, but no figures are given. Readers should check the current fee and rate details on the official site before using the protocol.
Is Unilend V2 safe?
DefiLlama lists zero audits for UniLend V2. Public audit reports were not found reviewed, so readers should look for them on the project's own site.
A news report says the protocol was exploited on Ethereum for roughly $197,000. Public sources reviewed do not say what the root cause was or how the team responded.
Lending protocols carry smart contract risk, since a bug can drain pooled funds, and liquidation and oracle risk, since price data failures can cause unfair liquidations. The project does not describe the project's regulatory status or where it is registered. Crypto lending is not protected by deposit insurance.
6 steps
How to get started with Unilend V2
- 1
Read the official site and confirm you are on the correct address before connecting a wallet.
- 2
Check whether the protocol has a current audit and review the exploit reports before depositing.
- 3
Connect a self-custody Ethereum wallet and confirm you hold ETH for network fees.
- 4
Choose whether to supply an asset to earn interest or to post collateral and borrow.
- 5
Check the collateral ratio and liquidation threshold for the asset you use.
- 6
Track your position, since price moves can trigger liquidation of over-collateralized loans.
Who Unilend V2 is for
UniLend V2 is for experienced DeFi users who want to supply or borrow crypto on Ethereum and can monitor their collateral. It is less suited to people who need audited protocols, published fee schedules or a clear incident record before committing funds.
Readers in any region should check whether crypto lending is legal where they live.
Unilend V2 FAQs
What is UniLend V2?
UniLend V2 is a decentralized lending and borrowing protocol on Ethereum. Users supply crypto assets to a pool, and other users can borrow them by posting over-collateralized crypto as security.
Was UniLend V2 hacked?
Public sources reviewed say the protocol was reportedly exploited on Ethereum for roughly $197,000 in assets. The materials do not say when it happened, how the attack worked or whether any losses were covered.
Has UniLend V2 been audited?
Public sources reviewed list no audits for UniLend V2 on DefiLlama. Readers should look for audit reports on the project's own site before depositing funds.
What is the UFT token?
UFT is the token associated with UniLend. The project does not describe what the token is used for within the protocol.
Compare
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How we checked
Sources
Last updated . Spotted an error? Tell us and we will correct it.