We built uBoost with the goal to make the DeFi much more accessible and frictionless for the growing community of crypto users across the globe.
We are starting our first integration with UniLend flash loan protocol and bringing the most integrated interface tool for projects and market makers to start market making on various DEXs.
Our first version of Dapp is live now and users can borrow flash loans from UniLend Finance for market making on Polygon & QuickSwap.
Here is a quick guide to get you started on uBoost dapp and start market making. We would love to hear from you, so please reach out to us with any questions, feedbacks and greetings at uboost.defi@gmail.com
Also follow us here on twitter for allowing coming updates
How uBoost Works
Using uBoost allow a user to take a flash loan of a ERC20 token form liquidity pool of UniLend Finance and execute market making on DEX.
Flash Loans is a multiple operation — single transaction events.
Here are steps followed in uBoost flash transfer action.
- uBoost borrows liquidity of primary token from UniLend on behalf of user.
- uBoost swaps the primary token for the other paired token on DEX.
- uBoost re-swap the paired token for primary token on DEX and return with liquidity to user.
- User provide total fees to uBoost dapp.
- And uBoost complete the flash loan transaction by delegating fees to UniLend protocol.
How to use uBoost
In this given scenario we are market making UFT with WMATIC on a polygon chain.
- Visit the uBoost app
Connect to your MetaMask wallet and switch your network to Polygon.
2. Select QuickSwap as DEX
uBoost allow flash loan borrowing from UniLend Finance and swapping tokens over a DEX. At present we are launching QuickSwap but expect us to be making new updates and bringing more DEX integrations.
3. Select Primary Token from UniLend
The permission less nature of UniLend Flash Loans allow the liquidity of any ERC20 token to be borrowed.
Select a token from default list of liquidity pools from UniLend or add a custom token address (with liquidity on UniLend) to import token in uBoost.
4. Select Paired Token from DEX
Select the the paired token from default list on DEX or add a custom token address to import it from DEX.
Here we selected WMATIC from QuickSwap to be swapped with UFT from UniLend
5. Input required liquidity
At time of writing this guide the present liquidity of UFT on UniLend (on Polygon Network) was 550K+ UFT Tokens. Flash Loan allow us to make uncollateralized borrowing of this liquidity and use it on DEX.
Here to start market making we are borrowing 14000 UFT Tokens
6. Authorize the token use
uBoost dapp will prompt user to authorize the use of your primary token via wallet.
7. Initiate Flash Transfer and Review Fees
At uBoost our focus is to bring most integrated DeFi platform and at present we have not put any platform usage fee from our side.
But using Flash Loan charges user a fee by UniLend Finance and swapping fee from DEX.
Please read more about the UniLend flash loans and the fee incurred from their official documentation here
https://docs.unilend.finance/the-protocol/flash-loan
8. Confirm and review TXN on PolygonScan
Once you confirm transaction from your wallet the request would submitted to block and you can review transaction from PolygonScan.
9. You have successfully used Flash Loans for Market Making
Voila! Its a moment of celebration
You have successfully used flash loans from UniLend and swapped your tokens for market making on QuickSwap
How to use uBoost
The uBoost market making product is a move in direction of revolutionizing DeFi access through integrated interface.
We are on a mission to create impact for a major chunk of crypto audience which still are blocked by the application of DeFi.
And this is just a start for uBoost, we are soon integrating many new features and exploring the unknown territories of flash loan.
